March 28, 2012
- in Uncategorized by schooloftrade
Crude Oil day trading strategy
Crude Oil heads into a sloppy Wednesday ahead of inventories
so we keep that in mind today as we get closer to 1030am EST when the news is
released. We can see the 89range chart
has the bear price channel, the AB=CD Pattern, the trigger-zone resistance overhead
and the double-top overhead which has given us major support below the price
channel lows.
so we keep that in mind today as we get closer to 1030am EST when the news is
released. We can see the 89range chart
has the bear price channel, the AB=CD Pattern, the trigger-zone resistance overhead
and the double-top overhead which has given us major support below the price
channel lows.
We’ve traded below the PLOD on Crude Oil so we know the
sellers are in charge, and we want to sell retracements with new lower-lows. We also know that if the sellers fail and
price moves back ABOVE the PLOD then we will buy above PLOD as the sellers are
failing.
sellers are in charge, and we want to sell retracements with new lower-lows. We also know that if the sellers fail and
price moves back ABOVE the PLOD then we will buy above PLOD as the sellers are
failing.
We dig in deeper using the swing-low of 104.31 an the swing-high
108.70 to find the trigger-zone support at 105.98. Once price goes below this level we can keep selling
retracements with new lower-lows. Look to
take profit at the support below us at 105.16 and 104.50, and then look to
reverse and buy the lows around 104.50 down to 103.80 at the lowest.
108.70 to find the trigger-zone support at 105.98. Once price goes below this level we can keep selling
retracements with new lower-lows. Look to
take profit at the support below us at 105.16 and 104.50, and then look to
reverse and buy the lows around 104.50 down to 103.80 at the lowest.
We will sell below 105.90 with retracements and
we will buy the support of 105.90 if the sellers cant push it lower. If price holds the 105.90 we will then look
for a bearish AB=CD Pattern.
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| Crude Oil Day Trading Strategy |
