September 4, 2013
- in Uncategorized by schooloftrade
Crude Oil Day trading strategy; Morning Prep
7:00am EST News coming out of London Overnight:
(US) Overnight we heard from the US Foreign Relations committee,
announcing a resolution
draft on Syria; This will allow
President Obama 90 days for military action with a possible 30-day extension,
and does NOT include any US forces on the ground in Syria.
announcing a resolution
draft on Syria; This will allow
President Obama 90 days for military action with a possible 30-day extension,
and does NOT include any US forces on the ground in Syria.
(EUR) PMI News overnight comes out higher-than-expected,
prompting speculation in Europe that the worst may be behind the EU.
prompting speculation in Europe that the worst may be behind the EU.
Focal Points this morning:
· – Spain
sees first expansion in manufacturing in 2 years
sees first expansion in manufacturing in 2 years
· -UK
Manufacturing highest it’s been since 2006
Manufacturing highest it’s been since 2006
· -US
prepares for Fed’s Beige Book Report later in the session today
prepares for Fed’s Beige Book Report later in the session today
· – 2013 Members Summit
& Trading Seminar
& Trading Seminar
 |
| Today’s Economic News |
Economic News on the schedule today:
This morning at 8:30am EST traders in the US will be watching
today’s Red-Star news from International
Trade report because the strength of imports will reflect on the
domestic demand ahead of Holiday Retail Sales.
Furthermore, an improvement in exports would point to improvements in
foreign economies.
today’s Red-Star news from International
Trade report because the strength of imports will reflect on the
domestic demand ahead of Holiday Retail Sales.
Furthermore, an improvement in exports would point to improvements in
foreign economies.
This afternoon we will hear from the Fed’s Beige
Book report, which is produced two weeks before the next FOMC Meeting,
and reports the economic conditions in the 12 different Federal Reserve
Districts. We know for certain that
traders will be reading this report, looking for clues from the Fed, and making
assumptions on possible ‘fed
tapering’ in the future.
Book report, which is produced two weeks before the next FOMC Meeting,
and reports the economic conditions in the 12 different Federal Reserve
Districts. We know for certain that
traders will be reading this report, looking for clues from the Fed, and making
assumptions on possible ‘fed
tapering’ in the future.
Crude Oil Analysis:
 |
| Crude Oil 30-Minute |
Crude Oil is trading in the middle of Tuesday’s trading-range
this morning ahead of the opening-bell in the US. We can see from the 30-minute VIP chart that
there was a very narrow trading-range coming out of London, and with new
developments in Syria overnight we can assume the market personality is simply
waiting for the US traders to react to this today. No matter what happens in Syria, we have the last
2 days of highs overhead as resistance at 110.07 and 108.83. Furthermore, we have the last 2 days of lows
below us as support at 106.50 and 105.92.
this morning ahead of the opening-bell in the US. We can see from the 30-minute VIP chart that
there was a very narrow trading-range coming out of London, and with new
developments in Syria overnight we can assume the market personality is simply
waiting for the US traders to react to this today. No matter what happens in Syria, we have the last
2 days of highs overhead as resistance at 110.07 and 108.83. Furthermore, we have the last 2 days of lows
below us as support at 106.50 and 105.92.
2013 Members Summit & Trading Seminar
 |
| Crude Oil Anchor 1 |
We open our 5400-tick chart to see major resistance zones
overhead at 108.23 and 110.52. We can
also see a trend-line acting as resistance overhead as well. Both of these clues tell us the resistance has
held, and we will look for lower price-action this morning. We can see price-action has moved below the ‘cloud’
just moments after the trend changed to bullish. This 5400-tick chart shows us a possible
change in direction to the DOWNSIDE this morning.
overhead at 108.23 and 110.52. We can
also see a trend-line acting as resistance overhead as well. Both of these clues tell us the resistance has
held, and we will look for lower price-action this morning. We can see price-action has moved below the ‘cloud’
just moments after the trend changed to bullish. This 5400-tick chart shows us a possible
change in direction to the DOWNSIDE this morning.
 |
| Crude Oil Anchor 2 |
The 1800-tick chart gives us a big clue for a price-reversal early
in the session. With a bullish ‘cloud’
on the 1800-tick chart we have recently seen price-action move back below the ‘cloud’
support and now headed towards the 107.53 swing-low. If we get a new lower-low on this 1800-tick chart
we will begin looking for selling-opportunities this morning.
in the session. With a bullish ‘cloud’
on the 1800-tick chart we have recently seen price-action move back below the ‘cloud’
support and now headed towards the 107.53 swing-low. If we get a new lower-low on this 1800-tick chart
we will begin looking for selling-opportunities this morning.
 |
| Crude Oil Entry Chart |
Our 600-tick chart shows us that the short-term trend has
already changed to bearish ahead of 8:00am EST, which means we are just waiting
on the anchor charts to confirm the same direction and we can take our first wave-pattern-short
we see this morning. 
already changed to bearish ahead of 8:00am EST, which means we are just waiting
on the anchor charts to confirm the same direction and we can take our first wave-pattern-short
we see this morning.
Crude Oil PIT Session Price Levels for today:
