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Crude Oil Day trading strategy; Morning Prep Screen to Floor 09/27/13
morning:
after political concerns in Italy, lack-luster news
on Friday
after signs of Middle East Resolution
opinions on the topic of Fed Tapering; 3 speakers scheduled for Friday
tape this morning; Congress must reach an agreement on the budget debate before
October 1, 2013
this morning
of the opening-bell after many tech companies are in the news this week
Personal Income and Consumer Sentiment in Friday’s trading session
personality going into the end of the month of September.
schedule today:
Income and Outlays | Eric
Rosengren Speaks
Sentiment
 |
| Crude Oil Anchor Chart 1 |
confidence that there will be a resolution in Syria along with some
disappointing economic news released earlier this week.
we will be looking for selling-opportunities as they appear with entry patterns
to get short this morning.
 |
| Crude Oil anchor Chart 2 |
the shorter term, with trend-lines above and below creating a slightly-bearish price-wedge. This is a very important clue, telling us the
market personality this morning is likely to be range-bound so we will buy the
lows and sell the highs of the trading-range rather than trying to force
breakouts.
 |
| Crude Oil VIP Chart |
clues this morning, with a very narrow trading-range that is inside the last
three (3) days of trading ranges. This
narrow inside-day tells us that today is indeed going to be a range-bound market
until we can manage to get outside of the previous day’s trading-ranges. Furthermore, the narrow range coming out of
the London trading Session tells us that a breakout of the range is likely at
some point this morning.
 |
| Crude Oil PIT Levels |
Look for a breakout above the PHOD at 102.87 and a buying
opportunity with a profit-target up at the PHOD at 103.96, with a runner target
up at 105.12. The same is true for the
short-side this morning. If we can get
below the 102.20 we will then look for selling-opportunities down to the big-round-number
of 102.00 and then 100.00 for the runner.
The most important thing we need to remember for today is
that this is the end of the week and the end of the month. We have some important news this morning to
get us started, but this range-bound market personality may continue this
morning so we need to be aware of it. We
will wait patiently for the breakout of the trading-range for the Wave patterns
and inside the range we will use our reversal-bar entries to buy-the-lows at
support and sell-the-high at resistance.
