June 14, 2013
- in Uncategorized by schooloftrade
Crude Oil Day trading strategy
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| Crude Oil 60-Minute |
Crude Oil will be rolling over to the
08-13 contract on the 19th of this month, remember that for early
next week.
We can see
the bullish price-channel has continued this morning on Crude Oil Futures and
this tells us that buying pullbacks after testing support levels below us will be
where we see the high-percentage-trades this morning. This type of market personality can be a
challenge to rookie traders because the price-action will try to push higher,
but we are at the completion of symmetry, clearly over-bought, so we need to
wait for DEEP pullbacks to ensure we get into our long trades at the best
location possible. We certainly don’t want
to buy the highs of ANY range, so stay patient and wait for price-action to
pullback off these highs and take the buying opportunity using a pullback. We can see buy-zones below us at 96.16 and
95.15 for the best buying opportunities this morning.
the bullish price-channel has continued this morning on Crude Oil Futures and
this tells us that buying pullbacks after testing support levels below us will be
where we see the high-percentage-trades this morning. This type of market personality can be a
challenge to rookie traders because the price-action will try to push higher,
but we are at the completion of symmetry, clearly over-bought, so we need to
wait for DEEP pullbacks to ensure we get into our long trades at the best
location possible. We certainly don’t want
to buy the highs of ANY range, so stay patient and wait for price-action to
pullback off these highs and take the buying opportunity using a pullback. We can see buy-zones below us at 96.16 and
95.15 for the best buying opportunities this morning.
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The 5-minute
chart of Crude Oil shows a decent trading range overnight which means we are
ripe for a pullback before we go higher this morning. We recall the bullish market personality from
the hourly anchor chart above, so we are looking for areas to BUY this
morning. We can see easy buying
opportunities at 96.87, 96.62, 96.19 and down at the lows of the multi-day
bullish price-channel around 95.90. We
also need to remember that the PHOD is at 96.92 so this will act a price-magnet
and may possibly be where we end the day today.
Below the PLOD we have the prior week’s high and prior week’s close,
which will also act as price-magnets and may be where this price-action settles
today if these buyers can’t keep this price moving higher. Our day trading plan today is to look for high-percentage
buying opportunities at support below us, and possibly some short term price-reversals
off the resistance levels above us for selling opportunities.
chart of Crude Oil shows a decent trading range overnight which means we are
ripe for a pullback before we go higher this morning. We recall the bullish market personality from
the hourly anchor chart above, so we are looking for areas to BUY this
morning. We can see easy buying
opportunities at 96.87, 96.62, 96.19 and down at the lows of the multi-day
bullish price-channel around 95.90. We
also need to remember that the PHOD is at 96.92 so this will act a price-magnet
and may possibly be where we end the day today.
Below the PLOD we have the prior week’s high and prior week’s close,
which will also act as price-magnets and may be where this price-action settles
today if these buyers can’t keep this price moving higher. Our day trading plan today is to look for high-percentage
buying opportunities at support below us, and possibly some short term price-reversals
off the resistance levels above us for selling opportunities.
Resistance levels
today: 97.30,
97.54, 97.84, 98.17, 98.71
today: 97.30,
97.54, 97.84, 98.17, 98.71
Support Levels
today: 96.87,
96.62, 96.43, 96.19, 95.89, 95.56, 95.02
today: 96.87,
96.62, 96.43, 96.19, 95.89, 95.56, 95.02
