April 18, 2012
- in Uncategorized by schooloftrade
Crude Oil day trading strategy
We can see the bear price channel
on this 89-range chart, along with the short term bull price channel and bear price
wedge that comes along with it. We can
see the major support below us at 102.66 and 101.80 so we want to buy at that support
as price falls lower. We can see resistance
at 105.07 and the highs of the price wedge, which we want to sell if price
moves higher.
on this 89-range chart, along with the short term bull price channel and bear price
wedge that comes along with it. We can
see the major support below us at 102.66 and 101.80 so we want to buy at that support
as price falls lower. We can see resistance
at 105.07 and the highs of the price wedge, which we want to sell if price
moves higher.
My plan this morning will be trade
cautiously because we are sharing volume ahead of contract rollover on the 05-12
contract and it’s a Wednesday (wacky Wednesday) so we have Crude Oil inventories
today so we know that often that results in sloppier price action before 1030am
EST.
cautiously because we are sharing volume ahead of contract rollover on the 05-12
contract and it’s a Wednesday (wacky Wednesday) so we have Crude Oil inventories
today so we know that often that results in sloppier price action before 1030am
EST.
I want to buy the lows and sell the highs of the
price wedge, and as price rises I’m selling the 105.00 area, and as price falls
I’m buying the lows at the PLOD and 102.66 area. Ideally we need to avoid the middle of the
range, so stay patient.
price wedge, and as price rises I’m selling the 105.00 area, and as price falls
I’m buying the lows at the PLOD and 102.66 area. Ideally we need to avoid the middle of the
range, so stay patient.
