October 31, 2012
- in Uncategorized by schooloftrade
Crude Oil Futures Chart Prep:
Crude Oil trades
higher this morning above the PHOD and towards the highs of this short term
bullish price-channel.
We can see,much like the euro, the PHOD is the main focus right now on this 21range
chart. We will buy pullbacks with the wave-pattern-long
above the PHOD 86.24, however, if the buyers fail, and if price gets back below
the PHOD, the wave-pattern-long will fail and we will sell short below 86.20
which is the trigger-line support from the 21range.
If the
buyers keep control, we will get long with the wave-pattern-long and look for a
final profit-target at the AB=CD Pattern reversal zone up at 86.95 area, which
is also the major resistance from the 89range double-bottom.
buyers keep control, we will get long with the wave-pattern-long and look for a
final profit-target at the AB=CD Pattern reversal zone up at 86.95 area, which
is also the major resistance from the 89range double-bottom.
The biggestchallenge today for Crude Oil traders today will be getting into a position as
price moves to the highs of the bull price-channel. Its always sloppy trying to force those new higher-highs
with a price-channel involved. We’re better
to take our profit-target at the price-channel highs and then wait for the
buyers to fail so we can sell the highs.
If pricetumbles off the highs, we sell below the PHOD, and take profit-target at the trigger-zone
support 86.00, the lows of the price-channel and the trigger-zone support at
85.65. We will then look to buy the lows
of the bullish price-channel, which is the high-percentage-trades on a bull price-channel.
