November 13, 2012
- in Uncategorized by schooloftrade
Crude Oil Futures Prep:
 |
| Crude Oil Chart Prep |
We start
with the major swing-high and swing-low and we begin to locate trigger-zones
which are both overhead resistance starting at 89.15.
with the major swing-high and swing-low and we begin to locate trigger-zones
which are both overhead resistance starting at 89.15.
We can see
the test of the 89.15 results in a bullish AB=CD Pattern with major support at
78.85.
the test of the 89.15 results in a bullish AB=CD Pattern with major support at
78.85.
We draw
trend lines from the major swing-high to the most recent swing-high and the
major swing-low to the most recent swing-low and we find a price-wedge.
trend lines from the major swing-high to the most recent swing-high and the
major swing-low to the most recent swing-low and we find a price-wedge.
This price-wedge
is considered BEARISH because of the bearish price-channel we can also see on
this ‘anchor chart’.
is considered BEARISH because of the bearish price-channel we can also see on
this ‘anchor chart’.
Last, but
not least we can see the short term sideways trading range from the 86.77 down
to the 84.05. This trading range also
expands into the 88.80 down to the 84.05.
We are headed towards the lows of this range, so we are looking to buy.
not least we can see the short term sideways trading range from the 86.77 down
to the 84.05. This trading range also
expands into the 88.80 down to the 84.05.
We are headed towards the lows of this range, so we are looking to buy.
We have
major support at 82.70 from the double-top above us at 94.00 and we will use this
as a buying opportunity.
major support at 82.70 from the double-top above us at 94.00 and we will use this
as a buying opportunity.
Our day
trading strategy for Crude Oil is to buy-the-lows at support of the price-wedge
and the double-top at 82.70. if price
moves lower im buying at support, but when support breaks I can then sell retracements
with new lower-lows.
trading strategy for Crude Oil is to buy-the-lows at support of the price-wedge
and the double-top at 82.70. if price
moves lower im buying at support, but when support breaks I can then sell retracements
with new lower-lows.
If price
rises off these lows of the range we will buy (long) above the PLOD as the
sellers will have failed.
rises off these lows of the range we will buy (long) above the PLOD as the
sellers will have failed.
