May 9, 2012
- in Uncategorized by schooloftrade
crude oil inventory trade +50 ticks in 30 seconds
we saw bullish news today at1030am EST on Crude Oil and at the same time we were trading at the lows of the
range and just above the PLOD. When the
news came out, we heard the DEMAND number was higher, and considering we’re at
the lows we decided to buy the lows. We then
open our 21-range chart on Crude Oil and we find a short term bear price
channel. We decided to place our profit
target at the highs of the price channel at 96.00 and then waited to get the
target filled.
Once we took profit on Crude Oil at the price
channel highs we then noticed the test of the swing-high above as resistance and
when the buyers slowed down and started to fall lower off these new highs we
then got short knowing EXACTLY how Crude Oil market personality likes to play
out. Crude Oil is a fade-the-breakouts type
of market, and the bear price channel says to sell the highs.
