May 22, 2013
- in Uncategorized by schooloftrade
Crude Oil Trading Strategy; Sideways Personality ahead of Bernanke and Inventory News
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Crude Oil Weekly:
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| Crude Oil Weekly |
Weekly
anchor chart shows us trading at the lows of the week, with a large wick at the
top of this week’s candle and a very small, red body. This is a clear sign of collapsing prices at
these highs of the price-wedge and the 97.14 sell-zone. With a holiday weekend coming around the
corner, what will the buyers do next?
anchor chart shows us trading at the lows of the week, with a large wick at the
top of this week’s candle and a very small, red body. This is a clear sign of collapsing prices at
these highs of the price-wedge and the 97.14 sell-zone. With a holiday weekend coming around the
corner, what will the buyers do next?
Crude Oil Daily:
 |
| Crude Oil Daily |
Daily anchor
chart shows us much of the same as the weekly, but we get more details with trigger-zones
starting at 94.85 below us this morning.
We can see the price falling off the highs, however, keep in mind that
we have NOT closed a daily candle below Monday’s candle which made the new swing-high. Sellers will be looking for a candle to close
this evening below the 95.46 to signal selling opportunities off the
highs. If the candle today closes above
this level we then will have the window still open for buyers to climb back in
and try to re-test the highs going into Memorial Day Weekend in the US.
chart shows us much of the same as the weekly, but we get more details with trigger-zones
starting at 94.85 below us this morning.
We can see the price falling off the highs, however, keep in mind that
we have NOT closed a daily candle below Monday’s candle which made the new swing-high. Sellers will be looking for a candle to close
this evening below the 95.46 to signal selling opportunities off the
highs. If the candle today closes above
this level we then will have the window still open for buyers to climb back in
and try to re-test the highs going into Memorial Day Weekend in the US.
Crude Oil 4-Hour:
 |
| Crude Oil 240-Minute |
The
240-Minute chart shows us this dramatic price-wedge structure as prices fall
off the highs and approach the 95.23 buy-zone below us. As prices move lower we look for a price-reversal
and buying opportunity at the 95.23, 95.02, lows of the price-wedge, 94.04 and
93.46. Remember, professional traders
never predict, we always react, so we will look for a price-reversal first and
then we will buy a pullback on the way higher off the lower. If price rises higher this morning we have a trigger-zone
resistance starting at 96.58 and 96.34 before we test the sell-zone above us at
96.89. Once again, if prices rise to
these sell zones we will stay patient and wait for a price-reversal off the
highs and look to sell retracements on the way back down. This price-wedge also reminds us that today
will likely see some more 2-sided trading, so beware trading in the MIDDLE of
this range around the big-round-number of 96.00.
240-Minute chart shows us this dramatic price-wedge structure as prices fall
off the highs and approach the 95.23 buy-zone below us. As prices move lower we look for a price-reversal
and buying opportunity at the 95.23, 95.02, lows of the price-wedge, 94.04 and
93.46. Remember, professional traders
never predict, we always react, so we will look for a price-reversal first and
then we will buy a pullback on the way higher off the lower. If price rises higher this morning we have a trigger-zone
resistance starting at 96.58 and 96.34 before we test the sell-zone above us at
96.89. Once again, if prices rise to
these sell zones we will stay patient and wait for a price-reversal off the
highs and look to sell retracements on the way back down. This price-wedge also reminds us that today
will likely see some more 2-sided trading, so beware trading in the MIDDLE of
this range around the big-round-number of 96.00.
Crude Oil 60-Minute:
 |
| Crude Oil 60-Minute |
The hourly
anchor chart shows us a BIG clue this morning as prices collapse after testing
the price-channel reversal zone at 96.72.
If we had ANY reservations about how effective our advanced
price-structures are let this be another great example of how we can use simple
price structures, combined with Fibonacci and produce remarkable results. We have a buy-zone below us at 95.23 and we
will be looking for a price-reversal, followed by a buying opportunity around
this demand zone. If prices keep moving
lower we will look for the same buying opportunity at the 94.80 buy-zone as
well. If prices rise higher this morning
we are looking for a test of 95.97 but that will not be considered a sell-zone,
so wait patiently for price to test the 95.56 for the high percentage selling
opportunities in today’s session. We
will look to buy the 95.23 firs today.
anchor chart shows us a BIG clue this morning as prices collapse after testing
the price-channel reversal zone at 96.72.
If we had ANY reservations about how effective our advanced
price-structures are let this be another great example of how we can use simple
price structures, combined with Fibonacci and produce remarkable results. We have a buy-zone below us at 95.23 and we
will be looking for a price-reversal, followed by a buying opportunity around
this demand zone. If prices keep moving
lower we will look for the same buying opportunity at the 94.80 buy-zone as
well. If prices rise higher this morning
we are looking for a test of 95.97 but that will not be considered a sell-zone,
so wait patiently for price to test the 95.56 for the high percentage selling
opportunities in today’s session. We
will look to buy the 95.23 firs today.
Crude Oil Day trading plan for today:
 |
| Crude Oil VIP Chart |
This morning
we have Ben Bernanke on the stand to speak about the conditions of the economy
and we KNOW that many traders will be listening for hidden clues in what he
DOES NOT say this morning. We have Crude
Oil Inventories this morning at 1030am EST which means we need to expect
2-sided trading until we get through this news this morning. We have had NO market personality this week
so far so this morning is going to have some surprises we have a feeling, so we
will be ready to sell highs at resistance and buy lows at support using the
2-sided market personality as our biggest clue.
we have Ben Bernanke on the stand to speak about the conditions of the economy
and we KNOW that many traders will be listening for hidden clues in what he
DOES NOT say this morning. We have Crude
Oil Inventories this morning at 1030am EST which means we need to expect
2-sided trading until we get through this news this morning. We have had NO market personality this week
so far so this morning is going to have some surprises we have a feeling, so we
will be ready to sell highs at resistance and buy lows at support using the
2-sided market personality as our biggest clue.
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