October 24, 2011
- in Uncategorized by schooloftrade
day traders waiting for Trichet to stop hogging the stage!
here’s our afternoon prep. we had an amazing day this morning, price action is sloppy now, but we have some strong clues for the next few hours.
Crude oil futures:
Sell the highs of this price channel, follow the plan from earlier this morning. Look to take profit at the PHOD or the trend line around 89.25 as support. We then sell again below the PHOD as the sellers will try and push price lower to highs of the ‘reversal-zone’, so take profit at 87.10. if we break below 86.84 selling retracement down 85.95 PLOD and taking your profit.
Mini-Russell Futures:
We’re at the highs of the price channel, and the highs of the move from the double-bottom and looking for selling opportunities. If price rises I’m still looking to sell with a reversal pattern. Targets for the short trades will be the PHOD 711.8, the highs of the price wedge below us 700.00. the PLOD 691.5, the price wedge lows 685.o, and the final target the beginning of the double-bottom down at 675.6. We know the double-bottom tells us to wait for price to move into the ‘reversal-zone’ above us and then sell it down to re-test the double-bottom area where it began
We are reviewing all of this LIVE in our members-only training, come join us!
