October 19, 2011
- in Uncategorized by schooloftrade
Day Trading Lunctime Prep Crude Oil, Russell, Euro and Gold Futures
We’ve had a profitable morning today, lets prepare for our afternoon filled with opportunities.
Crude oil futures:
Buyers failed above the PHOD earlier this morning and that should be the biggest clue we have so far. This is a strong BEARISH clue when we failed above 89.22.
If price moves higher we will be buy above the PHOD as an outside day, and take profit at the next major resistance at 89.86. We will then look to sell that 89.86 if the momentum is overbought, or if it pushes through the 89.86 we then buy pullbacks up to the next resistance at 90.17, and repeat all the way up.
If price moves lower I will sell retracement down to the 88.12 using a 13 and 21 range chart. I will then buy the minor support at 88.12 and then with new lower-lows below 88.12 we sell retracement down to the ‘D’ reversal ‘reversal-zone’ and the price channel lows. We will then take profit at the price channel lows, and look to buy the price channel lows with a target back up at the PHOD.
If we keep moving lower through the price channel lows we need to be looking for buying opportunities, rather than selling opportunities. I’m expecting the price to reverse inside the ‘reversal-zone’ or as low as the PLOD 85.74. if we break below the PLOD we then sell retracement down to the 83.96 the next support level.
Mini-Russell Futures:
We’re at the highs of the bear price channel looking for the price to come tumbling off the highs below 700.0.
If price falls I’m selling below 700.00 with the final target at the lows of the price channel and the PLOD 676.8. at the PLOD I will take profit and then look for a buying opportunity at the lows. If we make new lower-lows I will keep looking to buy because of the price channel lows. Not until we break below 66.6 will I then look to sell a retracement with the final target down at the major ‘trigger zone’ off the 89r swing high to swing low.
If price rises I’m selling the PHOD and the price wedge highs as resistance. I will keep selling as price rises until I am above the ‘reversal-zone’ for the price channel break structure, look to buy above 27.5 and then take profit at the next level of resistance overhead.
Gold futures:
Same structure with a new bear price channel so looking to sell the gold futures below the ‘reversal-zone’ off the bull price price channel from earlier this week. Selling below 42.5 with the target at 29.2 just above the PLOD because of that trend line support.
Euro currency futures:
We have a price wedge controlling the whole thing this morning on the euro currency futures so we need to use that as our main focus. Buy the lows and sell the highs of this price wedge as your main priority. If price moves higher above the PHOD and above the price wedge I’m looking for the FAILURE at the highs, so selling the 1.3905 and 1.3925 and then buying a pullback above 3925 if buying is strong enough to move higher.
If we go lower I buy the PLOD and the price wedge lows. If we go below the 1.3645 I will look for the fake-out breakout first, and then with new lower-lows I will sell the retracement below the PLOD. Target for the short will be into the trigger zone which is from the 89range swing low to swing high.
