September 3, 2013
- in Uncategorized by schooloftrade
day trading prep; crude oil futures
8:00am EST
Our plan today is to take our time, analyzing all of our
charts and going through our formal morning routine.
charts and going through our formal morning routine.
It’s important that we don’t rush into the first trade of the
week, and we are concerned this price-action may be suffering from a case of
the ‘summertime blues’ as traders return to their desks from the summer.
week, and we are concerned this price-action may be suffering from a case of
the ‘summertime blues’ as traders return to their desks from the summer.
8:30am EST
Crude Oil Futures Analysis:
 |
| Crude Oil 30-Minute |
We can see price-action sitting on top of the PHOD, which
tells us that there is a lack of confidence in either direction this
morning. We know if the buyers were in
control we would be seeing new higher-highs, and if the sellers had strength we
would be trading at the PLOD. This is a
BIG clue for us this morning and it tells us to stay patient today.
tells us that there is a lack of confidence in either direction this
morning. We know if the buyers were in
control we would be seeing new higher-highs, and if the sellers had strength we
would be trading at the PLOD. This is a
BIG clue for us this morning and it tells us to stay patient today.
After reviewing the anchor charts on Crude Oil this morning
we are looking for selling-opportunities all the way down to the new lower-lows
at 104.21. We can see the trading-range has
been developed all the way down to 104.21 so that tells us we should be able to
re-test that area later today or tomorrow.
we are looking for selling-opportunities all the way down to the new lower-lows
at 104.21. We can see the trading-range has
been developed all the way down to 104.21 so that tells us we should be able to
re-test that area later today or tomorrow.
 |
| Crude Oil 600-tick |
We can see from the entry chart timeframe of Crude Oil that
the price-action is very narrow, in a sideways-trading-range around the 107.50
area on our chart.
the price-action is very narrow, in a sideways-trading-range around the 107.50
area on our chart.
We have to wait this morning for both the anchor and the
entry charts to agree on direction, and then we will take our first trade of
the morning using our Wave pattern today.
entry charts to agree on direction, and then we will take our first trade of
the morning using our Wave pattern today.
