April 10, 2012
- in Uncategorized by schooloftrade
Day trading strategy for Crude Oil futures
Our day trading strategy for Crude Oil reminds us first that
we have the EIA Energy Outlook set for release sometime today, and we’ve been
hearing from Iran all morning along with the IMF Global Economic Outlook. All of these news reports will have an impact
on Crude Oil PERCEPTION of supply and demand on Crude Oil.
we have the EIA Energy Outlook set for release sometime today, and we’ve been
hearing from Iran all morning along with the IMF Global Economic Outlook. All of these news reports will have an impact
on Crude Oil PERCEPTION of supply and demand on Crude Oil.
We use 365 days of market data to power this 89range chart
and we need all that information to find the trend lines drawn from previous
swing lows. Remember you do NOT need to
use Continuous Contracts with NinjaTrader7 anymore, the previous data will
automatically ‘merge’ to get you a complete ‘continuous’ chat back as long as
you need to go. We use 365 days ONLY on
the 89 and 55 range charts.
and we need all that information to find the trend lines drawn from previous
swing lows. Remember you do NOT need to
use Continuous Contracts with NinjaTrader7 anymore, the previous data will
automatically ‘merge’ to get you a complete ‘continuous’ chat back as long as
you need to go. We use 365 days ONLY on
the 89 and 55 range charts.
We can see a LOT of action to consider on this 89range chart
for crude. We have the major bear price
channel, and the Bullish AB=CD Reversal-zone below us as far down as 100.81
support. We can see trigger-zone resistance
above us 103.69 and recent trend lines define a bear price wedge.
for crude. We have the major bear price
channel, and the Bullish AB=CD Reversal-zone below us as far down as 100.81
support. We can see trigger-zone resistance
above us 103.69 and recent trend lines define a bear price wedge.
We trading inside day at the moment, so when price breaks
out of the range from Monday we need to look for the fake-out breakout first
considering the type of day we’re having, but if the buyers are strong we will
buy pullbacks above the PHOD. If the
buyers FAIL we will then sell as soon as price comes back below the PHOD. Looking for wave pattern long above the PHOD and
if that Wave Pattern Long FAILS we will sell it as a failure pattern or as a
2-step Reversal Pattern.
out of the range from Monday we need to look for the fake-out breakout first
considering the type of day we’re having, but if the buyers are strong we will
buy pullbacks above the PHOD. If the
buyers FAIL we will then sell as soon as price comes back below the PHOD. Looking for wave pattern long above the PHOD and
if that Wave Pattern Long FAILS we will sell it as a failure pattern or as a
2-step Reversal Pattern.
If price moves higher we will sell the price
wedge highs around 103.30 area and then sell again below the PHOD if the buyers
fail to keep it up above the PHOD. If price
keeps going higher through the PHOD and through the trend line resistance overhead
we then will sell the trigger-zone resistance above us, and if price moves
above 103.70 I am then buying pullbacks considering the sellers are too weak
and the buyers are clearly in charge.
 |
| Day trading strategy for Crude Oil futures |
