February 27, 2012

day trading strategy for crude oil futures

our day trading strategy for crude oil futures uses multiple
timeframes and the 89 range chart showed us the big picture levels of support
below and major resistance above, but didn’t give us to work with for trading
RIGHT NOW, and the 55 range chart shows us a lot more applicable details, such
as the bull price channel and price wedge inside the range from Friday.

Remember, if there was is a predictable price structure out
there, it’s the INSIDE DAY with a PRICE WEDGE. 
So let’s use this very predictable structure to make educated decisions
trading only around the highs and lows of the price wedge.

The faster 34 range chart shows me lots of easy clues to
help my day trading strategy this morning. 
We can see the inside day, above PLOD and below PHOD so buy the lows and
sell the highs.  We can see the price
wedge and we want to sell the highs and buy the lows, we are trading at the
lows of the short term price wedge now so looking to buy.

Our day trading strategy is simple on the crude oil we have
a price wedge and inside day along with a double-bottom so as price rises I’m selling
at the resistance levels first, and then buying pullbacks above the resistance
when it turns to support. As price falls I’m buying the price wedge lows and
buying at major support below us, such as the trend lines and the trigger-zone below
us, and as price moves through support we then sell retracements with new lower-lows.
Crude Oil Day Trading Strategy

    schooloftrade

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