August 3, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Chart Checklist:
Heat
Map: What is it telling us?
Map: What is it telling us?
Heat map
says bullish Crude Oil today with the dollar index dropping
says bullish Crude Oil today with the dollar index dropping
OHLC
Analysis:
Analysis:
We have 2
for 2 so we are mixed today, therefor no bias
for 2 so we are mixed today, therefor no bias
Overnight
Highs & Lows:
Highs & Lows:
We did try
and move above the most recent swing-high and we failed. The buyers failed, this is a bullish clue.
and move above the most recent swing-high and we failed. The buyers failed, this is a bullish clue.
Are we
inside or outside day today?
inside or outside day today?
Crude Oil is
inside the range from Thursday.
inside the range from Thursday.
What
price-structures do we see?
price-structures do we see?
· Trigger-zone are above and below us,
giving us a short term trading range marked in the red rectangle.
giving us a short term trading range marked in the red rectangle.
· AB=CD Pattern we have two of them, 1
bullish and 1 bearish. If we break above
90.95 we break the bullish AB=CD Pattern and if we break below 86.69 we break
the bearish AB=CD Pattern.
bullish and 1 bearish. If we break above
90.95 we break the bullish AB=CD Pattern and if we break below 86.69 we break
the bearish AB=CD Pattern.
· Price wedge is sideways right in the
middle of the range.
middle of the range.
· Price channel is bearish, making this
price wedge a bearish price wedge, sell the highs as the high-percentage
trades.
price wedge a bearish price wedge, sell the highs as the high-percentage
trades.
· Zigzag we do not have at this time.
· Double-bottom is there, giving us
resistance overhead if price breaks out to the up-side.
resistance overhead if price breaks out to the up-side.
Where
will a reversal be likely today?
will a reversal be likely today?
At the highs
and/or lows of the price wedge. At the
highs of the price wedge we have the high-percentage trades selling the price
channel highs.
and/or lows of the price wedge. At the
highs of the price wedge we have the high-percentage trades selling the price
channel highs.
What is
our trading plan for today?
our trading plan for today?
We are going
to sell the highs, buy the lows of the price wedge. If price moves higher we are looking for a price-reversal
up until the PHOD. Once we break above
the PHOD then we get bullish, but we still look for the fake-out breakout.
to sell the highs, buy the lows of the price wedge. If price moves higher we are looking for a price-reversal
up until the PHOD. Once we break above
the PHOD then we get bullish, but we still look for the fake-out breakout.
If price
drops we buy the price wedge lows, and if price keeps falling we will buy at support
down to 86.69. if we break the 86.69 we
then will get bearish and sell using a wave-pattern after looking or the fake-out
breakout.
drops we buy the price wedge lows, and if price keeps falling we will buy at support
down to 86.69. if we break the 86.69 we
then will get bearish and sell using a wave-pattern after looking or the fake-out
breakout.
