October 10, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Crude Oil is
not a moving market personality at only 0.1% this morning. This tells me to sit-on-hands and be patient.
not a moving market personality at only 0.1% this morning. This tells me to sit-on-hands and be patient.
Overnight
Highs & Lows:
Highs & Lows:
We saw the sellers
fail at the overnight lows and the buyers recently have failed at overnight
highs. We call this a range-bound market
and it tells us to sell-the-high at resistance and buy-the-lows at support.
fail at the overnight lows and the buyers recently have failed at overnight
highs. We call this a range-bound market
and it tells us to sell-the-high at resistance and buy-the-lows at support.
Inside or
Outside Day?
Outside Day?
We are
trading just below the PHOD so this is confirming this range-bound market. When we are trading inside the range we know
the buyers and sellers have agreed on value.
Outside the range, they are looking for new value.
trading just below the PHOD so this is confirming this range-bound market. When we are trading inside the range we know
the buyers and sellers have agreed on value.
Outside the range, they are looking for new value.
Find the price-structures: · Trigger-zone is support at 90.60 and resistance
at 94.25
at 94.25
· AB=CD Pattern is bullish
· Price-wedge is considered bearish because
of the price-channel.
of the price-channel.
· Price-channel is bearish as well.
· Zigzag pattern is not on the 89range
· Trading Ranges are 92.91 down to
88.21 and the major range from 93.84 down to 87.70
88.21 and the major range from 93.84 down to 87.70
· Double-top / Double-bottom not on
this chart.
this chart.
Where
will a reversal be likely today?
will a reversal be likely today?
A price-reversal
is likely around the highs and lows of the price-wedge. Additionally, price-reversal is likely around
the PHOD and PLOD. Also, around the
highs and lows of the trading ranges we have defined we can look for the price-reversal.
is likely around the highs and lows of the price-wedge. Additionally, price-reversal is likely around
the PHOD and PLOD. Also, around the
highs and lows of the trading ranges we have defined we can look for the price-reversal.
What is
our trading plan for today?
our trading plan for today?
Our day trading strategy for this morning is to take it easy,
stay patient, and discipline to follow our entry trigger rules.
stay patient, and discipline to follow our entry trigger rules.
We have no inventories due out today as we normally do, so
volume MAY be lighter than normal.
We also do not have a lot of major news today, so we know
this MAY not give us the volatility that we need.
With market personality confirming we want to sell the highs
of the price-wedge and the range and take profit-target at the lows.
If price moves to new higher-highs we will then look for the fake-out-breakout
first, and if the buyers are too strong we will then use the wave-pattern-long to
enter with the buyers.
