September 10, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
We have a
negative 0.2% so we consider this to be sluggish, and NOT a volatile market
personality. This can and will change so
keep an eye on it.
negative 0.2% so we consider this to be sluggish, and NOT a volatile market
personality. This can and will change so
keep an eye on it.
Overnight
Highs & Lows:
Highs & Lows:
We testedthe lows and they held, we tested the highs and they too held, so we consider
this a range bound market and we want to sell the highs, buy the lows, and
avoid the sloppy middle.
Inside or
Outside Day?
Outside Day?
We are
inside the range from last Friday, its Monday, and we don’t use Sunday.
inside the range from last Friday, its Monday, and we don’t use Sunday.
Find the price-structures:
· Trigger-zone is major support below
us starting at 92.80
us starting at 92.80
· AB=CD Pattern is bearish and we haveboth short term and long term to consider.
· Price-wedge is sideways with a flat trigger-line
and both bull price-channel and bear price-channel.
and both bull price-channel and bear price-channel.
· Sideways / Trading Ranges are from
97.71 down to 93.95 just below the big-round-number.
97.71 down to 93.95 just below the big-round-number.
· Double-bottom provides resistance overhead
starting at 98.15 and this will be an excellent location for a price-reversal.
starting at 98.15 and this will be an excellent location for a price-reversal.
Where
will a reversal be likely today?
will a reversal be likely today?
We are
inside day, so price-reversal is most likely at the PHOD and the PLOD. We also know to look for the price-reversal at
the resistance from the double-bottom and the highs and lows of the price-wedge.
inside day, so price-reversal is most likely at the PHOD and the PLOD. We also know to look for the price-reversal at
the resistance from the double-bottom and the highs and lows of the price-wedge.
What isour trading plan for today?
Monday mornings are always a little sluggish to start, so we’re
staying patient waiting for the market personality to improve. We can see Crude Oil is range-bound so we’re
selling at resistance and buying at support.
We want to buy the lows of the price-wedge and if price rises we will
sell the PHOD and the highs of the price-wedge.
staying patient waiting for the market personality to improve. We can see Crude Oil is range-bound so we’re
selling at resistance and buying at support.
We want to buy the lows of the price-wedge and if price rises we will
sell the PHOD and the highs of the price-wedge.
