September 12, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Heat map
says +0.5% so we are bullish this morning according to volatility.
says +0.5% so we are bullish this morning according to volatility.
Overnight
Highs & Lows:
Highs & Lows:
Sellers
failed to keep prices below the PHOD so we consider this to be a bullish clue,
however, e now see confusion in the candlesticks on the 30-minute chart,
leading us to believe we may see a reversal back lower. If price goes higher we will test the current
HOD above 98.00
failed to keep prices below the PHOD so we consider this to be a bullish clue,
however, e now see confusion in the candlesticks on the 30-minute chart,
leading us to believe we may see a reversal back lower. If price goes higher we will test the current
HOD above 98.00
Inside or
Outside Day?
Outside Day?
We are
outside day, above the PHOD so we are considered bullish until we dip back
below the PHOD.
outside day, above the PHOD so we are considered bullish until we dip back
below the PHOD.
Find the price-structures: · AB=CD Pattern is bearish and overhead
resistance stars around 100.00 on the 89-range
resistance stars around 100.00 on the 89-range
· Price-wedge is bullish, and we have
recently broken above the price-wedge (big clue for price-reversal)
recently broken above the price-wedge (big clue for price-reversal)
· Price-channel is both bullish in the
long term and bearish in the short term
long term and bearish in the short term
· We are at the TOP of the sideways
trading range, another big clue for price-reversal.
trading range, another big clue for price-reversal.
· Double-bottom has been our minds all
week and provides resistance starting at 98.15 with levels above all the way up
to 101.0
week and provides resistance starting at 98.15 with levels above all the way up
to 101.0
Where
will a reversal be likely today?
will a reversal be likely today?
Price-reversal
is likely around the highs of the range at 98.29 and the PHOD at 97.31 this
morning. If price moves above 98.30 another
likely price-reversal spot is 99.40
is likely around the highs of the range at 98.29 and the PHOD at 97.31 this
morning. If price moves above 98.30 another
likely price-reversal spot is 99.40
What isour trading plan for today?
Above the PHOD we are looking for wave-pattern-long with a profit-target
of 98.15-98.29. if price moves higher we
will buy pullbacks above 98.45 and look for profit-target at 99.40. If price drops off these highs, we will buy support
at PHOD first, and if we dip below the PHOD of 97.31 we will sell the highs of yesterday’s
range with profit-target at PLOD 96.08.
If price drops below the PLOD we will use wave-pattern-short to sell
down to the price-wedge lows at 95.34 as the buyers lose control and price
tumbles.
of 98.15-98.29. if price moves higher we
will buy pullbacks above 98.45 and look for profit-target at 99.40. If price drops off these highs, we will buy support
at PHOD first, and if we dip below the PHOD of 97.31 we will sell the highs of yesterday’s
range with profit-target at PLOD 96.08.
If price drops below the PLOD we will use wave-pattern-short to sell
down to the price-wedge lows at 95.34 as the buyers lose control and price
tumbles.
