September 13, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
This heat
map confirms Crude Oil is bullish
map confirms Crude Oil is bullish
Overnight
Highs & Lows:
Highs & Lows:
We have a
range-bound trading day on our hands with Crude Oil this morning. Sellers failed overnight and the buyers are
just about to fail as we speak.
range-bound trading day on our hands with Crude Oil this morning. Sellers failed overnight and the buyers are
just about to fail as we speak.
Inside or
Outside Day?
Outside Day?
We are in
the middle of Wednesday’s trading range.
This tells me we have a range-bound market, so we’re selling at resistance
as price rises, and buying at support as price falls.
the middle of Wednesday’s trading range.
This tells me we have a range-bound market, so we’re selling at resistance
as price rises, and buying at support as price falls.
Find the price-structures: · Trigger-zone is below us as support
· AB=CD Pattern is bearish and
considered resistance at 101.0
considered resistance at 101.0
· Price-wedge is sideways, no trend b/c
we have both a bull and bear price-channel.
we have both a bull and bear price-channel.
· Price-channels are both bullish and
bearish.
bearish.
· Zigzag is bearish within the bear price-channel.
· Trading range from 98.15 down to
93.95
93.95
· Double-bottom provides us with
overhead resistance.
overhead resistance.
Where
will a reversal be likely today?
will a reversal be likely today?
We expect a price-reversal
at the PHOD and the PLOD. We can also
assume the highs and lows of the price-channel and price-wedge will also be
locations for an easy reversal.
at the PHOD and the PLOD. We can also
assume the highs and lows of the price-channel and price-wedge will also be
locations for an easy reversal.
What isour trading plan for today?
Be patient, this price-action is going to be sloppy ahead of
the FOMC report. If price rises higher
we will sell the PHOD as resistance and then buy with wave-pattern-long if
price makes higher-highs above PHOD. If the
buyers fail we will sell the highs around the PHOD after they try to push it
higher. If price falls lower we buy the PLOD
as support and then we sell with wave-pattern-short below PLOD. Keep an eye on the sellers failing below the PLOD
and the price can get back above the PLOD we will be buying the lows of that range. Remember, this is a range-bound day until we
break out of Wednesday trading range. Sell
the highs, buy the lows, avoid the middle.
the FOMC report. If price rises higher
we will sell the PHOD as resistance and then buy with wave-pattern-long if
price makes higher-highs above PHOD. If the
buyers fail we will sell the highs around the PHOD after they try to push it
higher. If price falls lower we buy the PLOD
as support and then we sell with wave-pattern-short below PLOD. Keep an eye on the sellers failing below the PLOD
and the price can get back above the PLOD we will be buying the lows of that range. Remember, this is a range-bound day until we
break out of Wednesday trading range. Sell
the highs, buy the lows, avoid the middle.
