October 15, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Crude Oil market
personality is NOT moving this morning at 830am EST so we need to sit-on-hands and
wait for the price-action to improve.
personality is NOT moving this morning at 830am EST so we need to sit-on-hands and
wait for the price-action to improve.
Overnight
Highs & Lows:
Highs & Lows:
We created
overnight lows and never re-tested, which is considered bullish. Later in the morning we saw new higher-highs above
overnight highs and now recently we’re looking for those new higher-highs to
fail, and a close below the overnight highs will results in a failure, which we
will sell.
overnight lows and never re-tested, which is considered bullish. Later in the morning we saw new higher-highs above
overnight highs and now recently we’re looking for those new higher-highs to
fail, and a close below the overnight highs will results in a failure, which we
will sell.
Inside or
Outside Day?
Outside Day?
We are
inside day below the PHOD and above the PLOD, making this a range-bound market.
inside day below the PHOD and above the PLOD, making this a range-bound market.
Find the price-structures: · Trigger-zone are support below us
starting at 91.50
starting at 91.50
· AB=CD Pattern is bearish overhead at
95.30
95.30
· Price-wedge is sideways, flat trigger
line.
line.
· Price-channel is bearish and has
recently been disqualified.
recently been disqualified.
· Zigzag pattern is not on this chart
· Sideways Trading Range from 92.94 down
to 90.82 and we will buy-the-lows at support and sell-the-high at resistance.
to 90.82 and we will buy-the-lows at support and sell-the-high at resistance.
· Double-top provides resistance at the
93.84 and major support at 87.00 below us.
93.84 and major support at 87.00 below us.
Where
will a reversal be likely today?
will a reversal be likely today?
A price-reversal
is most likely today around the highs and lows of the trading range, the inside
day, and the price-wedge. Buy-the-lows
at support and sell-the-high at resistance.
is most likely today around the highs and lows of the trading range, the inside
day, and the price-wedge. Buy-the-lows
at support and sell-the-high at resistance.
What is
our trading plan for today?
our trading plan for today?
It’s a Monday, so we’re sticking to patience first until we
see the market personality improve.
see the market personality improve.
I need to plan for price-action to move up, down, or
sideways.
sideways.
If price moves higher we will be very careful buying on the
way up, looking for obvious clues for strong buyers before we get long. At the highs of the price-wedge and the highs
of the range we will be sellers first, and then with new higher-highs we will
consider buying above 92.94 if the buyers have clear control. Again, at the highs we look to SELL FIRST.
way up, looking for obvious clues for strong buyers before we get long. At the highs of the price-wedge and the highs
of the range we will be sellers first, and then with new higher-highs we will
consider buying above 92.94 if the buyers have clear control. Again, at the highs we look to SELL FIRST.
If price moves lower I am looking to sit-on-hands as we enter
into the trigger-zone support. I will
then look to buy the lows of the range around the PLOD and the 90.82. If price makes new lower-lows we will
consider selling short but only after looking for the fake-out-breakout.
into the trigger-zone support. I will
then look to buy the lows of the range around the PLOD and the 90.82. If price makes new lower-lows we will
consider selling short but only after looking for the fake-out-breakout.
If price trades sideways we need to sit-on-hands because we’re
right in the middle of the range.
right in the middle of the range.
