October 23, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Crude Oil is
a moving market personality at -1.7% so we are looking for trading
opportunities at this time.
a moving market personality at -1.7% so we are looking for trading
opportunities at this time.
Overnight
Highs & Lows:
Highs & Lows:
Lower-lows and
lower-highs from overnight, and just a brief period of consolidation on the way
down. This is VERY bearish.
lower-highs from overnight, and just a brief period of consolidation on the way
down. This is VERY bearish.
Inside or
Outside Day?
Outside Day?
We are
outside the range from Monday, below the PLOD so we are selling short using the
wave-pattern-short.
outside the range from Monday, below the PLOD so we are selling short using the
wave-pattern-short.
Find the price-structures:
· Trigger-zone is above as resistance starting
at 90.10, and this trigger-zone will be disqualified if we make new lower-lows so
keep your eyes peeled.
at 90.10, and this trigger-zone will be disqualified if we make new lower-lows so
keep your eyes peeled.
· AB=CD Pattern is bullish with major support
at 84.00 which is an ideal target for short sellers today.
at 84.00 which is an ideal target for short sellers today.
· Wedge is bullish and has been broken,
we will leave it there as it will act as a price magnet.
we will leave it there as it will act as a price magnet.
· Price-channel is bearish using the
bullish AB=CD Pattern
bullish AB=CD Pattern
· Zigzag Pattern not on this 89range
· Sideways / Trading Ranges not on this
chart, we are trending lower.
chart, we are trending lower.
· Double-top is providing key support at
87.00, 84.95, and 82.35 all the way down.
87.00, 84.95, and 82.35 all the way down.
Wherewill a price-reversal be likely today?
As price
falls to new lower-lows we look for the price-reversal at the double-top support,
the price-channel lows, and the AB=CD Pattern support.
falls to new lower-lows we look for the price-reversal at the double-top support,
the price-channel lows, and the AB=CD Pattern support.
If price
rises higher off these new lows, we will test the PLOD, which is a transitional
area, and we will look for the buyers to fail, at which point we will sell with
a price-reversal at PLOD resistance.
rises higher off these new lows, we will test the PLOD, which is a transitional
area, and we will look for the buyers to fail, at which point we will sell with
a price-reversal at PLOD resistance.
What isour trading plan for today?
If price moves lower, we are selling retracements with wave-pattern-short
below 87.00 supports. The target for the
short sellers will be 85.56 and then potentially 84.00 at the AB=CD Pattern support
and AUTO-TRADER-MAX double-top support at 82.35
below 87.00 supports. The target for the
short sellers will be 85.56 and then potentially 84.00 at the AB=CD Pattern support
and AUTO-TRADER-MAX double-top support at 82.35
If price trades sideways we need to sit-on-hands and be
patient to find a new trading range and then buy-the-lows at support and sell-the-high
at resistance of that range.
patient to find a new trading range and then buy-the-lows at support and sell-the-high
at resistance of that range.
If price rises off these lows we are buying the double-top support
at 87.00 with a profit-target at the PLOD 88.57 and the trigger-zone resistance
all the way up at 90.10. we will also
look to buy above the PLOD if the sellers have failed and the buyers appear to
be strong enough.
at 87.00 with a profit-target at the PLOD 88.57 and the trigger-zone resistance
all the way up at 90.10. we will also
look to buy above the PLOD if the sellers have failed and the buyers appear to
be strong enough.
