September 27, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Crude Oil futures
are moving higher this morning at +1.3%.
are moving higher this morning at +1.3%.
Overnight
Highs & Lows:
Highs & Lows:
Overnight
lows were tested and they have held, followed by a very confident move higher
up to test the PHOD, which is a very important level for us. If we can stay above the PHOD this will be an
outside day and we will be bullish buying pullbacks. If the price moves back below the PHOD we
will then sell these highs and take profit at the support level at 90.55. Look for price-action to push it lower into
that short-term trading-range marked in the green rectangle.
lows were tested and they have held, followed by a very confident move higher
up to test the PHOD, which is a very important level for us. If we can stay above the PHOD this will be an
outside day and we will be bullish buying pullbacks. If the price moves back below the PHOD we
will then sell these highs and take profit at the support level at 90.55. Look for price-action to push it lower into
that short-term trading-range marked in the green rectangle.
Find the price-structures:
· Trigger-zone has major support below
us at 89.55 and medium resistance overhead starting at the PHOD.
us at 89.55 and medium resistance overhead starting at the PHOD.
· AB=CD Pattern is bullish with the support
round 87.00.
round 87.00.
· Price-wedge (NO)
· Price-channel is bearish, which tells
me to sell the highs at resistance.
me to sell the highs at resistance.
· Zigzag, we need a bearish AB=CD Pattern and
we do not.
we do not.
· Sideways / Trading Ranges (trending)
Wherewill a reversal be likely today?
If price
rises higher we will see the potential price-reversal at the PHOD and the
bearish price-channel highs. If price
trades sideways we will have no price-reversal, and if the price moves lower we
will see the price-reversal at the 89.55 trigger-zone support, the PLOD 88.95,
and the AB=CD Pattern support at 87.00
rises higher we will see the potential price-reversal at the PHOD and the
bearish price-channel highs. If price
trades sideways we will have no price-reversal, and if the price moves lower we
will see the price-reversal at the 89.55 trigger-zone support, the PLOD 88.95,
and the AB=CD Pattern support at 87.00
What is
our trading plan for today?
our trading plan for today?
Our trading plan is to sell the highs of this bear price-channel
and look for clues that the buyers may be too strong to let this price
collapse. We can FEEL the market
personality is trying to keep this price-action moving higher, so we will wait
patiently and buy with wave-pattern-long above the PHOD and then sell these
highs when we see those buyers fail.
and look for clues that the buyers may be too strong to let this price
collapse. We can FEEL the market
personality is trying to keep this price-action moving higher, so we will wait
patiently and buy with wave-pattern-long above the PHOD and then sell these
highs when we see those buyers fail.
If price moves higher we may see very sloppy and challenging
price action as the buyers try and ‘swim up-stream’ trying to break new higher-highs
on the bear price-channel.
price action as the buyers try and ‘swim up-stream’ trying to break new higher-highs
on the bear price-channel.
If price moves lower off these highs we will aggressively be looking
for ways to sell. Using the 2-step
pattern short to trade the price-reversal and then using the wave-pattern-short
to re-enter on pullbacks on the way down.
for ways to sell. Using the 2-step
pattern short to trade the price-reversal and then using the wave-pattern-short
to re-enter on pullbacks on the way down.
