September 28, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Crude Oil Futures
at a -0.3% which means this is a moving market we will try to trade with today.
at a -0.3% which means this is a moving market we will try to trade with today.
Overnight
Highs & Lows:
Highs & Lows:
Overnight highs
were tested and they failed, followed by a strong bearish candlestick and a
push to new lower-lows. Now we find
ourselves in the middle of the range below us and we can tell this is the
make-or-break area. If we get new lower-lows
we can assume the PLOD will be re-tested.
If the sellers fail we will most likely now see an attempt to re-enter
the range above us at 92.10.
were tested and they failed, followed by a strong bearish candlestick and a
push to new lower-lows. Now we find
ourselves in the middle of the range below us and we can tell this is the
make-or-break area. If we get new lower-lows
we can assume the PLOD will be re-tested.
If the sellers fail we will most likely now see an attempt to re-enter
the range above us at 92.10.
Inside or
Outside Day?
Outside Day?
We are
inside day after falling off the new highs overnight and tumbling below the PHOD.
inside day after falling off the new highs overnight and tumbling below the PHOD.
Find the price-structures:
· Trigger-zone is support below and resistance
above starting at 93.30
above starting at 93.30
· AB=CD Pattern (no)
· Price-wedge is bearish
· Price-channel is bearish and very
short term
short term
· Zigzag (no)
· Sideways / Trading Ranges (trending)
· Double-top / Double-bottom (none here)
Wherewill a reversal be likely today?
A price-reversal
is highly likely around the PHOD and the price-channel highs. We’ve tumbled off the PHOD and if the buyers
push this price back to the highs they will need to work hard to KEEP it
there.
is highly likely around the PHOD and the price-channel highs. We’ve tumbled off the PHOD and if the buyers
push this price back to the highs they will need to work hard to KEEP it
there.
What is
our trading plan for today?
our trading plan for today?
We saw the sellers grab control below the PHOD so we’re
considering this market personality to bearish if we stay below 92.10. We will sell retracements if new lower-lows below
92.10 and if we get above the 92.10 we will be bullish buying up to the PHOD and
taking profit at the HOD.
considering this market personality to bearish if we stay below 92.10. We will sell retracements if new lower-lows below
92.10 and if we get above the 92.10 we will be bullish buying up to the PHOD and
taking profit at the HOD.
