August 28, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat
Map: What is it telling us?
Crude Oil is
rising higher according to the heat map.
rising higher according to the heat map.
Overnight
Highs & Lows:
Highs & Lows:
We did not
come close to testing overnight lows, however, the London-session highs were
tested and the buyers failed. This may
result in a bearish market personality this morning and we will be keen on
looking for more clues.
come close to testing overnight lows, however, the London-session highs were
tested and the buyers failed. This may
result in a bearish market personality this morning and we will be keen on
looking for more clues.
Are we
inside or outside day today?
inside or outside day today?
We are above
PLOD and below PHOD so this is inside. We
consider today to be range-bound. Both long
and shorts will work, and to buy-the-lows at support and sell-the-high at
resistance.
PLOD and below PHOD so this is inside. We
consider today to be range-bound. Both long
and shorts will work, and to buy-the-lows at support and sell-the-high at
resistance.
What
price-structures do we see?
price-structures do we see?
· Trigger-zone are support below us
using the most recent swing-high and the previous major swing-lows to calculate
these.
using the most recent swing-high and the previous major swing-lows to calculate
these.
· AB=CD Pattern is bearish and we have
a new AB=CD reversal zone.
a new AB=CD reversal zone.
· Price-channel is bullish
Where
will a reversal be likely today?
will a reversal be likely today?
The price-reversalis most likely (considering today is range-bound) at the HOD or LOD. At the lows of the range, and/or the highs of
the range. If price tumbles to the lows,
we buy the lows, and if price moves to the highs, we sell the highs. We also do not want to ‘fiddle with the
middle’ of this price-wedge.
