August 6, 2012
- in Uncategorized by schooloftrade
Morning FDAX Checklist:
OHLC
Analysis:
Analysis:
We have 3
out of 4 higher-highs and we have broken the overnight highs. This tells us we are bullish.
out of 4 higher-highs and we have broken the overnight highs. This tells us we are bullish.
Are we
inside or outside day today?
inside or outside day today?
Above the
PHOD so we are OUTSIDE day today. This
tells us to use wave-pattern-long to enter when price pulls back. Also tells us to sell below the PHOD.
PHOD so we are OUTSIDE day today. This
tells us to use wave-pattern-long to enter when price pulls back. Also tells us to sell below the PHOD.
What
price-structures do we see?
price-structures do we see?
· Trigger-zone is support below us, and
will be re-calculated when the new higher-highs is made on FDAX.
will be re-calculated when the new higher-highs is made on FDAX.
· AB=CD Pattern shows up twice inside
this bull price channel. We have 2
bearish AB=CD Patterns.
this bull price channel. We have 2
bearish AB=CD Patterns.
· Price wedge is not on this chart.
· Price channel is bullish, and since
we’re above the PHOD we need to be bullish as well.
we’re above the PHOD we need to be bullish as well.
· Zigzag needs to be at price channel lows,
and it is NOT, so we wait.
and it is NOT, so we wait.
· Sideways / Trading Ranges, not
here! This market is trending!
here! This market is trending!
· Double-top / Double-bottom are not on
this chart, or at least not in the most recent price action, so we won’t use
this today.
this chart, or at least not in the most recent price action, so we won’t use
this today.
Where
will a reversal be likely today?
will a reversal be likely today?
We have two
spots for the reversal. First, at the
highs of the bull price channel. This may
take some time, but that’s where it will be.
Second, if the sellers can overcome the buyers, we will see the best price-reversal
around the PHOD.
spots for the reversal. First, at the
highs of the bull price channel. This may
take some time, but that’s where it will be.
Second, if the sellers can overcome the buyers, we will see the best price-reversal
around the PHOD.
What is
our trading plan for today?
our trading plan for today?
We want to
use our wave-pattern-long to take advantage of this bullish price-action. Above the PHOD and the bearish AB=CD Pattern giving
us an easy price magnet, we should stay patient for the 21-range wave-pattern-long. If the buyers slow down and fail, which will
happen, we can look for market personality to shift to the sell side and we can
get short. Looking for selling
opportunities with a wave-pattern-long failure or below the PHOD.
use our wave-pattern-long to take advantage of this bullish price-action. Above the PHOD and the bearish AB=CD Pattern giving
us an easy price magnet, we should stay patient for the 21-range wave-pattern-long. If the buyers slow down and fail, which will
happen, we can look for market personality to shift to the sell side and we can
get short. Looking for selling
opportunities with a wave-pattern-long failure or below the PHOD.
