August 17, 2011
- in Uncategorized by schooloftrade
Plan your trades, and trade your plan; Crude Oil helps us hit our daily goal
Today is Wacky Wednesday, which is the Wednesday before OPEX Friday, which is the 3rd Friday of the month (unless the 1st day of the month is a Friday)
Today is Wednesday and we have crude oil inventories today, which means we need to pay close attention to the 3 Phases of Crude Oil Inventories.
830am est
Crude Oil trading at the highs of the bull channel on the 89range chart.
We see lots of support levels to buy at below us, and lots of resistance levels overhead to use as targets or buying pullbacks above them.
As price rises im waiting to break above the resistance, turns to support, and then i will buy a pullback.
As price falls im looking to buy at support levels below me using this bull channel as my guide.
I can sell today at resistance, however we should assume that the long side is the higher percentage trade today.
Gold is trading in the middle of the range, so beware today may be a little sloppier than normal at the highs or the lows.
We also see the bull channel is most important so buying pullbacks at new higher highs or buying at support as price drops will be the higher % trades today.
Euro is at the range highs so we want to sell the range highs, taking profit at the dynamic support levels on the slower timeframes.
845am est
We see Crude Oil moving inside day to outside day, transitioning around the 88.00 level
We want to sell short below 87.85 to sell the highs, or buy long above 88.05 for the 21r wave long.
We are looking for more PERSONALITY right now…we can’t tell who has control.
930am est
You want to buy a pullback with new higher highs on the Russell Futures.
Beware trading around the 700.00 Big Round Number and the BMT in the same area.
Look to take profit at 728.0 and then look to buy a pullback above that level.
945am est
This price action stinks this morning on a wacky Wednesday.
We have volume shared between the 09-11 and 10-11 contracts so volume on crude oil is lower than normal, along with today being crude inventory day, and wacky Wednesday we have a few strikes against us right off the start.
1040am est
Price action still stinks after we get lower higher inventories, lower demand, we know this is crude oil bearish, however, you can assume everyone knew about this bearish report before it happened so the price was most likely accounting for this already.
1100am est
We are now INSIDE the range from Tuesday and we sold the highs below the PHOD.
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