March 22, 2011
- in Uncategorized by schooloftrade
Price Wedge was the highest percentage day trade we saw Gold and Crude Oil
815am est
– The dollar has been dropping overnight, but now sitting on support
– We need to see where the dollar goes from here to give us clues for direction on gold, crude, euro, etc.
825am est
– We see the last news event today is at 10am
– Our recent history in march has low volume after the last news of the morning
– We will keep this in mind around 1030am est today
830am est
– We see the dollar on the 13range chart is trapped inside a narrow wedge.
– The support trend line is the lows of the price channel, and the resistance trend line is the short term downward move.
– If the market stays weak like it is right now the DX 06-11 may not be able to break MAJOR support and may be too weak to bust through minor resistance.
915am est
– We have had very sloppy price action this morning
– A definite sign of the end of Q1
– The crude oil 34range BMT line is at 102.33 and has been holding this price up for 45 mins now
– We’ve been trying to buy the lows but the BMT wont let price drop.
– If price trades around the Big Money Trigger Line we have to be concerned.
935am est
– We’re seeing slow speed, but ATR is rising on the dollar, which is sign of good things to come
– My dollar continues to be stuck in the mud between two trend lines on the 13range chart
– We’re now above the PLOD on crude oil, which means INSIDE trading day = sideways ranges, so buy the lows and sell the highs
1000am est
– We didn’t expect much, and we didn’t get much from the news @ 10am
– Crude oil restling with the PLOD and different levels of support and resistance around 102.60 area.
– Lets plan ahead for crude oil
– If price rises….
– Selling 102.86 highs of the channel, then buying with a pullback if we break new highs above it
– Selling 103.00 first, then buying it above with a pullback
– Selling 103.17 first, then buying with a pullback if we break new highs above it
– Selling 103.43 first, then buying with a pullback if we break new highs above it
1100am est
– we’ve done a great job at following our plan of attack
– as crude oil rises we sold the highs and then looked to buy a pullback
– we did a GREAT job at avoiding losses on the Fast Track until 1050am
– we took the wave long on the Fast Track 13range and got a bad bounce trading around the P-OPEN and got stopped out
– we then entered the same pattern long using the tape reading and waiting for momentum to cofirm and got the winner
– we were convinced the PHOD would be tested, but the PREV OPEN chopped up the price too badly that it made it hard to plan the Fast Track trade without trading into this higher risk area.
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