Tuesday, September 3, 2013

day trading prep; crude oil futures

8:00am EST

Our plan today is to take our time, analyzing all of our charts and going through our formal morning routine.

It’s important that we don’t rush into the first trade of the week, and we are concerned this price-action may be suffering from a case of the ‘summertime blues’ as traders return to their desks from the summer.

8:30am EST

Crude Oil Futures Analysis:
Crude Oil 30-Minute
We can see price-action sitting on top of the PHOD, which tells us that there is a lack of confidence in either direction this morning.  We know if the buyers were in control we would be seeing new higher-highs, and if the sellers had strength we would be trading at the PLOD.  This is a BIG clue for us this morning and it tells us to stay patient today.

After reviewing the anchor charts on Crude Oil this morning we are looking for selling-opportunities all the way down to the new lower-lows at 104.21.  We can see the trading-range has been developed all the way down to 104.21 so that tells us we should be able to re-test that area later today or tomorrow.

Crude Oil 600-tick
We can see from the entry chart timeframe of Crude Oil that the price-action is very narrow, in a sideways-trading-range around the 107.50 area on our chart.

We have to wait this morning for both the anchor and the entry charts to agree on direction, and then we will take our first trade of the morning using our Wave pattern today.

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