March 4, 2013
- in Uncategorized by schooloftrade
Crude Oil Anchor Chart Prep
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Crude Oil Anchor Chart Prep |
Crude Oil Futures
are trading at the lows of the bear price-channel this morning with a slight
sideways range which tells us we have three possible scenarios this
morning. First, price may keep trading
sideways, which means we will have to sit-on-hands until we make new higher-highs
or lower-lows.
are trading at the lows of the bear price-channel this morning with a slight
sideways range which tells us we have three possible scenarios this
morning. First, price may keep trading
sideways, which means we will have to sit-on-hands until we make new higher-highs
or lower-lows.
Second, with this bearish
price-channel we are looking for selling opportunities, and price may retrace
higher into the ‘cloud’ on our anchor chart to give us an opportunity to get
short as we approach the 92.00.
price-channel we are looking for selling opportunities, and price may retrace
higher into the ‘cloud’ on our anchor chart to give us an opportunity to get
short as we approach the 92.00.
Third, price-action
may move lower this morning, which means we will have to be careful. Trying to sell short at the lows of a bear price-channel
(opposite would be buying the highs of a bull price-channel) is always
challenging because of the support at the lows.
The best thing to remember when trying to trade short is to take profit-targets
quickly and keep your stop-loss tight in case it bounces back higher.
may move lower this morning, which means we will have to be careful. Trying to sell short at the lows of a bear price-channel
(opposite would be buying the highs of a bull price-channel) is always
challenging because of the support at the lows.
The best thing to remember when trying to trade short is to take profit-targets
quickly and keep your stop-loss tight in case it bounces back higher.
We can see
lots of support below us this morning, which means the high-percentage-trades, will
occur after Crude Oil retraces higher. We
can see support from the price-channel, the symmetry set-up, and the big-round-number
of 90.00. All of this makes us want to
stay patient this morning.
lots of support below us this morning, which means the high-percentage-trades, will
occur after Crude Oil retraces higher. We
can see support from the price-channel, the symmetry set-up, and the big-round-number
of 90.00. All of this makes us want to
stay patient this morning.
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Crude Oil Entry Chart Prep |
We can see
from the entry chart of Crude Oil that we have a double-bottom at the PLOD which
will create resistance overhead, and the sideways-trading-range at the lows
tells us this market personality is weak this morning on a Monday with no major
news.
from the entry chart of Crude Oil that we have a double-bottom at the PLOD which
will create resistance overhead, and the sideways-trading-range at the lows
tells us this market personality is weak this morning on a Monday with no major
news.
Our day trading plan for Crude Oil
is to sit-on-hands until 9:00am EST and let’s see how this market personality is
looking. We want to sell short today to
stay with the long-term trend however, we may get a short term buying opportunity
if we get the Inside Out Set-up to trigger around the PLOD.
is to sit-on-hands until 9:00am EST and let’s see how this market personality is
looking. We want to sell short today to
stay with the long-term trend however, we may get a short term buying opportunity
if we get the Inside Out Set-up to trigger around the PLOD.
