November 29, 2012
- in Uncategorized by schooloftrade
Crude Oil day trading plan
We can see
the bullish market personality in the Crude Oil price-action this morning as we
complete our initial prep. This goes
hand in hand with the news yesterday from Obama that gave the markets its
bullish confidence this morning.
Crude Oil is
trading near the top of its range at this time, and very bullish. This is a challenging place to be trading
LONG because the market personality will be sloppier than if we can trade short
selling the highs.
trading near the top of its range at this time, and very bullish. This is a challenging place to be trading
LONG because the market personality will be sloppier than if we can trade short
selling the highs.
As pricemakes a new higher-highs im looking for increased speed, green on the time and
sales, reading tape for market personality to trigger the entry long and I need
to be conservative with my profit-targets on the way up. Remember, as we get long at these new higher-highs
we may see the buyers eventually and collapse and price will tumble. Keep the stop-loss tight and the profit-target
conservative so that we don’t get caught in a falling market.
The high-percentage-tradeson Crude Oil are the SHORT side selling the highs of this range. We can make profit on the way up, however, we
know this easier selling at the highs. A
profit-target for the short sellers will be at support levels such as 87.46,
87.40, and the PHOD of 87.24 on the way down.
If price tumbles
lower and gets below the PHOD now the buyers have failed and we will sell aggressively
below the PHOD down to the 86.70 support area below us.
lower and gets below the PHOD now the buyers have failed and we will sell aggressively
below the PHOD down to the 86.70 support area below us.
