December 12, 2012

Crude Oil day trading plan

Crude Oil day trading plan
Crude Oil day trading plan
Crude Oil day trading plan
Crude Oil day trading plan
We can see
the price-action trading in a sideways range with a possible short term bear price-channel
at the lows of the major bull price-channel. 
We are also at the lows of the price-wedge and at symmetry support from yesterday’s
trading session.
Being at the
lows of the range with SO much support to worry about, we know the high-percentage-trades
this morning will be buying these lows as support.  We also know that if we try to get short this
morning we are going to have rough time trying to force price-action to move
through the lows of the price-channel, the price-wedge, and the symmetry support.
As price
rises off the lows we are trading above the PHOD, making this outside-day tell
us to buy pullbacks.  We do not want to
trade long directly into resistance so beware trading into the resistance at
the short term bear price-channel highs, and the 86.78.  We want to buy above the PHOD, however, we do
not want to buy into resistance.  The best
plan of attack is to wait for those pullbacks to enter long, and remember this sideways-trading-range
we can sell the highs as resistance as price tests levels such as 86.78, 86.92,
87.15, 87.60, and so-forth.
If price-action
moves lower we are buying the support below us as the high-percentage-trades.  Remember the PHOD is always a price magnet to
if we can get short at the highs of the bear price-channel we will take our profit-target
at the PHOD support and then look to either hold the trade below the PHOD or
re-enter short below the PHOD with a profit-target down at 85.21 the PLOD.

    schooloftrade

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