November 28, 2012
- in Uncategorized by schooloftrade
Crude Oil Day trading strategy
We can see
that Crude Oil prices have been falling this morning, below the PLOD and
breaking the lows from earlier this week.
As we drop to new lower-lows we are selling retracements all the way
down to the lows of the price-wedge where we will take profit-target and then
look to buy these lows.
If pricemoves below the price-wedge we will always need to beware of the fake-out-breakout
as the sellers TRY they may not be able to keep price moving lower and we will
look to buy the failure below the price-wedge.
In addition to this, if price makes it through the price-wedge lows and
we appear to have full control from the sellers we will also sell short with a profit-target
at 85.41 which is the next major support below us.
The key toour success today will be staying patient to buy the lows of this range, and
not trying to force the short position simple because is falling into major support
below us at the lows of the price-wedge.
We want to trade around the news at 1030am EST this morning when we see
inventories released, and be aware the market personality will likely slow down
ahead of the 2:00pm EST Beige Book news.
