Crude Oil Day trading strategy: RED ALERT wacky Wednesday

This morning
we have rollover-over to the next front-month contract for Crude Oil Futures.  This morning we move to the 08-13 Futures contract,
and you can learn more about how to accomplish this here.

Economic News Alert:

This morning
has 4 big news events that we need to be aware of.  First, today is Wednesday of OPEX, so we know
that today is called ‘wacky
Wednesday’.  Second, we have contract
rollover on Crude Oil which will have traders moving to the new 08-13
contract.  Third, we have Crude Oil inventories
today at 10:30am EST which will have traders waiting to hear from the EIA to
see if there was another draw in Crude Oil inventories to support higher prices
this week.  Fourth, today is FED DAY or FOMC
Day, which means today we will hear from the Federal Reserve Bank in the US
with their announcement at 12:15pm and the Press Conference at 2:15pm EST this
afternoon. 

Crude Oil 60-Minute chart:

The hourly
anchor chart shows us a lot of important clues to help us get started trading
this morning with the long-term trend. 
First, we can see the bullish price-channel tells us to buy pullbacks with
new higher-highs and to look for price-reversals at support levels below us to
get LONG.  Second, we can see short term buy-zones
below us at 98.41, 98.22, 97.94 and 97.78 which we will use to buy at support this
morning if price pulls back from the overnight highs.  Third, we can see a wide open space above the
sell-zone at 99.15 which tells us that if price-action jumps higher we can
easily buy pullbacks using our simple entry rules, using the top of the price-channel
and 100.0 big-round-number as our profit-targets above us.  Join us HERE.