October 29, 2012
- in Uncategorized by schooloftrade
Crude Oil Futures chart prep:
We are
trading inside the range from Friday, and right in the middle of this
range. We recall that ‘mama says’ not to
‘fiddle with the middle’
We can see a
potential bullish price-channel however we need to get the price-action to MOVE
to new higher-highs first.
potential bullish price-channel however we need to get the price-action to MOVE
to new higher-highs first.
We have a
zig zag pattern showing up on this 21range chart, with the entry trigger at
85.65.
zig zag pattern showing up on this 21range chart, with the entry trigger at
85.65.
We have
defined the sideways ranges marked in the green rectangles. These ranges tell us exactly what the high-percentage-trades
will look like when we get there.
defined the sideways ranges marked in the green rectangles. These ranges tell us exactly what the high-percentage-trades
will look like when we get there.
Price-action
can only move in three directions;
higher, lower, and sideways.
can only move in three directions;
higher, lower, and sideways.
If price
rises higher we expect the price-reversal to occur at the highs of the price-wedge,
the PHOD and the range highs. If price
keeps pushing higher we look for the price-reversal at the price-channel highs.
rises higher we expect the price-reversal to occur at the highs of the price-wedge,
the PHOD and the range highs. If price
keeps pushing higher we look for the price-reversal at the price-channel highs.
If price
trades sideways we look to sit-on-hands.
We will not be looking for a price-reversal in the middle of the price-wedge
and the sideways-trading-range.
trades sideways we look to sit-on-hands.
We will not be looking for a price-reversal in the middle of the price-wedge
and the sideways-trading-range.
If pricemoves lower we will look for price-reversal at the price-wedge lows, the range
lows, and then PLOD.
Our day
trading strategy today considered the hurricane a major threat to our
consistency in the price-action we see, so we are demo-trading or trading
smaller size this morning. We are going to
sell the highs at resistance as price rises.
If price breaks to new higher-highs above the PHOD we look for fake-out-breakout
first and then buy pullbacks above PHOD up to the price-channel highs.
trading strategy today considered the hurricane a major threat to our
consistency in the price-action we see, so we are demo-trading or trading
smaller size this morning. We are going to
sell the highs at resistance as price rises.
If price breaks to new higher-highs above the PHOD we look for fake-out-breakout
first and then buy pullbacks above PHOD up to the price-channel highs.
If we can
get up to the 86.95 double-bottom resistance that is also right around the
highs of the price-channel, we will then look for the price-reversal and sell
those highs.
get up to the 86.95 double-bottom resistance that is also right around the
highs of the price-channel, we will then look for the price-reversal and sell
those highs.
If price
moves to the lows of the range we will buy-the-lows at support and if the market
personality is too slow and sluggish we will sit-on-hands.
moves to the lows of the range we will buy-the-lows at support and if the market
personality is too slow and sluggish we will sit-on-hands.
