February 23, 2011
- in Uncategorized by schooloftrade
Day trading Crude Oil and Gold futures with Fast Track Method
For more info on contract rollover:
830am est
– The daily chart tells us we’re at the highs of the massive channel, and to trade carefully at the highs
– The 34range chart shows us in the middle of the price wedge, and further confirms our concerns
– The 21range chart shows price action supporting BUYERS in control, with the 4-top below the 96.30
– The multiple tests of the highs tells us the buyers WANT to push this thing higher, but lack the tools to do so.
– Perhaps the dollar will help it? Perhaps some news today will help it?
– We know the buyers want to take this up, but its too dangerous to buy the highs, so wait for the new highs to be made, then buy a pullback with a wave pattern.
1030AM est
– Little frustrated, we took three back to back to winners on crude oil and then took a recent loss when we were convinced the TECHNICALS were clear to buy, but the fundamentals simply didn’t make it work
– Too much chatter out there for the crude oil market
o Canadian news
o News from Libya
1145am est
– Crude oil tests the highs of day,
– We’re looking to buy a pullback
– The PHOD is at 98.24 and this is an important area
– If we stay above the PHOD look for new highs
