September 11, 2012
- in Uncategorized by schooloftrade
Morning Crude Oil Checklist:
Heat Map
Review:
Heat map is
bullish by +0.2% so this market needs a little more time to wake the market
personality and give us some opportunity today.
bullish by +0.2% so this market needs a little more time to wake the market
personality and give us some opportunity today.
Overnight
Highs & Lows:
Highs & Lows:
We are
range-bound, with buyers failing at the highs, and never testing the lows. We have the price sitting on top of the PHOD and
this is a perfect opportunity to sell this buyer failure.
range-bound, with buyers failing at the highs, and never testing the lows. We have the price sitting on top of the PHOD and
this is a perfect opportunity to sell this buyer failure.
Inside orOutside Day?
We are
transitioning from outside day, back to inside day. The buyers failed at the PHOD so now we look
to sell short with a profit-target at the PLOD.
transitioning from outside day, back to inside day. The buyers failed at the PHOD so now we look
to sell short with a profit-target at the PLOD.
Find the price-structures:
· AB=CD Pattern is bearish
· Price-wedge is sideways
· Price-channel is both bullish and
bearish
bearish
· Sideways Trading Range from 97.71
down to 93.95 and we will buy-the-lows at support and sell-the-high at
resistance.
down to 93.95 and we will buy-the-lows at support and sell-the-high at
resistance.
· Double-bottom at 93.95 and this gives
us overhead resistance.
us overhead resistance.
Wherewill a reversal be likely today?
The PHOD and
the highs of the price-wedge are likely reversal points if price rises
higher. Look to sell at this key resistance
overhead. If price falls we will see a price-reversal
around the PLOD and the lows of the bull price-channel and price-wedge.
the highs of the price-wedge are likely reversal points if price rises
higher. Look to sell at this key resistance
overhead. If price falls we will see a price-reversal
around the PLOD and the lows of the bull price-channel and price-wedge.
What is
our trading plan for today?
our trading plan for today?
Be patient, this market personality is still quite slow at
830am est. We want to buy above the PHOD,
and sell if those buyers fail with price back below the PHOD. We want to sell below the PHOD with a profit-target
at the current low of day, and yesterday’s low of day.
830am est. We want to buy above the PHOD,
and sell if those buyers fail with price back below the PHOD. We want to sell below the PHOD with a profit-target
at the current low of day, and yesterday’s low of day.
