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| Marty's PIT Notes |
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| Marty's PIT Levels |
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| Crude Oil 15-Minute Anchor |
Crude Oil 15-Minute:
We can see
the price-wedge on the 15-minute chart this morning as we come off the highs of
the price-wedge and trade lower this morning.
We can see a ‘hidden’ bearish price-channel as we move lower, which
tells us to sell the highs of this price-channel for the high-percentage-trades
on the way down. We know that there will
be a bounce off the lows of the price-channel so use that as a profit-target for
selling the highs. Look for easy profit-targets
at 92.48, 92.05 and 91.78 on the way down.
I will be looking to buy the lows at 91.78 later today or tomorrow
morning as soon as we get down to the lows.
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| Crude Oil Pit Session |
If prices
happen to push higher this morning I will be looking for the fake-out-breakout above
the 93.10 up to 93.34. I will be patient
to see the market personality at the highs of the bear price-channel because we
know better than to buy these highs.
Look for the speed to slow down, the buyers to fail, and once we see the
price-reversal at the highs we will look to enter short selling retracements on
the way back down.
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| Crude Oil 5-Minute VIP |
Crude Oil 5-Minute:
The 5-minute
VIP chart shows us the London trading Session lows have held as support and we
are ALWAYS looking to buy in the price-reversal zone below the London lows. We are bullish coming off the lows, and will
use the resistance overhead at 93.04, 93.11, 93.21 and 93.27 as easy profit-targets
on the way back up.
Don’t forget,
at the highs of the London trading Session we have another price-reversal zone
that we will be looking to sell the highs, which happens to line up PERFECTLY
with the highs of the bear price-channel we see on the 15-minute chart. This sets the stage for an easy short-selling
opportunity at 93.34 to 93.50 area. We
will have to be patient at the price-reversal zone overhead to get short, so
wait for the price-reversal and then trade short with the new short-term trend.
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| Dollar Index 5-Minute |
Dollar-Index Analysis:
We can see a
short-term trend moving higher on the Dollar-Index over the last 36 hours, but
that may be changing with this recent swing-low we see that has broken the lows
of the price-channel. With important news
at 830am EST today we may see this Dollar-Index take off to the up-side
again. We will be watching this Dollar-Index
all morning to look for clues within the Dollar-Index-correlation.
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