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| News Worksheet |
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| Crude Oil Inventory Numbers |
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| Marty's PIT Session Notes |
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| Marty's PIT Session levels |
Crude Oil 240-minute:
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| Crude Oil 240-Minute |
Crude Oil continues
to show a bearish long-term trend on our 4-hour anchor chart, which a bearish price-channel
telling us the story.
We can see
support levels below us at 103.15, 102.23, 100.75 and 100.69 which we will use
for our profit-targets as we look for selling-opportunities this morning.
It is
important to notice that at this time we appear to be stalled-out at the 103.15
buy-zone, so let’s look closer at the faster time frame to get some more clues
for exact entries today.
Crude Oil 60-minute:
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| Crude Oil 60-Minute |
The hourly
anchor chart shows us a lot more details, and provides us with important
information we will use to plan our first trade of the day today.
We can see
the bear price-channel very easily, but the most important thing is where we
are inside this price-channel. We are
trading in the middle of the price-channel in a sideways-trading-range.
We know that
a bear price-channel tells us to sell at the highs and sell retracements with
new lower-lows on the way down. We are
not at the highs of the price-channel and we are not making new lower-lows at
this time, therefor we know that we will have to wait for the high-percentage-trades
this morning.
Our day
trading plan will be to sell the highs of the price-channel if price-action tests
the 104.00 area. If we get price-action to
make new lower-lows we will return to selling retracements using our wave-pattern-short.
Crude Oil 5-Minute:
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| Crude Oil 5-Minute |
We can see a
very clear picture of the overnight market personality on the 5-minute chart of
Crude Oil. We want to look at the market
personality coming out of the London trading Session for clues in what the
first few hours of the morning will look like.
We can see a
very narrow trading-range coming out of London.
With only 58-cents of trading-range we can assume that market
personality is waiting on SOMETHING today.
With today being FOMC-Day and Inventory Day this may take some time
before we get the breakout of this trading-range we need.
As we
discussed earlier, we want to see price-action rise to the highs of the range
so we can sell short, or we want new lower-lows so we can sell short with the wave-pattern-short.
Keep a close
eye on the PHOD and PLOD levels today; they will be key turning points for
us. We will be look for the fake-out-breakout
around the PHOD and PLOD and will use our Inside-Out Set-up to buy the lows and
sell the highs of the range from Tuesday.
Stay patient
today, wait for new lower-lows to sell retracements or new higher-highs to buy pullbacks. The key to remember is the bearish price-channel
tells us the easy money will be selling short this morning.
