Crude Oil Day Trading Strategy Screen to Floor Morning Prep 07/03/13

This is just a snapshot of our Morning-newsletter which is posted every trading day at 8:00am EST in our Members Section.

Marty's PIT Notes

Martys PIT Session Levels

Dollar-Index 60-Minute:

Dollar Index 60-Minute

The hourly chart of the Dollar-Index shows us exactly how far down this price-action is likely to go.  We can see a clear bullish price-channel on this 60-minute chart that shows us support levels at 83.555 and 83.335.  We will look for the Dollar-Index to move lower to these support levels, and remember that Dollar-Index support is equal to resistance on the Euro and Gold, so trade accordingly today.

Crude Oil Daily:

Crude Oil Daily

Could we be in store for 102.72 later this week?  That’s what the daily chart of Crude Oil is whispering to us right now.  We can see the highs of the bullish price-channel on TOP of the symmetry sell-zone at 102.72 which is screaming ‘test me, test me’ to those buyers.  Will there be enough people paying attention over the holiday to stop this runaway train?  We shall see as Wednesday’s news is released and the market participants react.

Crude Oil 240-Minute:

Crude Oil 4-Hour

The 4-hour chart of Crude Oil shows us trading into the major resistance levels of 100.40 and 101.00.  We can see that price-action has stalled out at the Symmetry sell-zone overhead, and we will quickly see clues from the market personality to tell us is this price-action will fall off these new highs, or if we will keep pushing higher to the 104.00 area above us.  If you look closely you can see the AB=CD Pattern projects us higher into 104.00 if we can close the day above the highs from Tuesday afternoon above 102.20.

Crude Oil 60-Minute:

Crude Oil 60-Minute

The hourly chart of Crude Oil shows us just how MUCH we actually traveled on Tuesday afternoon, moving higher by over $4.00 on the chart.  This big POP will most likely give us a big DROP in today’s morning session.  We will be looking for selling-opportunities on the way down to 99.98 and 98.72.  We will keep a close eye on the market personality this morning because the move higher on Tuesday may indeed be a leading indication of more rising prices up to the 104.00 area we found on the 4-hour chart.  If we see strong bearish price-action we are selling short with new lower-lows.  If the bulls wrestle this price-action away from the sellers and we start to make new higher-highs today we will then buy pullbacks up to the 101.68 and 102.18.

Crude Oil 5-Minute:

Crude Oil 5-Minute Chart

Crude Oil is trading in the middle of the overnight trading range from 101.39 down to 100.86.  We are going to be watching closely for clues in the market personality this morning after Tuesday’s monster jump higher above the 100.00 big-round-number.  This morning we are selling the price reversal-zone above us, and buying the zone below.  Look for short term price-reversal at 101.33-101.28 but we’re looking for the price reversal-zone for the high-percentage-trades this morning until we find our long-term trend.  I’m buying pullbacks above the 101.54 and selling retracements below the 100.72 level today.

VIP Buy-zone Level for today:    100.86 – 100.72

VIP Sell-zone Level for today:     101.54 – 101.39