"The downtrend will begin below the 102.57" - Crude Oil Kid
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| Marty's PIT Session Levels |
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| Marty's PIT Session Notes |
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| News Worksheet |
This morning
we have some great trading opportunities with the news on the schedule ahead of
us. We begin the 2-day FOMC Meeting this
morning, and we have major news at 9:00am and 10:00am EST.
We are
trading into the end of the month of July, so we know that this price-action will
be a little different as traders are forced to participate as the month closes
out.
Crude Oil 240-minute:
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| Crude Oil 4-Hour |
The 4-hour
anchor chart shows us trending lower this morning. We can see the recent high of 108.93 has
resulted in profit-taking at the highs as we change direction and move
lower. We can see the change in the long-term
trend on Monday and we will use this as a big clue to keep selling short this
morning with our members in the live trade-room.
Crude Oil 60-minute:
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| Crude Oil 60-Minute |
The hourly
anchor chart reminds us WHY this price-action has been so choppy moving
lower. We can see the symmetry buy-zone from
104.08 down to 103.33, which is clearly to blame for the price-action ‘grinding’
lower late last week and on Monday. We’ve
seen clearly bearish market sentiment but we’ve also notice sloppy price-action
moving lower, and this explains WHY.
Our day
trading plan will still be the same today; we want to sell retracements with
new lower-lows as price-action drops. We
also know that there is room to buy in the short term, and we will use the
highs of the bear price-channel as our profit-target for the buying opportunities
today.
Crude Oil Entry Timeframe:
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| Crude Oil 987-Tick |
We can see
the almost-sideways bearish price-channel on the entry chart this morning,
which confirms this sloppy price-action moving lower into major support on the
anchor charts.
If you
recall, we have a major buy-zone on the 60-minute chart, and we can see what
this support level is doing to the price-action. We know we want to sell the highs of this price-channel,
and the long-term trend moving lower tells us that selling short will be the high-percentage-trades
today.
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