Crude Oil Morning Prep Day Trading Strategy; Screen to Floor 07/18/13

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Crude Oil 60-Minute:

Crude Oil 60-Minute

The hourly chart of Crude Oil shows us trading in the middle of a price-wedge structure after testing BOTH the highs and the lows in yesterday’s trading session.  We did a great job predicting the reversal points at 105.19 and 106.74 using our trigger-zone, and we will continue to buy-the-lows at support and sell-the-high at resistance in this price-wedge.  Our next buying opportunity will be at 105.46 this morning.  Beware trading in the middle of this trading-range.

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

Crude Oil 5-Minute:

Crude Oil 5-Minute

Crude Oil is trading at the highs of the range as we come out of the London trading Session.  We can also see that price-action is at the highs of the price-wedge using trend-lines above and below us.  The PHOD is above us, and the PLOD is below us, which means we are trading inside the range from yesterday.  When we trade inside the range from yesterday we can assume this market personality is ‘in balance’ and therefore we will buy lows, sell highs, and look for fake-out-breakouts. 

PRZ-Trade today:

Long @ 106.05

Short @ 106.61

PRZ-Trade Management:

Stop-loss @ -15ticks

Profit-target @ +45ticks