Crude Oil Morning Prep Day Trading Strategy; Screen to Floor 07/26/13

Economic News Worksheet

Marty's PIT Session Direction

Marty's PIT Session LEVELS

Crude Oil 240-Minute / 4-Hour:

Crude Oil 60-Minute

Crude Oil is trading lower this morning just below the 105.00 big-round-number.  We tested the symmetry support level at 104.08 on Thursday and bounced as high as 105.87.  We will define this as our most important trading-range this morning from 105.87 down to 104.08, and our goal will be to buy at the lows and sell at the highs of this range.  If we can break above the 105.87 we know the bulls are in control and we are buying pullbacks.  If we break below the 104.08 we will assume the sellers are back in control and we will sell retracements.  As we trade inside this range we will buy-the-lows at support and sell-the-high at resistance.

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 60-Minute:

Crude Oil 240-Minute

We can see Crude Oil trading inside the range from 105.87 to 104.08 this morning on the 60-minute chart, which means we will use this as our main focus until something pushes us outside of it.  We can see price-action has stalled around the trigger-zone at 104.80 and we will be waiting to see where price-action goes next.  We are looking to buy the 104.08 as support and sell the 105.87 as resistance this morning, and if we see a breakout of this range we will then proceed to buy pullbacks with new higher-highs or sell retracements with new lower-lows.

Crude Oil Entry Chart:

Crude Oil 987-Tick

Our 987-tick entry chart of Crude Oil shows a similar situation; we can see the range highs and lows and a recent sideways-trading-range around 104.80.  Our best option for this morning’s trading plan is to wait for prices to test the highs or the lows of this range because that is where the most reaction will occur and we should see the best price-action.


Crude Oil 5-Minute:

We can see that price is inside the trading range from yesterday, and we will look for a price reversal at the PLOD at 104.08.   We notice the previous week's lows at 104.42 as well, which tells us that if this price fails to move and stay below this level we can assume the BULLS are still in control over this price action and price will most likely rise this morning.