Wednesday morning Crude Oil Prep; Screen to Floor 07/10/13

Marty's PIT Session NOTES

Marty's PIT Session Levels

 Dollar-Index Daily:

Dollar Index Daily

The Dollar-Index continues to trade at the highs of the long term trading range around the 85.000 big-round-number.  We have seen more than a week of consolidation around this level, which suggests that traders are waiting for something new to give them a reason to buy or sell these highs.  Look for today’s FOMC Meeting Minutes at 2:00pm EST to shake things up on this Dollar-Index.

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 Daily:

Crude Oil Daily

We are pushing higher this morning on Crude Oil Futures above the 105.00 big-round-number on our way to what appears to be a test of the 108.00 area using symmetry above us as the target.  Look for pullbacks along the way, but this is clearly telling us the bulls are in control this morning.

Crude Oil 240-Minute:

Crude Oil 4-Hour

The 4-hour chart of Crude Oil shows us more important information we will use in our day trading plan this morning.  We can see price-action trading at the highs of the bull price-channel and into the ‘D’ point of the symmetry pattern.  This tells us that price-action will likely meet some resistance on this chart around this area of 105.25.  We will look to keep buying pullbacks if this market personality continues to push to new higher-highs, however we must now keep an eye on a price-reversal at these highs looking for a selling-opportunity at the highs.  We must also remember that trying to buy the highs of any range can be very challenging, so beware of forcing trades to get into a long position.

Crude Oil 60-Minute:

Crude Oil 60-Minute

The hourly chart of Crude Oil makes a LOT more sense to us this morning, giving us an easy plan of attack using the bullish price-channel, symmetry pattern, and trigger-zone support levels below us to buy pullbacks.  The plan this morning is to keep buying pullbacks with new higher-highs, looking to buy at support levels on the way higher.  If price pulls back to the 104.75 we will look for a price-reversal and then higher-highs for a buying-opportunity today.  We can see a profit-target at the 105.75 up to 106.35 area if these buyers can take it higher.  Ideally, if price-action was to tumble to the lows of the price-channel around 103.73 we would have the IDEAL buying-opportunity buying the lows at major support.

Crude Oil 5-Minute:

Crude Oil 5-Minute

The 5-minute VIP chart of Crude Oil shows us trading above the price reversal-zone at 105.25 which tells us to look for buying-opportunities this morning.  We can see the trend-line support below us and a buy-zone at 104.79 which we will use as support to get long this morning.

We will be watching market personality throughout the day today in case these buyers fail and we start to trade sideways again.  We are bullish at the open, buying pullbacks with new higher-highs on the way up to the 106.00 big-round-number.

VIP Buy-zone Level for today:    104.32 – 104.14

VIP Sell-zone Level for today:     105.16 – 104.98