Crude Oil Day Trading Strategy Morning Prep; Screen to Floor 07/25/13

Marty's PIT Levels

Today's News Schedule

Crude Oil 240-Minute / 4-Hour:

Crude Oil 4-Hour Chart

Crude Oil is pushing lower this morning and our 4-hour anchor chart shows us a few very important clues.  

First, we can see the trading-range from 108.93 down to 104.08 and we are almost down to the lows of this range where we will find demand (support).  

Second, we can see the trigger-zone support at 105.12 down to 104.63 doesn't appear to be strong enough to hold off the sellers.  

Third, we can see the new symmetry pattern formed with the AB=CD Pattern and support levels at 107.08 and 103.30.

This 4-hour chart tells us that price will likely test the lows of this range, at which point we will look to buy the lows as support.  If the sellers are too strong they will push lower into the symmetry buy-zone and we will be looking for a price-reversal at the 103.30 level.

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 Hourly Chart

The 60-minute anchor chart of Crude Oil shows us much of the same information from the 4-hour chart.  We can see this buy-zone from 104.08 down to 103.33 which we will use to look for a price-reversal and a buying-opportunity later this morning.  In the early part of the trading session today we expect to see prices continue to push lower down to the 104.08 range-lows.

Crude Oil Entry Chart:

Crude Oil Entry Chart

The 987-tick entry chart time frame for Crude Oil shows us trading lower in a bearish price-channel and a red cloud-cover.  We have price-action below the red cloud-cover which tells us that selling short will be our high-percentage-trades at this time.  We will now move to a slightly faster timeframe to look for the Wave pattern short.