Crude Oil Morning Prep Day Trading Strategy; Screen to Floor 07/12/13

Marty's PIT Notes

Marty's PIT Levels

Dollar-Index 240-Minute:  

Dollar Index 4-Hour

We can see the Dollar-Index trying to push higher on the 4-hour chart, with short term resistance at 83.425, followed by levels above at 83.785 and 84.460 if this price-action wants to really jump higher.  One thing is for sure, we have plenty of room to the UP-side, but not that much room to the downside this morning with major support zone below us at 82.790.  Look for the Dollar-Index to continue to try to rise higher this morning.

Dollar-Index 60-Minute:

Dollar Index 60-Minute

The Dollar-Index is trading in a sideways-trading-range on the 60minute anchor chart.  We will use this as our biggest clue today and will expect the Dollar-Index to trading inside this range.  Use the support and resistance levels inside this range as clues for turning point on the markets we trade most.

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Crude Oil Daily: 

Crude Oil Daily

We can see Crude Oil trading higher this week on it’s way to the highs of this bullish price-channel.  We can see a bearish symmetry pattern with a completion at 108.90 overhead.  The most recent daily candlestick tells us that the buyers failed around the 108.00 big-round-number on Thursday, which means we may see a pullback as price drift lower this morning.  We have a stronger dollar this morning, and that may push these prices higher OR lower depending on today’s news comes out.

Crude Oil 240-Minute:

Crude Oil 4-Hour

The 4-hour anchor chart shows us much of the same price-structures this morning with a bull price-channel and a symmetry pattern completion.  We can see the resistance at 107.11 overhead, so look for that to be a profit-target for buying opportunities this morning.  If we collapse and move lower today we can use the buy-zones below us as 103.26, 100.98, and 100.06 to get long at major support.

Crude Oil 60-Minute:

Crude Oil 60-Minute

We are bullish trading Crude Oil this morning at the lows of the bullish price-channel on the hourly chart.  We have been watching this price level all week and this morning we have reacted to this support level and price-action is moving higher.  This confirms that our high-percentage-trades will occur trading LONG this morning using the 105.88, 106.25, 106.78 as the profit-targets above us.

Crude Oil 5-Minute:

Crude Oil 5-Minute

We can see Crude Oil trading in a narrow trading-range overnight as we come out of the London trading Session and into the US morning session.  We can see the new higher-highs have broken above the price reversal-zone resistance at 105.12 so we know the bulls are in charge at this time, and we will buy pullbacks to participate in this new short-term trend.

VIP Buy-zone Level for today:    104.45 – 104.31

VIP Sell-zone Level for today:     105.12 – 104.98