Morning Prep Crude Oil Day Trading Strategy; Screen to Floor 07/19/13

Contract Rollover Alert:

Please be aware that we have rolled forward to the 09-13 contract of Crude Oil Futures this morning.

Crude Oil 60-Minute:

Crude Oil is moving higher this morning ahead of OPEX as it pushes above the 108.00 big-round-number on the 60-minute anchor chart.

We can see the bullish price-channel and we are about 50% of the way up off the lows at this time.  Considering the bull price-channel we want to buy pullbacks with new higher-highs; however we are in the middle of this price-channel so we can also expect prices to be a little less consistent than if we were trading at the lows.

The high-percentage-trades will occur buying the lows of the price-channel, and buying pullbacks with new higher-highs this morning.

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:

We can see that price-action is trading at the highs of the London trading Session range this morning at 700am EST.  We can see that price is above the highs from yesterday at 107.81 and the highs from last week at 107.22.

At this time price-action is trading inside the range from overnight, which means we will treat this as a neutral market personality.  Once we breakout above or below the price reversal-zone we will then consider this market personality to be bullish above the highs or bearish below the lows. 

PRZ-Trade today:

Short @ 108.31

Long @ 107.34