Crude Oil Morning Prep; 2-Sided Sideways Trading Stratregies

Crude Oil 60-Minute

We're seeing 2-sided and sideways trading ranges on crude oil futures this morning as we head into the opening bell at 9:00am EST.

Marty's Levels for Today

JJ says to 'expect sideways ranges this morning.  I'm buying lows, selling highs, and always looking for the next fake-out breakout'

Marty says 'opening print below 95.50 will be bearish, everything else we're looking sideways'

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Crude Oil Morning Prep; Screen to Floor 05/08/13

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Crude Oil 30-Minute

Crude Oil 30-Minute:

We can see sideways-trading-ranges this morning on Crude Oil Futures as we head into the Inventory news at 1030am EST.  We can see the price-wedge structure telling us to buy the lows and sell the highs using the buy and sell-zones we have defined at 95.99 above and 95.39 below.  The key to our success trading Crude Oil this morning will be to stay patient to sell in the sell-zone and buy in the buy-zone.  We will avoid trading in the middle of this trading range this morning so we only take the high-percentage-trades.

Crude Oil 5-Minute VIP

The Plan Today:

Our 5-minute VIP chart shows us the same sideways-trading-range as we trade in the middle of the London trading Session ahead of the opening bell.  The most important things we see on this faster entry-timeframe is the resistance above and support below us this morning.  If price-action moves HIGHER this morning we will be selling at the highs all the way up to 96.24.  96.24 is our level to start buying, so look for a close above the 96.24 to start buying, and we’re selling all the way up to 96.24.  On the way lower this morning we are buying all the way down to 94.79, looking for a price-reversal at the London support, symmetry support, and Fibonacci support.  Again, we will be buying the price-reversal as far down as 94.79.  A close below 94.79 will result in us selling short.

Morning Prep; Screen to Floor Crude Oil Analysis 05/07/13

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Crude Oil Daily

Crude Oil Daily:

Our daily anchor chart shows us big clues this morning, and we will use these clues to make educated trading decisions in today’s session.  First we can see price-action resting at the highs of this price-wedge which is bearish at first glance.  Second thing we notice is the INSIDE BAR we see this morning on today’s daily candlestick.  This inside bar tells us we are trading within the range from Monday and the doji structure of this candle tells us we could indeed go either direction this morning.  This daily chart tells us one thing very clearly, that we can go both higher or lower in this morning’s trading session, so we need to drill-down and look for more clues on some of our faster anchor charts.

Crude Oil 30-Minute:

Crude Oil 30-minute 

The half-hourly anchor chart shows us many more clues for today’s high-percentage-trades.  We can easily see where that doji came from on the daily chart when we look at the multiple buy and sell-zones above and below us acting as support and resistance.  If prices rises higher we run into a sell-zone at 96.11, 96.34, 96.60 and 96.87.  All of these sell-zones will make for excellent selling opportunities when price tests them and reverses.  To the downside we have buy-zones starting at 94.99, 94.29, 94.20, and 93.60 which will all provide us with buying opportunities if price-action tests these demand-zones and reverses back higher.

The Plan Today:

Crude Oil 5-Minute VIP

We see possible 2-sided trading on the daily chart this morning, all the way down to sideways-trading-ranges on the faster VIP Chart.  I am looking to sell the highs and buy the lows of the London trading Session to capitalize on this sideways-trading-range.  I am also going to look for a breakout set-up with a 5-Minute candle close above the price-reversal zone of 95.98 for a long up to 96.26, or below the 95.13 for a short down to 94.86.

Crude Oil Morning Prep; Screen to Floor Analysis 05/06/13

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Crude Oil Daily

Crude Oil Daily:

Our daily anchor chart shows us testing the highs of the major price-wedge structure and into the 97.02 sell-zone overhead.  We can see the big candlestick wick on Monday’s daily candle which leads us to believe that we have made new higher-highs but have failed to keep prices at 97.00 big-round-number level and we may see prices’ falling in Monday’s trading session.

Crude Oil 240-Minute

Crude Oil 4-Hour:

The 4-hour anchor chart illustrates how price-action filled the wide open space between the 95.12 and 97.01 sell-zones, making it look easy for prices to keep pushing higher after a brief pullback on Monday morning.  This price-action should pull back into the trigger-zone support at 95.38-94.95 and then we will be looking for clues around 95.00 to see if this pullback is a true price-reversal and headed back down to the 94.27 buy-zone. 

Crude Oil 60-Minute

Crude Oil 60-Minute:

We can see that Crude Oil prices have pulled back off the 97.20 highs overnight and into the trigger-zone support at 96.00 and have still kept dropping.  We can assume, using this chart as the biggest clue, that price-action will continue to move lower into the 95.58 buy-zone.  We will be selling short this morning down to 95.58 with a 5-Minute candle close below the 95.91.  We will also look for buying opportunities at the 95.58 buy-zone with a bullish close in this zone.  As prices move lower, a 5-Minute candle close below the 94.95 trigger-zone support will get us back into the short side looking for a big move down to 93.60 buy-zone below.

Crude Oil 5-Minute VIP

The Plan Today:

I’m trading short this morning down to 95.50 for a partial profit-target and a runner profit-target down at 95.15.  My stop-loss is a 5-Minute candle close above the London Lows of 95.91 and I will then look to get long back up to the price-channel highs and the runner profit-target at the London highs of 96.46.

Crude Oil Morning Prep; Screen to Floor 05/03/13

Crude Oil 4-Hour

Crude Oil 4-Hour:

The 240-Minute anchor chart shows a close of the most recent candlestick just below the sell-zone overhead.  This big wick at the top of the 4hour candle is a bearish clue which will lead us to look for selling opportunities as we make new lower-lows.  Any time we test a sell-zone and fail to close inside that sell-zone we are assuming the buyers were weaker than the sellers, and we will then look for selling opportunities using a faster timeframe, such as a 5m chart.  This 4hour chart shows us a big profit-target at 92.18 and we will use that for a runner profit-target today if we can get short at 800am EST.

If prices move higher this morning we will be looking for a 5-Minute candle close above the 95.15 area.  A 5-Minute candle close above this sell-zone will signal us to get long with a profit-target up at 97.01.

Crude Oil 30-Minute

Crude Oil 30-Minute:

Our 30-Minute Anchor Chart shows us many clues.  First we can see the sell-zone overhead at 94.46 has been tested and price is moving lower.  This is a selling clue that we will use to get short on the 5m VIP chart.  Our profit-target for the short is 93.60 and a runner profit-target at 93.05.

The Plan Today:

I’m trading short from the London Highs down to 94.12 target and a runner target at 93.60 down to the London session lows.  I will be looking to buy in the bullish reversal zone at 93.56 and 93.26 assuming this doesn’t run into Non-Farm Payroll news this morning at 830am EST.  Remember, we can buy the lows and sell the highs of the London trading Session (3am -7am EST) and use the reversal zones above and below the London trading Session for easy fake-out-breakout ‘zones’ to look for price-reversals.

Crude Oil 5-Minute VIP

The biggest obstacle this morning will be Non-Farm Payroll news at 830am EST.  This BIG news report may change the market personality dramatically if this news comes out unexpected and catches everyone off guard.  I will have to sit-on-hands 15 minutes before and after this news release, and I need to stay patient to look for the NEW short-term trend that develops after the news.  I cannot try to predict the news, I need to wait and react to what we see around 845am EST.

Screen to Floor; Crude Oil Morning Prep 05/02/13

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Crude Oil Morning Prep; Screen to Floor 05/02/13

Crude Oil 60-minute

Crude Oil 60-Minute:

The hourly anchor chart gives us plenty of information to make educated trading decisions this morning ahead of the opening bell.  First, we can see the trigger-zone resistance at 91.69 so we know that buying will be higher risk until we get a close above the 91.69.  Second, this trigger-zone resistance tells us that lower-lows on this 60-minute chart will result in falling prices back down to the buy-zone 90.74 and possible through to the 90.33.

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Crude Oil 5-minute VIP

Crude Oil 5-Minute:

We can see the wide trading range from the London trading Session this morning tells us 1 of 2 things is likely to occur.  First, this wide range tells us to look for the buyers to fail and a price-reversal to bring this price back down into the range from 3am to 7am EST.  We will sell short at the highs of the London Trading Session 91.65 with a profit-target at the London trading Session lows of 90.70.  Second, if the price-reversal does not occur we then know the buyers are in full control and we will be buying pullbacks with a close above the 91.91 Bearish Reversal Zone above us.  If we get long above 91.91 we are looking for a test of 92.25, and we will hold onto a runner all the way up to 93.24.