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Posted by Joseph James

Head Trader at Motivator, Trader, Fund Manager and Educator. Joseph focuses on intra-day trading of crude oil, E-mini Russell, Gold, and Euro and his network of traders covers all corners of the industry.

Crude Oil day trading plan

by Joseph James on December 4, 2012

in Commodities, Technical Analysis

Crude Oil day trading plan

We can see that Crude Oil has dropped below the PLOD which means this is considered an outside-day and we are bearish looking for selling opportunities. 
We can see support waiting for us at 87.85 and we will look to sell the break of this support.  Our profit-target will be 87.47 and then 87.25 as we effectively sell the highs of the trigger-zone and the highs of the price-wedge.
We are selling short on Crude Oil until we either end up at the lows of the 85.65, or if we end up back above the PLOD.  We will buy if the sellers fail and the buyers take us back above PLOD and we will look for profit-target at the PHOD.  This is not likely, so we are looking for selling opportunities as of right now on Crude Oil.

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