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CL Light Crude Analysis TPO/MP/VWAP/VPOC
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CL Light Crude Analysis TPO/MP/VWAP/VPOC

  #1081 (permalink)
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GaryD View Post
Was yesterday's "F" TPO a "poor low" or an "excess low"?

BTW Ryan, fianlly saw something in volume ladder today. Not much, but something...lol


Would love to find a reason to buy again. Anything but the price of oil

It was an excess low. A poor low is where there are two or more TPOs at the extreme.

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Be careful today, we have both Bernanke's second day of testimony as well as inventories...

Oh yes, I could never disregard those two. EIA is way too much for me, and the market and Ben have some relationship I do not understand. I have no idea if I am right, but in my mind I prefer to trade early on EIA day and then wait, assuming (possibly naive) that traders are going to want to get out of the way which will cause reaction.

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Since I believe a part of this thread is to share our own strengths, the difference between the long I took this morning and "freight training", (in my way of thinking) is multi-part;

1) 5WM possible exhaustion yesterday
2) 786 of ABC from yesterday was a focal point today for me (I was a buyer today as of yesterday)
3) volume confirmation in that area (had to use ETH)
4) EIA is coming later today


Now, today I also used TPO for confirmation, but that is not something that is my thing. I am hoping to learn it.

But just trying to help.


Last edited by GaryD; February 27th, 2013 at 11:14 AM.
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Traders are most likely heavy on the short side, and if today's report does anything to try to push out of this zone, my experience is I can get run over trying to sell the tops. Why I THINK that occurs, is traders will be tightening their stops at this pattern, which can start to build a powder keg.

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kulu View Post
@GaryD

When you got a minute, could you please explain how you use the volume on your 1 minute chart for entries? You said there was absorption at the open, why so (from your chart)?

Thanks

I'll get a chart later, trying to get my bearing before EIA, but the short answer is;

Look at the size of the volume indicator bar and compare to the distance price traveled in the 1m bar.

I have watched 1m VSA for 6 years now, and just kind of read things into it now, so the bar is not exactly what I might pick out as a chart image to show the concept of "absorbtion". I just know a 2k bar, in that zone, because of all the other things I have mentioned that have set the environment for this particular day, probably means something.

And, laughing at myself after re-reading that, "probably means something" is as good as it gets for me.

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Sorry if I seem silly sometimes. My sense of humor is sometimes off. But what I was saying is very true. Nothing works every time, you never know anything about the future.

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93.00 had a 300 offer with lots of buying absorption at 92.98

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This is the area I targeted pre-EIA


Last edited by GaryD; February 27th, 2013 at 12:00 PM.
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1 off +15


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Stop tightened


Last edited by GaryD; February 27th, 2013 at 12:07 PM.
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  #1090 (permalink)
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Very nice. I saw the pullback to the thin spot at the top of the B period and vwap and got long at 92.66 , but I used the foot print to tighten my stop and was stopped out at 92.61 to the tick. Ouch. Still trying to figure it all out.

Love your charts, by the way. Greenr too.


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1 off +15


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