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

  #841 (permalink)
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Ben, what is the indicator in the bottom pane of the 5 minute chart. Do you use it to see divergence at key levels?


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Frank R View Post
Private Banker, what is the significance of 1600 tick? Reading the MP literature they recommend this tick level, but give no reason as to why.

If you have gone over this before I apologize, and I will look through your previous posts for more insight.

What MP literature are you referring to?

I use that interval because its large enough to visualize the volume collecting at each level clearly. The footprint interval should vary based on the market in which you're looking at. There is no magic number really but I would highly recommend finding an interval that is big enough to see what the volume is doing but not too small that everything becomes noise. There's a sweet spot for each market essentially and it has a lot to do with personal preference.

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markdadams View Post
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Ben, what is the indicator in the bottom pane of the 5 minute chart. Do you use it to see divergence at key levels?


That's just a good old RSI but yes, a divergence there is usually a good signal provided it fits within the context of the market. Any divergence type indicator would probably work but I've always used the MACD and RSI.

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Private Banker View Post
What MP literature are you referring to?

I use that interval because its large enough to visualize the volume collecting at each level clearly. The footprint interval should vary based on the market in which you're looking at. There is no magic number really but I would highly recommend finding an interval that is big enough to see what the volume is doing but not too small that everything becomes noise. There's a sweet spot for each market essentially and it has a lot to do with personal preference.

I am sorry, I meant MD as in Market Delta.

I appreciate the response. I recently stumbled on this thread and your post regarding the fact (paraphrasing here) 'you are usually in and out before most other people have gotten their indicator to enter' really resonated with me. This is exactly how I learned to trade CL from floor guys, and still do. Its certainly not as easy as it was 4+ years ago, thats for sure. Although I knew of the footprint charts I never really gave them enough credit until following your posts in this thread. So thank you, and I plan on going through your old posts in here to try to skim some extra information.

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Private Banker View Post

The next step is to examine what the ON session is doing. It was in a state of imbalance per the value. But we immediately came back into value at the open. You can see by the order flow that the market was attracting responsive buyers at the open. All you needed to do beyond that point was work with the developing value to find your trade location.
as heavy put activity. Can't say that we're seeing the results of that but definitely interesting.

@privatebanker

How do you determine ON session was out of balance and then came back into value at open? Do you have a profile for the ON session you are looking at that tells you that or are you just looking at the overall trend of ON session?

Thanks,

Wolf

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Traderwolf View Post
@privatebanker

How do you determine ON session was out of balance and then came back into value at open? Do you have a profile for the ON session you are looking at that tells you that or are you just looking at the overall trend of ON session?

Thanks,

Wolf

Here is the ON session with ETH VWAP

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greenr View Post
Here is the ON session with ETH VWAP

Attachment 101855

@greenr

Thanks.. Then how do you define out of balance and value for the ON session? By being below the 1SD VWAP ETH?

Wolf

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Traderwolf View Post
@greenr

Thanks.. Then how do you define out of balance and value for the ON session? By being below the 1SD VWAP ETH?

Wolf

Yes

If we are in the 1st Deviation and holding then we are in value and balanced

If we are out side out the 1st Deviation and holding then we are out of value and out of balance

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Traderwolf View Post
@privatebanker

How do you determine ON session was out of balance and then came back into value at open? Do you have a profile for the ON session you are looking at that tells you that or are you just looking at the overall trend of ON session?

Thanks,

Wolf

I look at the ON session as well. I used to use a profile for it but it really isn't necessary. You can simply just look at a 30 minute bar chart really. When looking at it what do you see? Is there two way trade taking place (balanced) or is the market one time framing (imbalanced)? The market was being rejected from value all the way down until the open as I previously referenced earlier this AM.

When price re-enters "value" and is not rejected back out, it means that the current price is now accepted and two way trade can come back into play. Its a lot more complicated than that but those are the basics.

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