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MP chart for CL today. The open was lower and outside of value. CL did trade higher, but into resistance.
I also show a couple potential trade approaches based on the resistance defined yesterday. One is more aggressive than the other based on the resistance zone and the other is waiting on a price action indication. On the price action approach, price also gets below the 20EMA. The targets are determined by the profile structure and the prior high volume area and value areas as well as what the developing value area or POC. Taking the more aggressive approach can yield more profit for about the same amount of risk assuming you use the targets based on the profile.
I will try and do some on ES or YM. I do think CL tends to respond in a cleaner fashion than the ES does to the MP levels. ES has all the fake outs.
If you want to see MP analysis on the ES on pretty much a daily basis, check out the youtube videos by eminidaytraderes. He does a shortened, free version of a video most days. Some days he will skip. The youtube version is just a portion of what he does for his members. They trade based on some software they use on the one minute chart, based on their system. I'm not suggesting joining because they lease/sell the software, but the free video may be helpful. FWIW
market profile for CL. Pretty nice short at the POC of Friday. I guess this is where taking the tough trades comes in. Price exceeds the trend line etc. I guess this is way it all comes down to probabilities and consistency. May win some and may lose some. Still a nice setup from the AMT perspective and based on the profile.
MP chart of CL. Crazy day in CL. The single print area held as resistance. It just so happened the high volume area of that zone was the actual resistance. This was true for the overnight as well as the day session. Many things in favor of a short there. 1. It is the single print area which indicates strong selling in this case. 2. It was the overnight high. 3. the instrument is in a downtrend and 4. in addition to the single prints it was at the point of High volume.
CL for today with S/R. I also show another approach to trade the balance area or in this case supply. It is using volume and or some VSA methods as well as the Trader Vic 2B pattern.
I took a sim on this for 30 tics. Went a bunch more as it should.
