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CL Crude-nalysis
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CL Crude-nalysis

  #181 (permalink)
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Indeed. The DXY USD index is up 8.6% since July 1st. Brutal.

 
  #182 (permalink)
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So it is a bearish force INTO de equation, acting day by day. It must be merged, compiled, with the longer term chart analysis.

Home people force
 
  #183 (permalink)
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Well, I am surprised that we haven't rallied honestly. Currently CL is threatening to break down the long term wedge, and has broken down from the daily chart bracket. First place we'd get to would likely be 85.26 area support if this does end up breaking.

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I'd define the market condition (on the timeframe I see it with daily profiles) as "testing for imbalance down". In RTH only terms, we're still within a now 4-day balance.

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Overnight session this evening into pit open tomorrow may be very telling.

89.30's are a good line in the sand.

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  #184 (permalink)
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Just keep selling the rallies.... CL likes the TWAP band edges.

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The Alchemist View Post
Just keep selling the rallies.... CL likes the TWAP band edges.

I have seen this kind of indicator used before with some degree of accuracy, but sometimes it is called a VWAP and others a TWAP. What is the difference and how useful do you find it for supplementing your trading?

 
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CobblersAwls View Post
I have seen this kind of indicator used before with some degree of accuracy, but sometimes it is called a VWAP and others a TWAP. What is the difference and how useful do you find it for supplementing your trading?

TWAP ... time weighted average price

VWAP ... volume weighted average price

I use TWAP primarily to help define space using the bands combined with fib levels. For short term trading I use daily and weekly TWAP's. Works great for me.

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Ok, just after pit close today, 85.26 tagged as mentioned was expected movement. Here's that same daily bar chart.

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At this point it is more of a "wait and see" since we're sitting on this support. Potential for chop is increased.

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wow, -175 ticks since pit close just over 4 hours ago during typical dead time! Total RTH range today was around 137 ticks! This is what happens when multiple timeframes align.

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  #189 (permalink)
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For years I have preferred horizontal S/R rather than angled trendlines. I have decided to shift my long term view on Crude in accordance with that. Instead of seeing this is a recent downside breakout of a wedge, I am simply seeing crude as range bound in this highlighted area.

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It's beautiful.

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