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