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session times for oil TPO charts?
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session times for oil TPO charts?

  #1 (permalink)
Trading Apprentice
Annapolis, MD
 
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session times for oil TPO charts?

Greetings traders; am new to this site and what a fantastic wealth of information this is!
Good stuff! Hopefully i can bring something of value to conversations on here as we go along.

My question today is regarding TPO charts for CL/crude oil. I have always been more of an ES trader, but i find that these days; i just may not have the stomach to daytrade those contracts anymore.

Anywho..I use TPO charts and wondering if anyone has any input as to the 'session' times i should use. for ES my 'main session' is 9:30-16:00 EST and everything else as my 'overnight' (using Sierra)

Wondering how i should construct my oil tpo chart settings. wonder if the same 9:30-16:00? or perhaps maybe 8:00-14:30 daily settlement?

Or if just using one session for all day.... what time would YOU start your chart? 8:00? 9:30? 18:00? some other time?

Thanks in advance!

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  #2 (permalink)
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  #3 (permalink)
Trading for Fun
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Hi TATrader20, for CL the day-session is 9:00 to 14:30 EST, this is the former pit-session and still works fine. This is how I use Market-Profile for CL.

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  #4 (permalink)
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9:00-14:30 Eastern are the original pit hours for Crude, as 9:00-16:00/16:15 are/were the stock market/pit hours for equities which you have been using for your TPO chart.
Crude does have reasonable volume in the European session but the main session hours with the most volume are still the 9am start through to the 2.30pm settlement time.

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  #5 (permalink)
Trading Apprentice
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Excellent! Thank you for the replies.

I was wondering about the European session...as I see volume typically is pretty decent.

I think i will try out the 9:30-14:30 suggestion as day session;

Suggest 14:31-9:29 as evening session i assume?

A new daily chart begins at 6pm; do you guys think there is any loss of value by not aligning (evening) session with that 18:00 new daily candle?

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  #6 (permalink)
Trading for Fun
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the first 5 to 10 min of the day-session are very important, there you can very often see in which direction the big guys want to go, that's why you should start your profiling at 9:00 and not at 9:30.

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Why even bother with daily TPO on an instrument as fast as CL? Monthly and weekly contains way more valuable information.

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  #8 (permalink)
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Grantx View Post
Why even bother with daily TPO on an instrument as fast as CL? Monthly and weekly contains way more valuable information.

Well...tbh..i dont know! As looking at oil as my potential new 'main' trading instrument...and as one who enjoys using TPO charts...that is the top question to answer. I rarely look at monthly charts; and will sometimes glance at a weekly for reference points; but my trades are minutes to hour or 2 for most part....and those very large tf charts dont offer detailed enough information for my trading style.

If using a tpo chart in other instruments, I assume it would have a similar level of value in oil as other instruments; as the information displayed is always the same...its obviously up to us to interpret that information into usable data.

But we shall see.

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  #9 (permalink)
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Grantx View Post
Why even bother with daily TPO on an instrument as fast as CL? Monthly and weekly contains way more valuable information.

Because it works fine, so easy it is

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  #10 (permalink)
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TATrader20 View Post
Well...tbh..i dont know! As looking at oil as my potential new 'main' trading instrument...and as one who enjoys using TPO charts...that is the top question to answer. I rarely look at monthly charts; and will sometimes glance at a weekly for reference points; but my trades are minutes to hour or 2 for most part....and those very large tf charts dont offer detailed enough information for my trading style.

If using a tpo chart in other instruments, I assume it would have a similar level of value in oil as other instruments; as the information displayed is always the same...its obviously up to us to interpret that information into usable data.

But we shall see.

TPO can give you a lot of useful information but you must give it time to accumulate and establish itself. A day is just not long enough imo and besides, when your chart has more than 3 or 4 profiles it starts getting confusing because the usefulness of the data gets degraded highs/lows/POC/VAH/VAL/HOD/LOD etc… The more profiles you look at the more everything starts conflicting.
Load up 3 separate charts, daily, weekly and monthly and see which one is more usable for your purposes. I think you want to be working with a profile that has already established and not one that is still in construction because what's the point of it then?

Good luck with it though. Its a great tool.

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