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@FulcrumTrader, you said in chat today "CL does have some LONG inventory support in the 88.50's/88.60's we will have to work through first to get to lower 88's or upper 87's".
Can you post a chart and share what tool you are using to identify this?
So you are basically looking at the CD panel and identifying what in "price action" terms would be a "HL" on the cd panel, looking for a print to retrace back to it then once broken in "price action" terms it is now newly formed LL, signaling bearish. I'm not a cd trader, but just making a guess based on your line.
I have tracked the CD this way now for about 8 years as I developed my methodology, and yes I use the previous CD volume distribution to identify real inventory S/R in the market (where someone has their butt on the line with real inventory). There are patterns in the way the supply & demand market order driven order flow responds to tests of S/R levels (areas of held inventory).
Thx. Can you post one more current chart, same view just up to date. I'd like to see what it looks like now after the consolidation for the last few hours.
We are getting NEW buyers now trying to pick the pullback here in CL with additional SHORT holders covering out more inventory profitable.
If you go down to lower time frames you can see the ebb and flow of the market order driven order flow in a more micro sense. I use this .8 Renko chart setting for my trading and that works fine for me in Inv RT Pro (with DTN.IQ feed).
