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CL Overview
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Created: by TempletonPeck Attachments:11

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CL Overview

  #31 (permalink)
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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?

Mike

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  #32 (permalink)
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Big Mike View Post
@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?

Mike

Sure......let me get that for you. BTW, that inventory let go on the last run to 88.30's but I will get a chart up.



*** Update - here we go;

http://www.charthub.com/images/2010/12/07/CL_Entry_M3.png

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  #33 (permalink)
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FulcrumTrader View Post
Sure......let me get that for you. BTW, that inventory let go on the last run to 88.30's but I will get a chart up.



*** Update - here we go;

Images | ChartHub.com

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.

Mike

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Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #34 (permalink)
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Big Mike View Post
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.

Mike

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).

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  #35 (permalink)
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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.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #36 (permalink)
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Big Mike View Post
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.

Mike

Here you go sir......... Images | ChartHub.com


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).

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  #37 (permalink)
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It seems hard to break 92.50.


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  #38 (permalink)
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  #39 (permalink)
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Parabolic

Example of parabolic; they typically do not end well.

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CL Overview-cl-04-11-60-min-2_21_2011.jpg  
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  #40 (permalink)
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trade8888 View Post
Example of parabolic; they typically do not end well.

I think it will break 100 and then pullback. Heading to 150? Then 200?

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