CL Redux

Quote from Enderson:

I spoke with ToS a while back regarded the scattered CL Daily charts (ToS CL charts < 60min generally plot correctly). They are aware that the CL is incorrect and it is on the list of repairs with the February update. The Prophet charts are even worse, I disregard those completely.

I don`t trade with ToS but do use the platform for various purposes. Regarding Crude Oil I recommend using the QM charts when looking at Daily data. The continuous chart plots accurately and is confirmed by other data feeds. Of course the tick increments are different but the levels remain the same. Take a look at the attached chart.

Regarding volume and OI I prefer to export the official CME EOD final report to excel as ToS will only plot the front months volume and OI. Looking at daily volume and OI activity across all contracts paints a much clearer picture, especially since Crude rolls monthly and the near 4 months will always have a lot of activity. For example, a week or two ahead of rollover you may see a sharp drop in volume and OI on the Daily ToS chart but when compared to net activity, volume and OI may be basically unchanged. The next post is an example from the current month. Also, each daily bar is colored according to the change in MP value not price. Hope this helps.
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Thanks for the pointer. While I traded this damn thing on and off for years, I was never engaged like I am now. Unfortunately, it also allowed me to see many things that eluded me in the past. One thing that really throws me off is the ability to draw trendlines using the continuous chart. A real pain in the ass.

I will follow your suggestion and use QM instead. Many thanks.
 
Quote from usman88:

A rebound from 72.10 is in order today
Max we can drop due to stop hunting is 71.80. Should not fall below
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Every reversal had a "hammer" as its daily candle formation. I'm betting the low will be near 71 for now. Even 70 is not out of the question in my opinion. But what do I know? I thought the low would have been made near 75! :mad:
 
This chart may help.

This is a composite volume histogram plotted from just before the intermediate swing on 12/16/09. Not saying we are sure to go higher, but I also anticipate the VPOC around 75.00 is eventually re-established as support. 73.50, 74.00 & 74.30 will likely be a bit of work if prices begin to auction higher.

Nice strong doji on the last 15min of Fridays session and current pre-market trading holding just under 73.00. Furthermore, despite the close near the lows of the session on Friday, value remained overlapping to higher.
 

Attachments

Personally, I don't place much faith in intraday candle patterns. But I hope you're right. Also if ES heads higher tomorrow, which I think it will, that will propel CL up with it.

Anyway, I'm signing out for the night. Cya folks later.
 
I kid you not, I made the highest print: 73.55 minutes after the market opened, a result of front-running by some thief co-locating his server with NYMEX server. I was using market order to go long.

Then at the bottom I shorted and was filled at 73.072, again market order. I was sub-pennied!

I was both front-runned and sub-pennied by the crooks.

Got to stop these crooks!
 
Quote from BPtrader:

I kid you not, I made the highest print: 73.55 minutes after the market opened, a result of front-running by some thief co-locating his server with NYMEX server. I was using market order to go long.

Then at the bottom I shorted and was filled at 73.072, again market order. I was sub-pennied!

I was both front-runned and sub-pennied by the crooks.

Got to stop these crooks!
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When I make bad trades it seems someone is out to get me but in reality you are your own worst enemy. Try not using market orders. If your buying just put a order .02 above or below the direction your going
 
Quote from Speciaul_K:

When I make bad trades it seems someone is out to get me but in reality you are your own worst enemy. Try not using market orders. If your buying just put a order .02 above or below the direction your going
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Now I understand why Toni Turner (author of Day Trading Online) said the market makers would laugh their ass off the chair if they see a market order coming to them. It's like giving money to the market makers.
 
Quote from Speciaul_K:

When I make bad trades it seems someone is out to get me but in reality you are your own worst enemy. Try not using market orders. If your buying just put a order .02 above or below the direction your going
More...
Sometimes, it's necessary to use market orders, especially when you're wrong and you need to unload quickly. But overall you should go with limit (or stop limit) orders to avoid slippage.
 
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