CL Redux

Today I am looking at the massive contango that it has been devoloping on CL, the spread Oct-Nov was around 0.30-0.50, this last week, it has spike to 1.30-1.60..........that's a big clue of how much Oil is in the market.

I know we go as equities go, but August historically speaking is a Bullish month, I have the feeling that we won't see Oil in the 80's in September.

Just my opinion.
 
Quote from mrbochin23:

Value area for today:

VAH: 74.36
VAL:73.76

If we open below VAL, that will giving me a short bias for today. Have to see if it test to VAL how it react to that number.

In a breakdown, I am looking for 72.23(VPOC) as a potential target

Good luck to all

VPOC, stand for virgin point of control, which is a POC that has been touch for no more than one or two 30 min time frame.
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Crazy I've got pretty much the same lines on my chart. This "VPOC" you speak of, is that from around 8:25 yesterday? (which is where I should have covered my initial short yesterday :mad: )
 
Quote from riskaddict:

Crazy I've got pretty much the same lines on my chart. This "VPOC" you speak of, is that from around 8:25 yesterday? (which is where I should have covered my initial short yesterday :mad: )
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Yes from yesterday session from Tuesday night and before opening bell of yesterday, it was the place that more time was spent at, and it just has been touch from Tuesday session in a single time frame, which suggest is prices to cover in that area if we go down.

I am still going to wait for 10:00 AM after the news.
 
Quote from mrbochin23:

Value area for today:

VAH: 74.36
VAL:73.76
More...

I wish I knew more about MP to ask semi intelligent questions.
Very narrow VA for today, is this based on sideways price action yesterday? much of the day yesterday from 11AM to 7AM today we were in a narrow band.

However the trading range for yesterday was quite large. Is MP saying that most of the volume was distributed between 74.36 and 73.76?

If you think appropiate, could you please post a chart? Thanks.
 
Quote from bearmountain:

I wish I knew more about MP to ask semi intelligent questions.
Very narrow VA for today, is this based on sideways price action yesterday? much of the day yesterday from 11AM to 7AM today we were in a narrow band.

However the trading range for yesterday was quite large. Is MP saying that most of the volume was distributed between 74.36 and 73.76?

If you think appropiate, could you please post a chart? Thanks.
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Yes the value are is 70% of the activity of the day. (Standard deviation).

I will put a chart later.
 
Quote from frank8800:

Sim long 73.59 .20 stop. Thinking is news pushed price into overnight low territory.
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Stopped out. The news caused a red shooting star on the 15 min chart, then next candle opened under 20 ema. Should have waited...
 
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