CL Redux

Quote from EON Kid:

GM

all air above until the 1st gap at 8651


EIA Petroleum Status Report
10:30 AM ET

Beige Book
2:00 PM ET
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Morning, Kid!

Is you assumption (or conclusion) that the RTH hours are more important than the 24 hour prices? That is my assumption and conclusion with the indexes, but less so with crude oil being a true 24 hour market.

I entered a long on the breakout of the morning highs at 85.00, but took 10 ticks as the market appeared tired. 60 was my initial target, but I reasoned that we may see choppy action leading into the report.
 
Quote from Laissez Faire:

Morning, Kid!

Is you assumption (or conclusion) that the RTH hours are more important than the 24 hour prices? That is my assumption and conclusion with the indexes, but less so with crude oil being a true 24 hour market.

I entered a long on the breakout of the morning highs at 85.00, but took 10 ticks as the market appeared tired. 60 was my initial target, but I reasoned that we may see choppy action leading into the report.
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RTH can be more important due to volume behind those prices, like there was more market participants in setting those prices.

But Gbx prices are important, they mirror Brent which is trading from about 3am which trades on good volume, so there is 'substance' behind those prices

http://www.barchart.com/chart.php?s...icator=&submitted=1&fpage=&txtDate=&x=56&y=15

Also globex price action , larger TF trendlines etc just as important
 
Got it. Makes sense with regards to volume.

Overnight high tagged now. S&P set up for a gap fill above, but there is a news release in 10 minutes.

Depending on the indexes, I think we may continue higher (gap fill) or chop around with the current HOD as a boundary leading into the report at 10:30.

EDIT: No release in 10 minutes. My mistake. More coffee please. :)
 
Glad I got 10 ticks of this 145 (currently) cent up move. :)

These moves are not rare recently with the increase in volatility, but I`m not buying now.

Waiting for a top here to initiate a short. :)
 
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