Daily Crude Oil Day Trading Analysis 18/06/18

Palindrome said:
All of the "market Profile" and pivots and other crap is good and all, but being able to understand "the story" and visualize what is really happening, is critical in predicting this stuff.
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Market Profile is the 'visualization' of the 'story' by its very definition. The High, Low and Close of the previous day are also part of the story and all traders better be able to visualize them.

Now, adding the previous day's H, L & C together and dividing by 3 and then multiplying and projecting those totals above and below the market is not part of the story. And yes, they could be construed as crap.

In other words, trade data that creates the market profile and shows one clearly where traders have accepted and rejected value along with the previous day's H, L & C, trade data ARE real. Sup/Res projections above and below the actual trade data based on simple division, multiplication and addition are NOT real.

The market does have constants.
 
Linusoverload,

Looks like your 'verdict' from Monday has proven to be spot on, give a few ticks. Well done!
The 64.90ish area is now the predominant point of control for traders - Buyers in control above and sellers in control below. I would expect to see a decent 'Step 1' in either direction from these levels, especially as you noted if volume can increase simultaneously.
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I shorted it the other, day... My position was stopped out though for a Break Even trade. I've been trading crude for many years. Whenever there is a large move in one direction ie 63.40... It almost always gets retested. That was my play.
 
Nice, Looks like we have some experienced crude traders on here. I'm wrong half the time, my risk management keeps me profitable though.

Looking forward to discuss crude on this chain.
 
I wouldn’t call me seasoned. Just a basic positional trader. The charts show that oil wants to go up, the problem is there’s a lot space between here and some lower resistance). I’ll either get stopped out around 63, or ladder up in a few days or a week. Wherever solid support takes form (a break above ~66.5 and a retest perhaps?). It sometimes plays out like in my head.
 
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