ES Journal - 2019/2020

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Picaso said:
A bit weird day, first it looked like we were tanking, then oh, no, reversal and gap fill! Then a 5 point range... I'll take a break for nap or dinner and then we'll have a massive move :D

If I may ask, why 27 specifically?
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Well i'm not someone you should listen too, but since you asked, I feel like there's a lot of mess around that area. The last high before the drop. A sup/res area. And a measured move. Since it's been so choppy, i'm just taking the lowest price out of that mess as my target. Might just stop me out, though :)

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syswizard said:
Unless we have a miracle recovery in demand, I think there's no place for CL to go except south.
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I recall the OI for last contract at expiration was 45k or so. The current OI for Jun20 is 261k. I bet these are mainly longs, who will need to close out before expiration. We may see the same play from last month, but magnitude may be less.
 
Picaso said:
A bit weird day, first it looked like we were tanking, then oh, no, reversal and gap fill! Then a 5 point range... I'll take a break for nap or dinner and then we'll have a massive move :D

If I may ask, why 27 specifically?
More...

It depends on your style of course, but for me steady trends OR clear ranges even when they are tight are my favourites. I made almost 25 pts after commissions scalping today, definitely a good day. So yes, I am bragging on that one day I am doing well, but my point is also that you don't always need spectacular moves to make money.

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Noone123 said:
I recall the OI for last contract at expiration was 45k or so. The current OI for Jun20 is 261k. I bet these are mainly longs, who will need to close out before expiration. We may see the same play from last month, but magnitude may be less.
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Both WTI (CL) and Brent crude up today on hopes that openings will result in increased demand. Bloomberg TV had a Texas Railroad commissioner on and he indicated they are NOT going to vote for proration/allocation of domestic oil production tomorrow.....and likely to let the market determine the price. Big mistake IMHO given the current huge supply/demand imbalance.
 
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