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.
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 )
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.
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.
Stopped out. The news caused a red shooting star on the 15 min chart, then next candle opened under 20 ema. Should have waited...