Daily Crude Oil Volume Profile/TPO Analysis

Discussion in 'Commodity Futures' started by linusoverload, Jun 14, 2018.

  1. Good morning everyone,

    since I'm new here and this is my first post, I want to tell you about my background first, before I get into the analysis for today.
    My name is Linus and I'm from Munich, Germany.
    I have been trading for about 2,5 years, and I am currently in the funded trader preparation at TopstepTrader.

    • Fundamentals:
    - U.S. Crude Oil Inventories
    - Previous: +2.072M
    - Forecast: -1.440M
    - Actual: -4.143M
    - ECB Meeting
    • Technicals:
    - Market in a correction of the strong down move
    - Short-term market bullish after strong inventory report and double bottom last week

    Key level:
    - 66,45 - 66,54 --> Potential Buy
    - 66,17 - 66,27 --> Potential Buy
    - 65,83 - 65,95 --> Strong Support

    - 66,80 - 66,95 --> Potential Profit Target
    - 67,17 - 67,29 --> Strong Resistance (Potential Reversal)

    CLM60 14.06.18.PNG
    ^CL M60

    CLM10 14.06.18 TPO.PNG

    ^CL M10 Daily Volume Profile/TPO
    • Verdict:
    - Careful Long Bias until the 67,17 - 67,29 resistance zone
    - I'm looking to buy a small retracement into one of the support areas
    - Watching the strength of the market will allow me to judge if the market is going to turn bearish again at some point
    If you have any questions about my analysis, please feel free to ask!

    Gl & Hf trading

    treeman and SimpleMeLike like this.
  2. Took a careful long after missing the first entry at the first buy zone.
    The market didn't go as high as the potential reversal zone, but it might be tested overnight.
    Generally low relative volume for the day kept the market in a very tight range, leading to no further trade setups for me!

    Hope you guys had a great day!

    Linusoverload CLT800 14.06.18.PNG
  3. Welcome Linusoverload,

    Great write up. I also trade day trade CL, preparing for the TST combine, and trade the chart resistance and support levels.

    You was right about the 67.17 resistance level, it was a good reversal point

    Currently, long at 66.65, with profit target about 66.83, and stop at 66.46.

    Look forward to your analysis.
  4. great work Linusoverload

    I was able to get one long from the reversal today. I held for about 2 hours, but it worked out and I was able to exit before 1:30pm per the TST rules.
    linusoverload likes this.
  5. That's awesome man!

    How long have you been with TST?
  6. linusoverload,

    I was with TST for about 6 months. I failed the combined like 3 times, and failed the funded stage once. I decided to stop TST and refocus my strategy

    Now I am trading sim/paper til I can make about $20K with one contract, then reenter the TST again. This time I will I pass it and get funded.
    linusoverload likes this.