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Morning all,
I'm going to add oil into my trading repertoire-currently trade just the ES contract.
One thing that I REALLY like about the ES is that there is an open and close time which provides excellent reference points for support and resistance as they reflect a lot of volume and where it is positioned i.e. these areas are great support and resistance zones.
My question is whether the CL has these reference points for high volume areas (open and close) on a daily basis. I know there is the crude draw every Wednesday, and that at 7.28-7.30 UK time (sow 14.28-14.30 ET) it looks like there is a 'close' of the market as volume massively ramps up in the same manner as the ES.
Any thoughts/guidance on the matter?
Thanks,
bootsy
Can you help answer these questions from other members on NexusFi?
Since vol drives price and price gravitates towards whole (i.e. 52.00) and half (52.50) levels, so much vol. Furthermore, the 5 days of the week do not treat CL algos the same so vol must be in alignment with time,
With all of the above taken into account, do people recommend splitting charts into US session only as well as 24 hour charts? I do that already on the ES and it's definitely good to have both as it's amazing to note how often the ES will still react to 24 hour levels that have no reference point if using just the US session times.
I use 24h-charts, for me Market-Profile is very important, for MP I use the day-session levels on the 24h-chart, all other stuff: Pivot-Points, VWAP and so on, I use the levels from the 24h-chart