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I must say that I have been looking for a push up to ~52, currently long. Its been holding up in the after hours but not as strong as I would have hoped. We should find out in the next couple of hours which way it goes from here.
Can you help answer these questions from other members on NexusFi?
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One note about OVX. Probably purely a technicality to most of you, but OVX is actually the Crude Oil Volatility Index based upon option prices for the Crude Oil ETF USO and not the underlying futures contract CL.
Right on time...now will have to see how much power is going to be behind this move. Hasn't broken the days high at 51.60 yet. Exits currently at ~51.80 and ~52.20, subject to revision as market conditions warrant (both up or down).
Edit:
Moved first target up too far to 51.95. Trailing stop exited me on both halves at 51.66.
We had a half-way-back long with a substantial amount of participation in the early Globex session (5107)
Frankfurt an London respected the HWB which had an anchor from the early Globex, mostly front run 5163 (I've found /CL will vary, exact number? Yes, no, maybe - experience.)
We had a down trend line starting in the early London session continuing into the Frankfurt/ London afternoon session
It seems most overlooked the "clean" (vs the jagged down trend line) price level at 5183 coming out of the Frankfurt/ London open
Everybody loaded up short not paying attention to the HWB long which had the initial (what traded first?) price action (participation) from Globex and Europe sessions.
Somebody in New York got to the office early and skull fu***d everybody that was short in Frankfurt and London
That's all I have, take heed, take note
-Bill_M
EDIT
What caused me to make the initial 50 retrace pull at 5053?
Something (pick what you want) was sure as hell holding "up" price at 5107.