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@David_R could you do me a favor and post an ES chart with a volume setting of 327680 and so I can see the text volume numbers up on panel 1? This would match what I posted, I just would like to compare a bit.
If you put any weight on cumulative delta, trendlines, or vwap std dev bands ---- this seems like an excellent time to be short.
1220 is not out of the realm of possibility, that would be the 2nd deviation of a monthly vwap on this daily chart. So perhaps start a position at 1185 and be prepared to build on to it, looking for a first short target of around 1100 then 1080 and so forth.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Hey Mike,
I would agree that the CD is diverging here. One interesting thing to take note of is take a look at the weekly chart interval around Jan 2008 - March 2008. We have a very similar pattern taking place right now. Should this play out, I would think we drift higher to the 1220 - 1230 area and then sell back off from there. I would think we test the 950 area at some point soon. This entire situation is mirroring 2008, it's pretty amazing.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Very difficult to say as I'm more interested in price levels vs. time periods. I honestly think we could get up to as high as 1250 but that remains to be seen. This is of course without significant market changing news which could come at any moment these days, lol!