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I'm assuming you mean 1:45 est. To me it looked like a lot of selling at 12:20 (1:20 est) based on the volume. Then they tried to push it up agian and failed, so the smart money not only sold but went short trapping all the people who bought thinking it would go higher, causing them to cover and then chase the market down.
Cbratton, your explanation of the sudden price drop makes alot of cents,Im new to the "cl" , and was wondering if most days seem to have great trends like this one, unlike the "ES" where lately seems to be alot of chop....
I would say there is usually 1-2 big swings like this every day. CL seems like it trends every day, if not trend from open its usually a trend trading range. I use to trade the ES but got tired of it because it does not do anything anymore, except for the rare days that it is a trend day. For example in oil I take between 6-12 trades a day and have a profit target of 30 ticks and it usually hits most of them, but if you trade oil it seems like you have to watch it most of the day because it might be consolidation and the volume drops off and you think the day is pretty much over with, but then it will take off again and start trending.
