CL Trading day November 3 2017

posted in: Market Recap 0

Context at Open :

  1. 4-Day Balance.
  2. Overnight inventory long ( Pivot 54.79 ).
  3. Yesterday’s short term inventory long.
  4. Yesterday’s profile in balance.
  5. Yesterday’s Prominent POC.
  6. Two Poor lows ( yesterday and 10/30 ).

Here is the strategy I had planned just before the open.

I wanted to go with overnight inventory covering.

  1. Yesterday’s POC was prominent.
  2. Two recent  poor lows.
  3. Opening below the overnight inventory pivot which put pressure on overnight longs right from the open.

 

The opening directional move was up with good conviction so my levels to sell were 54.79 ( overnight inventory pivot ) and 54.80.

Targets I had in mind were yesterday’s prominent POC at 54.37 and yesterday’s low at 54.15.

Value was developing higher so I needed to see the POC migrating lower to confirm the direction I was expecting. I started monitoring the POC migration in “D” period. “D” and “E” showed down migration.

Took  profit in “E” period low. Not bad for Friday. I just closed the books for the day.

 

Good Trading !