Today's CL EOD charts

As stated in my previous post, I did not get to my trading desk until 2 hours after the open, so missed a great reversal signal on the open, which occurred at a very good demand zone that has held over the last several days.  I had left my PC running overnight with my trading platform open in order to record the GOM files for my Delta Divergence tool, as I really feel naked without it.

The opening volume on all my 4 intraday time based charts was also extremely large.  Which would have told me that something was going to happen.

Price had gapped down on Sunday's open from Friday's close.  This was based on the belief that a fall in price would occur, because of the agreement between the USA and Iran, regarding Iran's use of nuclear enrichment.  This may still occur, but today's volume looked to have suggested something different.

Over the last couple of weeks, price has been stuck in a relatively smallish trading range, and today, it opened at the low of the range.  Right away, there was a great reversal signal on the 21 Range and 2k Vol charts, and this is a trade I would have been interested in taking.  Even though it appeared counter trend, it was a demand trade.

Price pushed up very quickly and rallied around 100 ticks before consolidating.  later it retraced back to a DZ where I was waiting to buy.  However, I missed my optimum opportunity, but still took a 31 tick trade without heat, as it was a breakout rather than a retrace trade.  Not my favourite, but still very good.  Price did actually rally 90 ticks from my demand zone.

So, with today's extremely large opening volume, I expect a breakout from the trading base we have been in recently.  In which direction, I do not know, but I will continue to be patient and wait for the better S&D zones and just focus on CL and not get distracted by looking on the ES charts.

Here are the EOD charts.