A new scam emerges: A news scam emerges:
Those trading light, sweet, and sometimes crude oil last Friday may recall this little order flow anomaly right at Noon Chicago time – a very nice little jagged ‘M’ formation:
Oil traders rejoice! On a seemingly sleepy Friday, the new Baker Hughes Rig Count news event (that’s been around for 71 years) is now affording us one more news scam event each week.
I like to frame the context of oil price behavior and news scam reactions to the Brent Opening Range (London open) and the WTI Opening Range (NY pit open) each morning. It is surprising how frequently these zones serve as interesting reference points.
Yesterday, we had the privilege of enjoying 4 news scam events. You can see the reaction based on those Brent and WTI Opening Range reference zones:
It matters not what the news is. All that matters is that the news is.
Originally published at TradeFlight.com.