We sold off this morning at the 30 Min Point of Control from yesterday.
Then we sold this afternoon from the 15 Min Point of Control from yesterday.
It matters.
Here's the thing anything over a 15 Min charts really doesn't give the real Point of Control, yet these references are used on many different time frames.
Point of Control just means the area where the most volume traded in a given amount of time. There is no "real" or "proper" point of control. They are all just showing you the level where the most trading happened. I use a TPO/Market Profile indicator along with my volume profile, so I have multiple points of control. The TPO chart represents time at price, and volume profile represents the number of trades. Having both time and amount information to trade off of is huge.
I have Ninjatrader for that (also trade from) - even though I buy data from TV TPO charts don't really work here - I do have one indictor that draws the TPO but doesn't look great. The observation was the point these two POCs were turning points. With respect to POCs you can do only RTH only that may different, and to that end often the RTH draws first and the daily chart shows it later in the day. If you daytrade WTI you're using 15min or less which draws the same POC regardless, and this the only one you want to use.
I like TPO's especially for identifying gaps.
MatthewKorsmo
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I don't use it. I use MA and Heiken Ashi. Even tho it might end in red today I like the stand the bulls made today.