CL Redux

Quote from Speciaul_K:

... But im using 8.30 as the opening,
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Just curious is there is any special reasoning behind this. Pit opens at 900am EST. Just curious.
 
Quote from Trader273:

Just curious is there is any special reasoning behind this. Pit opens at 900am EST. Just curious.
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Going by Mark Fishers book "The Logical Trader". From what I understand is now most of the trade desks have moved to electronic and they start at 8.30. Plus that is when most of the reports come out so you can try to gauge what the bias of the market is. But it seems most of the time such as today they keep the market high then sell it off at 9.15 or the opposite, keep it low then run it up. Basicly building positions before pit open. Seems I make most of my money by 10.30
 
Quote from Speciaul_K:

Seems I make most of my money by 10.30
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Good observation - from 10:30 till about 12:15 is the chop zone and every time i trade the zone i give back whatever I made prior to 10:30.
 
Hopefully this is not intruding on this thread, but since it deals with CL futures, I thought I'd ask if somebody could give me a brief explanation of what "contango" is and why it is good/bad/a big deal. Does it affect you on an intraday basis or just longer stuff? I hear this term thrown about with CL (and the oil ETFs). What I gather is that future prices are higher to reflect storage costs, etc.

Thanks,

We now return you to your money making ventures already in progress...
 
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