CL Redux

Quote from BPtrader:

If you force me to make a prediction for the afternoon, I would say a sell off is more than likely.

If you trade the trend and have the guts to tolerate the fluctuations, being short is the way to go.

it should go below 70 next week, but do you have the guts to hold through the fluctuations?
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I'm receiving conflicting reports from the various charts I follow. Let me break it down for ya:
  • On the front-month (CLH0): The trendline already broken on the daily.
  • On the continuos chart (TOS ticker: /CL): The same trendline not broken. It lies near 71.
  • On the continuous non-adjusted chart (Prophet ticker: CL1600): We broke and then closed just above the TL yesterday, hence we're trading above the TL today.
Again, so much of this needless confusion could be mitigated had CL traded on a quarterly basis like ES. Why the hell do they need to roll the damn thing over every month?

Anyway, it's worth noting that we've been slowly basing for the last 4 days. Unless we take out yesterday's low, I'm still hopeful that we'll reverse here more sooner than later. Tomorrow could prove fatal for the bears, so watch out!
 
Quote from saliva:


[*]On the continuos chart (TOS ticker: /CL): The same trendline not broken. It lies near 71.
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Just to say it again, you cannot use daily bars with any /CL or /CLH0 on TOS charts. The candle data is not just off, but completely wrong.
 
Quote from saliva:

I'm receiving conflicting reports from the various charts I follow. Let me break it down for ya:
  • On the front-month (CLH0): The trendline already broken on the daily.
  • On the continuos chart (TOS ticker: /CL): The same trendline not broken. It lies near 71.
  • On the continuous non-adjusted chart (Prophet ticker: CL1600): We broke and then closed just above the TL yesterday, hence we're trading above the TL today.
Again, so much of this needless confusion could be mitigated had CL traded on a quarterly basis like ES. Why the hell do they need to roll the damn thing over every month?
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If they did it quarterly wouldn't that make ETFs like the USO more appealing?
 
Quote from riskaddict:

If they did it quarterly wouldn't that make ETFs like the USO more appealing?
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etfs are totally different animals.

I would say a quarterly CL contract would be much better, mainly in terms of liquidity. we would have less jerky movements, fewer unsustainable spikes, and fewer spreads of 2 or 3 cents.
 
So is the 200 day 72.50 or 69.70? The prophet chart says 72.50 so I'm going with that. Can I sue TOS because their charts suck? 72.5 is also the 23% fibo from low to high. So it seems like the low hanging fruit comes below 72.50 to 65. Until then I'm buying coffee futures and coal stocks!!
 
Quote from riskaddict:

So is the 200 day 72.50 or 69.70? The prophet chart says 72.50 so I'm going with that. Can I sue TOS because their charts suck? 72.5 is also the 23% fibo from low to high. So it seems like the low hanging fruit comes below 72.50 to 65. Until then I'm buying coffee futures and coal stocks!!
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I think there is something in the terms of service that prevents that. and the Prophet charts I've noticed seem to only be pit hours (possibly, but certainly not globex). Us poor CL traders get no love.
 
Quote from Norman_Shey:

Just to say it again, you cannot use daily bars with any /CL or /CLH0 on TOS charts. The candle data is not just off, but completely wrong.
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Thanks for your feedback. Note that all front-month charts are essentially the same for different vendors across the spectrum. I have access to data from IB, Prophet, TOS, OpenECry, and ZenFire and I have no problem with the CLH0. The damn problem is mainly with the continous charts. I need to extend the trendline beyond what is available in the front-month.

Having said that, I don't think there's anything wrong with Thinkorswim. On the other hand, I believe their platform is one of the best on the street. They're always making improvements and, what's more, they're quick to implement user requests into their upgrades. If you consider these guys as inferior, you obviously haven't seen some bad platforms. :)
 
They are good, and in my experience head and shoulders above for options. But, i just closed my account there because of the fees.

That said, i think they're an incredible solution and probably the best for more infrequent traders.
 
have any of you guys used lightspeed for futures? I'm demoing it for a prop account and I see you can trade futures on it but not sure who I would need an actual account with to use it. I just want everything integra
 
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