CL Redux

Expiration and rollover are necessary, not everyone is a speculator and need to hedge, take delivery of the underlying or only play in certain months and not others at a time. One continous contract would not accomplish these goals and would not be a futures contract. Contracts must have an end and thus would not be a "future" if it did not terminate at some point. Maybe you want to be trading USO?
 
Quote from NoDoji:

Done with CL for today. Netted a little over $500 simbucks. On the last trade I had an initial target of 82.10 and it came very close at first, then I exited the remainder early because price appeared to be putting in support with a higher low from the previous bar's low (.14 vs .13). In reviewing that trade, I likely would've done the same thing, so I'm not too upset about the exit before target.

My biggest disappointment was not switching gears after a textbook (that would be Al Brooks' text) reversal bar was put in at 9:40 am.

Tomorrow I plan to focus on exclusively on CL from pre-market through at least the first 2 hours after the open. I really feel I'm getting close to managing trades well enough to trade live.
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My TOS platform shows CL not trading below 82 today. What am I missing. Its the April Contract i believe.


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Quote from brocklanders:

Expiration and rollover are necessary, not everyone is a speculator and need to hedge, take delivery of the underlying or only play in certain months and not others at a time. One continous contract would not accomplish these goals and would not be a futures contract. Contracts must have an end and thus would not be a "future" if it did not terminate at some point. Maybe you want to be trading USO?
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Sorry for my bitching, but I asked why must they expire on a monthly basis and not on a quarterly basis!

Quote from schizo:

Just what the hell is the reason that you need to roll over every month? I find this very perplexing.
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Quote from ChkitOut:

Oh, i don't use IB. I do have an Ameritrade account though and have QT linked to that.
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Read the post prior to the one you're replying to. It appears that Ameritrade will get on board the futures bandwagon on the back of Thinkorswim in the near future.
 
Quote from schizo:

IMPORTANT:

Thinkorswim uses different month code. "April" is actually May!
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Well, that's confusing... I have noticed that IB has come out with new contract codes for API trading and in my software May shows up as CL-201004 and June as CL-201005. Anyone else notice this or have an explanation as to why they would list them this way?
 
Quote from brocklanders:

Well, that's confusing... I have noticed that IB has come out with new contract codes for API trading and in my software May shows up as CL-201004 and June as CL-201005. Anyone else notice this or have an explanation as to why they would list them this way?
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So the avg person that has no idea about futures doesn't have to learn the month codes. Kinda scary, I guess they want to make it easy for anyone to throw their money into future contracts
 
I have my TWS setup to show the letter codes (View / Symbol mode) so it is easy to keep straight between TWS and my software but I can't understand why they would change the API symbols to a different format and also something that could easily get confused with a different month.
 
Quote from ChkitOut:

My TOS platform shows CL not trading below 82 today. What am I missing. Its the April Contract i believe.
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Here's my chart for the April contract with a 81.69 low. My DOM in the sim account matched the one in my live account exactly so I don't think there was an error on my end.
 

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Quote from ChkitOut:

My TOS platform shows CL not trading below 82 today. What am I missing. Its the April Contract i believe.
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IMPORTANT:

TOS uses different month code. "April" is actually May! See the next post.
 
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