CL Redux

[schizo]

Quote from cstfx:

Filled at 8326

Done for now

Nice trades today. For some reason, you got me all psyched up. Now I can see why.

 

[spd]

Quote from schizo:

It looks pretty damn chaotic. Obviously I don't expect the bulls to have balls but when bears act like neutered pussies, that's another story. On that note, it's probably safer to call off the day early.

LOL! Well put.

Ive been covered up with work lately and havent been checking this thread, but glad to see things are still the same around here.

 

[cstfx]

Europe starting to run some limited flights tonite and tomorrow. If successful, I expect a bit of a bounce back rally after the one-two-three punch of the last few days (Greece, volcano, Goldman).

http://www.herald-mail.com/?cmd=displaystory&story_id=243804&format=html

 

[cstfx]

Quote from schizo:

Nice trades today. For some reason, you got me all psyched up. Now I can see why.

Thx. Trying to apply what I learned trading fx to crude. I've been trading the commodity currencies based on crude moves and I figured the past few weeks to actually try and trade the crude market as well. But today's activity was not normal (right?) and I think it created many opportunities if you were willing to go blind staring at the charts all day.

 

[oraclewizard77]

I had a good trade on es with patience, then went and did a silly trade on cl where I chased price instead of getting in where I wanted to get in. However, I was able to work myself out of the trade by adding at the price I wanted get in, so today I am glad to be lucky rather than good.

 

[schizo]

Quote from cstfx:

Thx. Trying to apply what I learned trading fx to crude. I've been trading the commodity currencies based on crude moves and I figured the past few weeks to actually try and trade the crude market as well. But today's activity was not normal (right?) and I think it created many opportunities if you were willing to go blind staring at the charts all day.

As long as the feller next to me is more blind than me, that's fine with me. Anyway, I never had a chance to trade Fx yet. What's the correlation between Fx and Crude? I would think there's a higher correlation with Indices like ES. But then again, everything moves in tandem to one another these days.

 

[schizo]

Quote from schizo:

As for me, I expect we retest 83.75 either by the EOD or in the Globex session. Then could we expect a further drop?

Now that we're closing near the high of the RTH session, I'm more convinced that we'll see 83.75 in the overnight session. I'll see ya bears then.

 

[Speciaul_K]

Quote from schizo:

Now that we're closing near the high of the RTH session, I'm more convinced that we'll see 83.75 in the overnight session. I'll see ya bears then.

9000 damnit .. Looks correct the 8375 call though.

 

[cstfx]

Quote from schizo:

As long as the feller next to me is more blind than me, that's fine with me. Anyway, I never had a chance to trade Fx yet. What's the correlation between Fx and Crude? I would think there's a higher correlation with Indices like ES. But then again, everything moves in tandem to one another these days.

Only a couple are aligned closely with crude and gold. They're called the commodity currencies because they are big commodity producers, like the Australia and NZ being big metals and mineral producers and Canada being an oil exporter. I was trying to trade those against the crude moves and figured it was worth the effort to learn the crude market. Also, price of crude indirectly affects equities if you watch crude vs es. For the past 2 yrs its kinda operated as if one's up then the other is down.

 

[schizo]

Quote from cstfx:

Only a couple are aligned closely with crude and gold. They're called the commodity currencies because they are big commodity producers, like the Australia and NZ being big metals and mineral producers and Canada being an oil exporter. I was trying to trade those against the crude moves and figured it was worth the effort to learn the crude market. Also, price of crude indirectly affects equities if you watch crude vs es. For the past 2 yrs its kinda operated as if one's up then the other is down.

I solely traded ES for the last 10 years before jumping ship to CL and it's my experience that CL shadows ES and not the other way around. The rationale is quite simple. The price of oil is directly tied to the health of the overall economy in general and the consumer sentiments in particular, especially in a recession like now.

PS. Am I to understand that there's a "commodity currency" market separate from the spot market, namely the forex market, or the currency futures market? Please shed some more detail.