CL Redux

Quote from Visaria:

You can easily create the position yourself by selling 1 contract of brent and simultaneously buying 1 nymex. You can create the chart on IB by using their create synthetic security chart (it's the third tab on the chart function).

edit: i go with various spreadbetters in the UK who have this set up as a single instrument. Having said that, one of them just simply sells brent and buys nymex, it shows as separate contracts in the position screen.

edit 2: sells brent on ICE and buys wti on ICE, not nymex
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here in the U.S. I cannot find a broker who offers that one-symbol pairs trade. Any spread can be legged into but I'm not interested in that with crudes... either side can slam 30 - 50 cents away from favor as one side is filled but before the other side completes.

They are way too algo-whipped for precision trading legged-in spreads unless the hold time is substantial and frequent slippage isn't an issue.

I would love to trade that pair as a single symbol but here in the U.S. it doesn't seem possible, from what I can find.
 
Quote from ammo:

93.01 bid for reduce ........edit filled 01 flat on balance 2. 93
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ammo, what resolution do you have on the price axis (as in how many ticks wide is each volume bar, the ledge etc)?
 
Quote from Visaria:

Don't understand that, you do both the legs at the same time, so no need to "leg in". Market orders during a quiet time.
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There is no "same time" legging in and out of different contracts on different exchanges unless it is a single-pair symbol... turned as one single trade. Nor is there such a thing as guaranteed "quiet time" in crude oil.

Legging into a spread ignores the trend bias of one side... you expect one to lose less than the other wins. No stoploss orders, either. So slippage can happen for lots of reasons when filling two sides in volatile symbols.

Also, the two legs = two round turn costs. I might as well trade twice as many CL contracts for +20 to +50 cent gains per day rather than one two-contract spread. If the spread traded as a symbol pair with one contract cost, that'd be different.

I'm not totally opposed to the leg-in spread concept down the road... I was immediately interested in trading that as a paired-symbol directionally.
 
Quote from ammo:

changes with timeframe as wider includes more data points
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Ok, but how do you know where the S/R levels are then? If a "ledge" is 25 ticks wide on one chart it's kind of fuzzy isn't it?

I'm just curious - I always look at your charts but more often than not I don't understand them. So I thought I'd show my ignorance and ask.

:p
 
Quote from tobbe:

Ok, but how do you know where the S/R levels are then? If a "ledge" is 25 ticks wide on one chart it's kind of fuzzy isn't it?

I'm just curious - I always look at your charts but more often than not I don't understand them. So I thought I'd show my ignorance and ask.

:p
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I love studying Ammo's charts, which are totally different from the charts I use and see. I think that Ammo uses a form of Market Profile analysis, which I understand was developed by J. Peter Steidlmayer. Ammo I'm sure can explain his views better than I can. I'm just chiming in to say that you can begin by reading a bit on market profile analysis, and also, thanks to Ammo for posting these charts.
 
Quote from ammo:

wider it is better chance of it stopping there on nip or ledge, deeper the cleave same, price just represents that spot on the chart
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Ok thanks.

So it's relative to the time spent there, a deeper cleavage would probably mean that price did not spend much time there at all and that it would likely bounce next time again.
 
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