crude oil chart hours

[edward22245]

Hi, I have my crude oil chart set to show data from open outrcy session from 9am until 2:30 pm and to ignore data outside these hours.

Is this a bad idea? I do not think there literally is a pit session anymore, but the volume outsdie these hours are substantially lower. I also feel like I am missing a lot of information as crude oil is traded around the clock, by traders all over the world.

Also, if I use pit session only for my charts, is the patterns between the close of prior day's pit session into the next day's open generally unreliable because of the gap in time? Would it be better to only look for patterns from the bars from the open?

Thanks!

(the attached image is just an example of how my chart can look like and not meant to show a specific tradeable pattern)

 

[RedDuke]

I use full session. Pits are gone.

 

[edward22245]

I use full session. Pits are gone.

So the bars on your daily chart is set to open at 9am and close at 08:59:59? Isn't the closing prcie for each day supposed to be the most important?

 

[RedDuke]

I do not use daily. I use hourly with use instrument default session in Ninja. So it uses 9-10, 10-11 and etc.

 

[Laissez Faire]

It's a good question really. If no experts on crude oil chimes in - try backtesting it and see if you find any significance with regards to particular times during the day?

Index futures are also 24 hour markets these days, but since they are a derivative of the stock market I find that OHLC prices of the cash session (09:30-16:00) are significant. Personally, that's pretty much all I look at.

I suspect crude oil might be different since it's more of a true 24/7 market.

 

[Overnight]

Hi, I have my crude oil chart set to show data from open outrcy session from 9am until 2:30 pm and to ignore data outside these hours.

Is this a bad idea? I do not think there literally is a pit session anymore, but the volume outsdie these hours are substantially lower. I also feel like I am missing a lot of information as crude oil is traded around the clock, by traders all over the world.

Also, if I use pit session only for my charts, is the patterns between the close of prior day's pit session into the next day's open generally unreliable because of the gap in time? Would it be better to only look for patterns from the bars from the open?

Thanks!

(the attached image is just an example of how my chart can look like and not meant to show a specific tradeable pattern)

I find that sometimes patterns that develop over the ETH can follow through to the day session on a strong fundamental move. So if you see a sudden and strong move in the ETH, check around for any news that caused the move during the off hours, and work from there.

 

[NickMelb81]

Hi, I have my crude oil chart set to show data from open outrcy session from 9am until 2:30 pm and to ignore data outside these hours.

Is this a bad idea? I do not think there literally is a pit session anymore, but the volume outsdie these hours are substantially lower. I also feel like I am missing a lot of information as crude oil is traded around the clock, by traders all over the world.

Also, if I use pit session only for my charts, is the patterns between the close of prior day's pit session into the next day's open generally unreliable because of the gap in time? Would it be better to only look for patterns from the bars from the open?

Thanks!

(the attached image is just an example of how my chart can look like and not meant to show a specific tradeable pattern)

I assume you mean 9am USA time?

Not the worst idea. I understand your thinking. Lot of market maker algo rubbish in asia/overnight.

However the information in that rubbish/asia and london are extremely important to understand insto accumulation and where the weak liquidity is. I think by cutting that you limit your bias. Also id suggest using your daily charts even for intraday trading, in fact all the charts for levels. Never know which one is being used today. Again limiting bias. Sometimes we start US session with weakness into a 4hr ceiling but youll miss the move waiting for intraday test as an example. all the best.

 

[edward22245]

I assume you mean 9am USA time?

Not the worst idea. I understand your thinking. Lot of market maker algo rubbish in asia/overnight.

However the information in that rubbish/asia and london are extremely important to understand insto accumulation and where the weak liquidity is. I think by cutting that you limit your bias. Also id suggest using your daily charts even for intraday trading, in fact all the charts for levels. Never know which one is being used today. Again limiting bias. Sometimes we start US session with weakness into a 4hr ceiling but youll miss the move waiting for intraday test as an example. all the best.

Yes I mean 9-2:30 EST.

So I think you mean I should look at 24 hour chart so I can understand where the liquidity is, right?

I normally prefer to focus on one chart during the trading session, but I do consult other timeframe charts for support time to time. But what time do you think the bars on my daily chart should open and close? Should it run from midnight to midnight, or from 9am to 9am next morning?
​

 

[NickMelb81]

midnight to midnight

 

[edward22245]

midnight to midnight

Thanks for the reply!
You mean eastern standard time, right?

Also, should I load sunday data or ignore it?