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Markets correlated to CL
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Markets correlated to CL

  #1 (permalink)
Normal Wizard
Sydney, NSW, Australia
 
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Markets correlated to CL

Hi guys, are there any markets I should be watching when trading CL?

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  #2 (permalink)
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  #3 (permalink)
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TickedOff View Post
Hi guys, are there any markets I should be watching when trading CL?

CL is largely news driven, like with the recent fundamental changes in the market. Watching another ticker isn't going to help you, you need to have a fundamental understanding of what is taking place.

Mike

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  #4 (permalink)
Normal Wizard
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  #5 (permalink)
Market Wizard
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With the changes in US crude fundamentals over the last few years Brent has surpassed WTI as the world benchmark, although I'm not sure which leads which from a trading perspective. Being aware of what Brent is doing, and what the WTI-Brent spread is doing, may help you in your understanding of the underlying crude oil markets. Brent is primarily traded on ICE Europe (old IPE) but NYMEX also has mirror contracts.

You may also want to look at the oil products, Heating Oil & RBOB (Gasoline) on NYMEX and Gasoil on ICE, and their crack spreads. While they will rarely lead crude they will again give you an idea of how the underlying fundamentals are shifting.

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  #6 (permalink)
Elite Member
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Big Mike View Post
CL is largely news driven, like with the recent fundamental changes in the market. Watching another ticker isn't going to help you, you need to have a fundamental understanding of what is taking place.

Mike

Come again? I respect your forum and devotion to the trading community a great deal, truly, so don't mistaken my criticism of your idea as a criticism of you... but stating your opinion as though it is a fact does no one any good. You cannot know for certain CL is news driven. News often triggers CL to move, but it is often just a trigger. Who is aiming? It really isn't the news story, as crude can shoot two dollars up only to come whirling back down a couple hours later, which is why the CL chart is a beautiful beast.

With regards to what CL is correlated to, from my basic understanding of this subject the canadian dollar is heavily correlated to crude, and therefore I wouldn't be surprised to see interrelationships where one leads or lags the other. Other than that, in my opinion crude moves too fast to actually make trades off correlations IMO. Need some deep pockets to be able to absorb CL volatility.

CL swings are very proportional and Fibonacci relationships and 8th relationships (Murrey Math style) are laden all over the chart. One needs a sophisticated understanding to be able to utilize it effectively on Crude for active, consistent trading IMO.

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  #7 (permalink)
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reasondeep View Post
Come again? I respect your forum and devotion to the trading community a great deal, truly, so don't mistaken my criticism of your idea as a criticism of you... but stating your opinion as though it is a fact does no one any good. You cannot know for certain CL is news driven. News often triggers CL to move, but it is often just a trigger. Who is aiming? It really isn't the news story, as crude can shoot two dollars up only to come whirling back down a couple hours later, which is why the CL chart is a beautiful beast.

With regards to what CL is correlated to, from my basic understanding of this subject the canadian dollar is heavily correlated to crude, and therefore I wouldn't be surprised to see interrelationships where one leads or lags the other. Other than that, in my opinion crude moves too fast to actually make trades off correlations IMO. Need some deep pockets to be able to absorb CL volatility.

CL swings are very proportional and Fibonacci relationships and 8th relationships (Murrey Math style) are laden all over the chart. One needs a sophisticated understanding to be able to utilize it effectively on Crude for active, consistent trading IMO.

Sorry but you are completely wrong. The market can teach you, providing you let it and can afford its lessons.


Sent from my phone

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #8 (permalink)
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Big Mike View Post
Sorry but you are completely wrong. The market can teach you, providing you let it and can afford its lessons.


Sent from my phone

Could you explain why he's wrong?

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  #9 (permalink)
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kurlare View Post
Could you explain why he's wrong?

Because he thinks CL is not news/macro driven, and instead thinks Fibonacci and Murrey Math is why CL moves. I have nothing more to say.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #10 (permalink)
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Lol CL is one of the most news/rumor driven market there is. All it takes is a Saudi Royal farting the wrong way and it moves...

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