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CL charts -- RTH or Globex?
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CL charts -- RTH or Globex?

  #1 (permalink)
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CL charts -- RTH or Globex?

I had only been looking at RTH crude pit hours (9:00-2:30), but after bringing up a volume chart including the Globex hours, I found that it provided a nice canvas on which to draw a trendline that could have given me a much clearer picture.

In the first picture, the boxed area is the overnight session. Note how the circled area marked "S" found support on the bottom line drawn from the two lows during the overnight session. In the other picture, the same lowest point coincides with some activity on the left (not visible), but nothing that looks "predictable" ... In trading on Friday, I played one of these for a breakout low which resulted in a small loss, and likely would not have taken this short into a trend line.

Is this pure coincidence (random lines) or might lots of people be using volume/tick charts and bought at that level? I really don't want to have to monitor S/R for RTH, Globex with a time-based chart, and Globex with a volume-based chart. Help! :-)

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CL charts -- RTH or Globex?-cl1.png   CL charts -- RTH or Globex?-cl2.png  
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  #3 (permalink)
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The point is that the US is no longer the (only) center of the world. The Brent contract is traded during the European morning at IPE London with significant volume. During the recent days, volatility of the US and European sessions have been comparable.

Although I use the RTH session to determine floor pivots - as there is still a large number of traders using them - I would never use it to draw trend lines or support and resistance levels.

Have attached two 30 min charts for Brent Crude and WTI, which show S/R levels and trend lines which can not be derived from the RTH session.

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CL charts -- RTH or Globex?-bc-04-11-30-min-26_02_2011.jpg   CL charts -- RTH or Globex?-cl-04-11-30-min-25_02_2011.jpg  
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josh View Post
I had only been looking at RTH crude pit hours (9:00-2:30), but after bringing up a volume chart including the Globex hours, I found that it provided a nice canvas on which to draw a trendline that could have given me a much clearer picture....

FWIW I use a custom template like this (I sure wish NT had a way to export and import them). This way I still limit my trading to RTH, use Exit On Close, but have my indicators driven by all the available data.

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CL charts -- RTH or Globex?-session.png  
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fluxsmith View Post
FWIW I use a custom template like this (I sure wish NT had a way to export and import them). This way I still limit my trading to RTH, use Exit On Close, but have my indicators driven by all the available data.

I use exactly the same template, as you will also notice from the charts that I had posted above.

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fluxsmith View Post
FWIW I use a custom template like this (I sure wish NT had a way to export and import them). This way I still limit my trading to RTH, use Exit On Close, but have my indicators driven by all the available data.

How do you limit trading to RTH instead of ETH with Exit on Close? Through the data series start and end time?

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Tundi View Post
How do you limit trading to RTH instead of ETH with Exit on Close? Through the data series start and end time?

My strategies don't enter prior to 6:00 AM (Pacific), and then because the session template is split into multiple sessions that have the RTH sandwiched between them, Exit On Close will take any positions off at 11:29:30 AM (Pacific). My strategies also don't enter after 11:15 AM.

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Personally I have a daily chart which is globex, a 5m chart which is RTH, and a 6 range chart which is globex. I prefer seeing the gap on the 5m chart, while the other two provide a different view such as overnight high/low and/or trendlines.

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fluxsmith View Post
My strategies don't enter prior to 6:00 AM (Pacific), and then because the session template is split into multiple sessions that have the RTH sandwiched between them, Exit On Close will take any positions off at 11:29:30 AM (Pacific). My strategies also don't enter after 11:15 AM.

I have modified CBOT Ags and CME FX Futures templates in the same fashion and it looks constructive on the instruments traded.

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Globex!

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