Crossing over from ES Emini to oil futures (CL)

January 15th, 2021, 03:55 AM

Morning all,
I'm going to add oil into my trading repertoire-currently trade just the ES contract.

One thing that I REALLY like about the ES is that there is an open and close time which provides excellent reference points for support and resistance as they reflect a lot of volume and where it is positioned i.e. these areas are great support and resistance zones.

My question is whether the CL has these reference points for high volume areas (open and close) on a daily basis. I know there is the crude draw every Wednesday, and that at 7.28-7.30 UK time (sow 14.28-14.30 ET) it looks like there is a 'close' of the market as volume massively ramps up in the same manner as the ES.

Any thoughts/guidance on the matter?

Thanks,
bootsy

January 15th, 2021, 04:36 AM

Keab

.....and that at 7.28-7.30 UK time (sow 14.28-14.30 ET) it looks like there is a 'close' of the market as volume massively ramps up in the same manner as the ES.

The RTH/pit trading hours were 9:00am-2:30pm ET. The CME pit is closed but I guess people, businesses and related markets carry on as before.

January 15th, 2021, 05:01 AM

matthew28

The RTH/pit trading hours were 9:00am-2:30pm ET. The CME pit is closed but I guess people, businesses and related markets carry on as before.

Thanks! That closing volume certainly seems to indicate that they stick to the close at the very least.

January 15th, 2021, 05:06 AM

Yes Matthew is absolute right, the day-session (former pit-session) for Crude is still relevant, though there is no pit anymore.

I also trade ES mostly, but I trade CL as well and in my opinion it is a great combination.

January 15th, 2021, 06:31 AM

Since vol drives price and price gravitates towards whole (i.e. 52.00) and half (52.50) levels, so much vol. Furthermore, the 5 days of the week do not treat CL algos the same so vol must be in alignment with time,

January 17th, 2021, 11:59 AM

Keab

Thanks! That closing volume certainly seems to indicate that they stick to the close at the very least.

The CME settlement is marked at 2:30pm as well! (It has only taken a couple of days for that to occur to me (I don't trade Crude))

https://www.cmegroup.com/confluence/display/EPICSANDBOX/NYMEX+Crude+Oil

January 18th, 2021, 07:10 AM

With all of the above taken into account, do people recommend splitting charts into US session only as well as 24 hour charts? I do that already on the ES and it's definitely good to have both as it's amazing to note how often the ES will still react to 24 hour levels that have no reference point if using just the US session times.

January 18th, 2021, 08:35 AM

Keab

With all of the above taken into account, do people recommend splitting charts into US session only as well as 24 hour charts? I do that already on the ES and it's definitely good to have both as it's amazing to note how often the ES will still react to 24 hour levels that have no reference point if using just the US session times.

I use 24h-charts, for me Market-Profile is very important, for MP I use the day-session levels on the 24h-chart, all other stuff: Pivot-Points, VWAP and so on, I use the levels from the 24h-chart

February 8th, 2021, 01:38 PM

Even though Crude trades 23 hours , all the volume is still during regular trading hours.

May 19th, 2021, 10:11 PM

Keab

Morning all,
I'm going to add oil into my trading repertoire-currently trade just the ES contract.

One thing that I REALLY like about the ES is that there is an open and close time which provides excellent reference points for support and resistance as they reflect a lot of volume and where it is positioned i.e. these areas are great support and resistance zones.

My question is whether the CL has these reference points for high volume areas (open and close) on a daily basis. I know there is the crude draw every Wednesday, and that at 7.28-7.30 UK time (sow 14.28-14.30 ET) it looks like there is a 'close' of the market as volume massively ramps up in the same manner as the ES.

Any thoughts/guidance on the matter?

Thanks,
bootsy

Are you still trading the cl now?
How is your progress?

Crossing over from ES Emini to oil futures (CL)

Discussion in Commodities

Crossing over from ES Emini to oil futures (CL)