Hi. I'm new to trading. Can anyone suggest some resources for trading CL? A lot of the material I found online didn't seem genuine and I thought I would ask here, if anyone could be so kind. Just trying to figure out where to start and get a solid baseline of knowledge. Looking to be pointed in the right direction. Thank you. x
This is your first post and you want an answer to that silly question? You are trying to enter the adult world with your child-wide eyes. https://www.refinitiv.com/en/financial-data/commodities-data/energy-commodities-pricing You are not ready for it. Come back in a year.
My template for CL and other futures (Asian/European/US index, gold, copper, currencies, bonds ....) are similar. parameter for day trading CL from NYMEX: volume chart - use 50V or 150V max loss - 12 to 15 ticks I look at crude oil futures from Shanghai International Energy Exchange INE for Intermarket analysis. It is also good to look at Brent Crude oil futures from ICE Europe for Intermarket analysis. You have to pay ~$120/month for the data feed.
Trading CL is no different from trading stocks, futures, or forex. You basically buy low and sell high and collect the profit. Besides that, what more do you need to know? Well, you do need to keep abreast of the macro data like the oil inventory that comes out every week as well as macroeconomics and politics that might impact CL. Check out the following link for more info. https://www.investopedia.com/ask/an...ators-do-oil-and-gas-investors-need-watch.asp
If you are new to trading futures, start with the basics of Futures. https://www.cmegroup.com/education.html, https://www.cmegroup.com/education/courses/introduction-to-futures.html.
Or you can go the TA route. Worse things have happened. Big gap on this chart. Gaps like to get closed. And for the pema-TA-bashers ... "charts are squiggles and have no predictive value", I posted this same chart on April 1, 2023, before the gap formed, Charts do have great predictive value. But it takes some skill to do it correctly. Not trying to "blow my own horn". Just provide a balanced assessment to newbie traders.
You may find some useful pointers in this article: https://www.cannontrading.com/community/day-trading-crude-oil-futures