Thanks for starting the thread!
Ooh, that means fundamentals, rather than just technicals ... you were bored with "mostly technicals"? (You looked at both, for currencies too, perhaps?).
I've been trading oil futures "CL" a little, since early last year. It's a very small proportion of my trades, but that small proportion is actually increasing. I'm gradually developing an interest in it because I've always liked men in oil ... er, sorry, excuse me, I mean of course "because I've always liked something that can move quite strongly during the day and isn't a currency". :8:
Well, I'm as crude as the next man (depending on who the next man is), and will perhaps keep you company. I do seem to be trading oil a little more, and doubtless have much to learn, here.
Sounds good to me. I do the CL futures ($10 per tick per contract) because they're CME and I pay an extortionate monthly fee for that data-feed anyway, and as the saying goes "I know no other".
Ah yes ... hence the saying - "Like oil off a duck's back" (maybe not quite right?) ... :8:
I'm doing something similar to you, but on a faster time-scale (actually using constant-volume bars, so the printing of my bars takes volume into account automatically). Like you, I only trade "with the higher time-frame trend" as a directional bias, taking entries from something faster (bar patterns, in my case).
I suspect that in spite of the fact that you use indicators and I don't, we're probably doing something similar? You're trying to buy the dips in an uptrend and sell the rallies in a downtrend?
Yes indeed. This is one of things I like about oil: 3.30 (UK time) on a Wednesday afternoon (usually) is the only time you need to be "flat", and even then not for long. The next Thursday release isn't until June 1st, this year, I think.
Watching with interest - good luck!
(Edited to change "volatility" to "volume" so that not too many people laugh at me :8: ).