How to redirect a subdomain to external url?

I read a a few guides but I seem to get something wrong.

I have added the subdomain as a CNAME to the DNS so it says:
CNAME xyz is an alias of mywebsite.com

Then I tried to add a page rule: forwarding url
xyz.mywebsite.com/*
301 redirect
otherwebsite.com

But it doesnt work. Just blank page. Did I do something wrong?

Whats the domain?

It worked now after waiting for about 1h. If anyone wants to do the same thing then this is the detailed instructions that i followed:

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