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WTI Crude Oil Trading

  • #9,001
  • Nov 10, 2020 1:04pm Nov 10, 2020 1:04pm
Crude testing yesterday's highs:
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We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,002
  • Nov 10, 2020 3:36pm Nov 10, 2020 3:36pm
API data rocked crude:
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We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,003
  • Nov 10, 2020 4:27pm Nov 10, 2020 4:27pm
Quoting EventsTrader
API data rocked crude: {image}
You are entirely right stating that crude rocks since WTI gained $1.96 or 5% today after registering a gain of 6% yesterday.
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  • #9,004
  • Nov 11, 2020 2:44pm Nov 11, 2020 2:44pm
Crude oil inventories will be a day later this week due to Veteran's Day. After the surprise draw in API (not that it's a good indicator), at least we know crude is susceptible to spiking on a bigger than expected draw.

After that vaccine news, crude has maintained most of its gains. Perhaps the hurricane in the gulf as also supported prices to an extent. Although currently at the lows of the day, it's still up considerably on the week. 30M chart (CL CME):
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We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #9,005
  • Nov 11, 2020 4:21pm Nov 11, 2020 4:21pm
WTI went down 37¢ today but it was up $1.27 to $42.95 before starting to go down. As you can see it was a lot easier to trade on a Renko 10 ticks chart than on an hourly chart.
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  • #9,006
  • Nov 12, 2020 4:15pm Nov 12, 2020 4:15pm
WTI had another losing day going down 47¢. On the other hand, even with an ATR 100 points lower than its 10-day average it was a good trading day.
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  • #9,007
  • Nov 13, 2020 4:13pm Nov 13, 2020 4:13pm
WTI had another losing day, the third in a row, going down 79¢ today. With an ATR less than half its 10-day average it was an atrocious trading day.
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  • #9,008
  • Nov 15, 2020 11:17am Nov 15, 2020 11:17am
Quoting Hutch
WTI went up $2.39 or a massive 6% with more than double the average ATR. The news that the Pfizer Covid-19 vaccine will most likely be available within the next 2 months means no lockdown but, instead, will lead to an economic upside and this will require more oil. {image}
Hi Hutch,

I would be glad if you could kindly share your indicators and template, please.
Thanks in anticipation
  • #9,009
  • Nov 15, 2020 5:37pm Nov 15, 2020 5:37pm
Quoting impactnik
{quote} Hi Hutch, I would be glad if you could kindly share your indicators and template, please. Thanks in anticipation
Here are the EA, template and indicators.
Attached File(s)
File Type: zip Fx Bay Strategy.zip   361 KB | 493 downloads
  • #9,010
  • Edited 11:29am Nov 16, 2020 10:50am | Edited 11:29am
Quoting Hutch
{quote} Here are the EA, template and indicators. {file}
Thanks a lot for sharing your files with me. A few quick questions, please.

1. My chart looks a bit different. I believe the Renko candles are missing (please see attached)
2. Which is the EA? I actually added every .ex4 files in the indicator folder
3. What does the brick number represent?
4. Could you also kindly share your specific entry and exit rules, please?

Thanks a million!
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  • #9,011
  • Nov 16, 2020 3:25pm Nov 16, 2020 3:25pm
Quoting impactnik
{quote} Thanks a lot for sharing your files with me. A few quick questions, please. 1. My chart looks a bit different. I believe the Renko candles are missing (please see attached) 2. Which is the EA? I actually added every .ex4 files in the indicator folder 3. What does the brick number represent? 4. Could you also kindly share your specific entry and exit rules, please? Thanks a million!{image}
Your chart is a EURAUD D1 chart not a Renko chart. To get a Renko chart using the chart you posted you need to add the STS RenkoChart indicator to that chart. Using the indicator you need to put the Renko brick size on the first line. To get a 20 pips Renko chart you need to input the points as 200. On the base time frame input at the bottom of the indicator input tab you need to choose 1 day. After this is done you need to open the EURAUD offline Renko chart; it will have a time frame like 66, 67, etc. Once that chart is opened all you have to do is to apply the template to that chart and everything should be ok. Here is an example of the source chart and the Renko chart produced by the STS RenkoChart indicator.
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  • #9,012
  • Nov 16, 2020 4:15pm Nov 16, 2020 4:15pm
WTI had a nice day going up $1.36 today with good trading opportunities.
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  • #9,013
  • Nov 16, 2020 6:35pm Nov 16, 2020 6:35pm
do you guys also have a feeling oil is overpriced now over the vaccine news?

Vaccine will get effective in Dec/Jan if it works at all. Currently a lot of countries across the globe introduce soft lockdowns and oil inventories build up.
Libya is almost at its full and i do believe price should drop. What do you guys think?
  • #9,014
  • Nov 17, 2020 8:42am Nov 17, 2020 8:42am
The New York session is becoming one of the worse sessions to trade WTI . Hardly any significant moves just mostly erratic swings. The early Frankfurt and London sessions seem to be where they are making their moves
  • #9,015
  • Edited 4:19pm Nov 17, 2020 1:00pm | Edited 4:19pm
Quoting Hutch
{quote} Your chart is a EURAUD D1 chart not a Renko chart. To get a Renko chart using the chart you posted you need to add the STS RenkoChart indicator to that chart. Using the indicator you need to put the Renko brick size on the first line. To get a 20 pips Renko chart you need to input the points as 200. On the base time frame input at the bottom of the indicator input tab you need to choose 1 day. After this is done you need to open the EURAUD offline Renko chart; it will have a time frame like 66, 67, etc. Once that chart is opened all you...
Thanks for your clear explanation. I got it fixed. It looks really interesting but I am totally new to this. So do kindly tell me how you use this.

1. Entry and exit rules
2. Significance of the brick value
3. Other things I need to know

You could also refer me to a good place to read up on the Renko system as a whole. Thanks

Just curious, how do you get M12 on MT4?
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  • #9,016
  • Nov 17, 2020 4:15pm Nov 17, 2020 4:15pm
WTI went down 9¢ but the below average ATR still produced a few good trades today.
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  • #9,017
  • Nov 17, 2020 4:18pm Nov 17, 2020 4:18pm
Quoting impactnik
{quote} Thanks for your clear explanation. I got it fixed. It looks really interesting but I am totally new to this. So do kindly tell me how you use this. 1. Entry and exit rules 2. Significance of the brick value 3. Other things I need to know You could also refer me to a good place to read up on the Renko system a whole. Thanks Just curious, how do you get M12 on MT4? {image}
So I already did some study on my previous questions and I do have answers to them now. like the brick value and the M12

But I do still need your strategy for using the system
  • #9,018
  • Nov 17, 2020 4:47pm Nov 17, 2020 4:47pm
Quoting Hutch
WTI went down 9¢ but the below average ATR still produced a few good trades today. {image}
Hi Hutch I'm a big fan of your trading style and have spend a nearly a hole day reading your post lol and a few weeks trying do duplicate what you do. Can you start your own thread sharing your strategy and how you determine good signals from bad ones, maybe show winning and losing trades as you take them and explain your reasoning. cuz I've seen you trade almost everything lol. especially since you do use 1 repainting indicator and know how to read it but i tell you what my luck has not been the same with that one haha exiting trades to quickly and overeagerly jumping into new trades even with conformation from the macd and tried macd only but keep getting into crappy range and it just eats at my demo. I always thought every pair, stock, indices react differently but man your strategy with you as pilot just works on everything lol. also i dont really understand the reason behind infobox cuz I have not read that you really use it but it shows up in all your screenshots. I cant pm cuz of me being junior member so I've decided to interrupt this thread lol. I've been trying for 8years now and only manage to blow 2 live account lol. MASTER... SHOW US THE WAY... WE WILL BE MINIONS AND DO YOUR BIDDING...
  • #9,019
  • Nov 18, 2020 2:12am Nov 18, 2020 2:12am
Quoting impactnik
{quote} So I already did some study on my previous questions and I do have answers to them now. like the brick value and the M12 But I do still need your strategy for using the system
Please take a look at this post and you will see how to trade the strategy properly and the problems with the Half Trend TT because it repaints.
https://www.forexfactory.com/thread/...2#post13224492

I enter into a trade when I get an arrow and the FX Bay MACD line is crossing the zero line. If you had a trade running when that happened you can close that trade and enter into the new trade by pressing "Reverse" on the EA. That EA makes trading easier. I never use a take profit because there is no way to know how long a trade will last. It could be 3 bricks (break even point) enter at the brick after arrow, a second brick in the same direction and the third brick in the opposite direction showing an arrow (last picture shows closing a winning trade then a break even trade). It could also be a lot of bricks (arrow at 17:04 ending with arrow at 21:14) was for 13 bricks (second picture). If I had used a take profit target of say 5 bricks I would have missed out on the other 8 bricks. Please note that I trade the DJ30 only after the NYSE has opened so I did not take the trade indicated by the down arrow at 10:02. I also stop trading the DJ30 after 10 p.m. because it can be erratic. I use a stop loss of 1.5 times the brick size but you may end up closing a good trade at a loss instead of winning it. This is because a brick will not form until it has been fully completed so with 20 pips Renko you might have a wick going up or down 19 pips before it closes at 20 pips forming a new brick. A stop loss of 21 pips might be more appropriate when using 20 pips Renko but this is the trader's choice.

With Renko the time indicated doesn't mean anything; most Renko generator use M2 but STS Renko uses a "timeframe" of M61+. On the other hand the brick value means everything when using Renko. In the second chart below 20 bricks means 20 pips. You can use the number of bricks that suits your trading style (third chart shows 0.1 pip).

Most Renko generators are based on pips but STS Renko is based on points. So, with most Renko generator the input would be 20 to get 20 pips but with STS Renko you need to put 200 on the source chart to get 20 pips on the Renko chart. Also, no matter what Renko generator you are using it's important to refresh the chart when you first open it every day. To do that just change the Renko brick size or points then go back to the size you want to trade with. Sorry but the FF site put the charts in the wrong order.

I hope this helps. Happy trading
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  • #9,020
  • Nov 18, 2020 2:37am Nov 18, 2020 2:37am
Quoting renkotraders
{quote} Hi Hutch I'm a big fan of your trading style and have spend a nearly a hole day reading your post lol and a few weeks trying do duplicate what you do. Can you start your own thread sharing your strategy and how you determine good signals from bad ones, maybe show winning and losing trades as you take them and explain your reasoning. cuz I've seen you trade almost everything lol. especially since you do use 1 repainting indicator and know how to read it but i tell you what my luck has not been the same with that one haha exiting trades to...
The post above may help you. I use the infoboard indicator because it indicates the fractal trend by timeframe and ATR data. If all fractal trends are down it might be dangerous to initiate a buy trade because it may not last long enough to make a good profit or could even lead to a loss trade. My strategy is quite good with Renko bricks of 10 and above used on high ATR assets but it's not that good on low ATR assets because you would need to use small Renko bricks. The lower the brick size is the more volatile and risky trading will be. This is the same when using time based charts M1 is much more volatile than H4 this is why H4 is probably the most popular time frame. I'm not sure I should open a new thread but I will think about it.
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