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WTI Crude Oil Trading

  • #9,421
  • May 12, 2021 4:21pm May 12, 2021 4:21pm
Quoting Kwame Freder
currently at the top of the range with resistance holding. if it holds i expect a sell off
I think it might go higher but I wonder if WTI will break this year's high of $67.97 that was achieved on 3 march or drop like a rock.
  • #9,422
  • May 12, 2021 4:23pm May 12, 2021 4:23pm
A repeat of yesterday as WTI went up 28¢ today with an average ATR that produced 1 break even trade and 8 winning trades.
Attached Image (click to enlarge)
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  • #9,423
  • May 13, 2021 11:40am May 13, 2021 11:40am
Quoting Hutch
A repeat of yesterday as WTI went up 28¢ today with an average ATR that produced 1 break even trade and 8 winning trades. {image}
Hello Hutch ! I see you're a pro on WTI. I want to ask you bunch of questions if you don't mind. First off, Can you give me some tips about day trading on WTI, please? Second, what platform are you using (MT4,MT5, ETC) and how you put renko chart on it? That's all for now, thanks in advance.
  • #9,424
  • May 13, 2021 5:03pm May 13, 2021 5:03pm
Quoting Wizzo
{quote} Hello Hutch ! I see you're a pro on WTI. I want to ask you bunch of questions if you don't mind. First off, Can you give me some tips about day trading on WTI, please? Second, what platform are you using (MT4,MT5, ETC) and how you put renko chart on it? That's all for now, thanks in advance.
Hi Whizzo. I revamped the instructions on how to use my strategy to make it more informative for you and other traders that never traded Renko. The main take away is that in order to follow an arrow signal the next brick must correspond with the FxBay MACD crossing the line. I tried MT5 but, to be polite, it's quite limited for trading Renko so I use MT4. Please read the info text file since it gives a lot of information including a video on how to install Renko charts on MT4 from the designer of the STG indicators. I hope this helps but feel free to ask additional questions.
.
Attached File(s)
File Type: zip Fx Bay Strategy STG 14-5-21.zip   459 KB | 389 downloads
  • #9,425
  • May 13, 2021 5:14pm May 13, 2021 5:14pm
WTI went down $1.93 today with very high ATR of 272 that produced 1 break even trade and 8 winning trades.
Attached Image (click to enlarge)
Click to Enlarge Name: WTICOUSDM13.png Size: 36 KB
  • #9,426
  • May 13, 2021 6:30pm May 13, 2021 6:30pm
Great strategy, how does the reverese button work.
1. does it take profit and start again
2. does it add to the profit or loss
3. my trader told me to avoid it but I think it is because he gets commission with each new trade. this in not a new trade.

Are my assumptions correct? Need some guidance.

Thanks

drknsingh
  • #9,427
  • May 13, 2021 8:58pm May 13, 2021 8:58pm
wondering if this will pierce <$62 or bounce soon. if current support gives way should be interesting.
  • #9,428
  • May 14, 2021 5:05am May 14, 2021 5:05am
Quoting Hutch
WTI went down $1.93 today with very high ATR of 272 that produced 1 break even trade and 8 winning trades. {image}
hi..hutch!
would you pls check my setup ?
is this correct?
thanks
Attached Image (click to enlarge)
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  • #9,429
  • May 14, 2021 11:52am May 14, 2021 11:52am
Quoting drknsingh
Great strategy, how does the reverese button work. 1. does it take profit and start again 2. does it add to the profit or loss 3. my trader told me to avoid it but I think it is because he gets commission with each new trade. this in not a new trade. Are my assumptions correct? Need some guidance. Thanks drknsingh
Hi drknsingh. Here is an example in 3 pictures:

1. I pressed the Sell button.
2. I pressed the Reverse button. It closed the sell trade and made a new buy trade.
3. I pressed the Close Buy button. It closed the buy trade and here is the result.

As you can see the 2 trades are independent.
Attached Image (click to enlarge)
Click to Enlarge Name: Result.jpg Size: 28 KB
Attached Images
  • #9,430
  • May 14, 2021 12:19pm May 14, 2021 12:19pm
Quoting james27
{quote} hi..hutch! would you pls check my setup ? is this correct? thanks {image}
STG Renko was made for currency pairs not for CFDs so for CFD you have to add a zero to the Renko brick size so to get 10 pips you need to input 100 so your pip number is correct. Your offline timeframe start of 12 will not produce a chart with the name M12 but something higher like M13, M14, etc. The name of the template is not relevant in the chart setup. You can also use any timeframe you want to construct the Renko chart. As you can see I use H1.
Attached Image (click to enlarge)
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  • #9,431
  • May 14, 2021 3:01pm May 14, 2021 3:01pm
This is an old video but its content is still current.

Inserted Video
  • #9,432
  • May 14, 2021 4:17pm May 14, 2021 4:17pm
WTI went up $1.73 today with a high ATR that produced 5 winning trades and 3 break even trades.
Attached Image (click to enlarge)
Click to Enlarge Name: WTICOUSDM13.png Size: 34 KB
  • #9,433
  • May 15, 2021 6:29am May 15, 2021 6:29am
Quoting Hutch
This is an old video but its content is still current. https://youtu.be/QTN2HmmHo8U
Very informative. Thanks a million for sharing.
  • #9,434
  • May 15, 2021 6:45am May 15, 2021 6:45am
Quoting Hutch
{quote} STG Renko was made for currency pairs not for CFDs so for CFD you have to add a zero to the Renko brick size so to get 10 pips you need to input 100 so your pip number is correct. Your offline timeframe start of 12 will not produce a chart with the name M12 but something higher like M13, M14, etc. The name of the template is not relevant in the chart setup. You can also use any timeframe you want to construct the Renko chart. As you can see I use H1. {image}
Please Hutch do we have to upload these 2 indicators to one (the same) chart: STG_RenkoChart_Remote.ex4 and STG_RenkoChart.ex4?
Thank you for being so helpful.
  • #9,435
  • May 15, 2021 2:08pm May 15, 2021 2:08pm
Quoting Glorybound
{quote} Please Hutch do we have to upload these 2 indicators to one (the same) chart: STG_RenkoChart_Remote.ex4 and STG_RenkoChart.ex4? Thank you for being so helpful.
Hi Glorybound. The STG_RenkoChart.ex4 is to be put on the source chart and it will create the Renko chart with the number of bricks that you indicated on the input tab (please take a look at post #9,432 above). When you close the input tab the Renko chart will be created and located in the Offline charts folder. Once you choose the offline chart created by the STG_RenkoChart.ex4 indicator you will have access to your Renko chart. The template that I included will open the STG_RenkoChart_Remote.ex4 on that Renko chart but since it's not necessary you might want to delete it. The advantage of the STG_RenkoChart_Remote.ex4 indicator is that if you change the brick size of this indicator it will automatically change the brick size on the source chart. For example if you have a 10 bricks Renko chart and you want it changed to 5 bricks the only thing you have to do is to change the 10 in the STG_RenkoChart_Remote.ex4 indicator to 5. This saves a lot of time when you are trying to find out what is the best brick size to use for the asset you are trading. Have a nice weekend everyone.
  • #9,436
  • May 15, 2021 2:25pm May 15, 2021 2:25pm
Quoting Hutch
{quote} Hi Glorybound. The STG_RenkoChart.ex4 is to be put on the source chart and it will create the Renko chart with the number of bricks that you indicated on the input tab (please take a look at post #9,432 above). When you close the input tab the Renko chart will be created and located in the Offline charts folder. Once you choose the offline chart created by the STG_RenkoChart.ex4 indicator you will have access to your Renko chart. The template that I included will open the STG_RenkoChart_Remote.ex4 on that Renko chart but since it's not necessary...
Your efforts in trying to help us will never be in vain. As a newbie, I must confess that I'm still at a loss: source chart, number of bricks are not clear
to me. I have the template fully installed in my system now. Can't I make do with it - what are the limitations if any working with the template?
Again, is there any video where one can learn more of this wonderful system? And finally, can one use this system in trading other pairs/symbols
other than oil? Thank you for your understanding and willingness to help newbies like me.
  • #9,437
  • May 15, 2021 2:36pm May 15, 2021 2:36pm
A renko chart is a type of financial chart of Japanese origin used in technical analysis that measures and plots price changes. A renko chart consists of bricks, which proponents say more clearly show market trends and increase the signal-to-noise ratio compared to typical candlestick charts. Wikipedia
Getting more information about RENKO - Thank God for Hutch as I started taking interest in this indicator through him. Ever willing to learn!
  • #9,438
  • May 15, 2021 3:16pm May 15, 2021 3:16pm
Quoting Glorybound
{quote} Your efforts in trying to help us will never be in vain. As a newbie, I must confess that I'm still at a loss: source chart, number of bricks are not clear to me. I have the template fully installed in my system now. Can't I make do with it - what are the limitations if any working with the template? Again, is there any video where one can learn more of this wonderful system? And finally, can one use this system in trading other pairs/symbols other than oil? Thank you for your understanding and willingness to help newbies like me.
If your chart doesn't looks like the one below please post it. The source chart is like the one I posted at post #9,432 above. The strategy shown on that chart is the TMT strategy on a 1 hour chart and I just added the STG_RenkoChart.ex4 indicator to produce a 10 pips Renko chart but since WTI is a CFD I must indicate brick size of 100 to get a Renko chart of brick size 10.

There are a lot of strategies using Renko chart and all of them have a template. The template that you have is only for my strategy. Please note that you can change template or modify templates for your own need. For example my template shows the brick size indicator. If you don't want to show it all you have to do is to delete that indicator from your Renko chart and save the template by clicking the template button and save it with the same name or with another name if you want to keep the original.

There are many videos on how to trade using Renko. Here are some swing trading with renko charts - YouTube but don't believe the guy stating "Zero loss strategy" since the great majority of Renko strategies are very good but if there were strategies with no loss we would not be trading since all brokers would have gone belly up

You can use Renko to trade everything that is tradable with your broker, currency pairs, metals, oil, stocks, etc. The advantage of trading oil is that the cost (spread) is normally lower than trading currency pairs of course depending on your broker.

Please note that the FF community is here to help each others so there is no need to thank me. Also, don't forget that at one point in time we were all like you starting up trading.
Attached Image (click to enlarge)
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  • #9,439
  • May 15, 2021 4:02pm May 15, 2021 4:02pm
Quoting Hutch
{quote} If your chart doesn't looks like the one below please post it. The source chart is like the one I posted at post #9,432 above. The strategy shown on that chart is the TMT strategy on a 1 hour chart and I just added the STG_RenkoChart.ex4 indicator to produce a 10 pips Renko chart but since WTI is a CFD I must indicate brick size of 100 to get a Renko chart of brick size 10. There are a lot of strategies using Renko chart and all of them have a template. The template that you have is only for my strategy. Please note that you can change template...
"...Please note that the FF community is here to help each others so there is no need to thank me." FF the much I know, does not forbid
one appreciating a mentor like you. I'm not flattering you Hutch but you are a mentor to have. I cannot fail to show my appreciation for your patience,
time and generosity. Truly my chart is quite different from yours.
Attached File(s)
File Type: docx renko.docx   176 KB | 356 downloads
  • #9,440
  • May 15, 2021 4:46pm May 15, 2021 4:46pm
Quoting Glorybound
{quote} "...Please note that the FF community is here to help each others so there is no need to thank me." FF the much I know, does not forbid one appreciating a mentor like you. I'm not flattering you Hutch but you are a mentor to have. I cannot fail to show my appreciation for your patience, time and generosity. Truly my chart is quite different from yours. {file}
Quoting Glorybound
{quote} "...Please note that the FF community is here to help each others so there is no need to thank me." FF the much I know, does not forbid one appreciating a mentor like you. I'm not flattering you Hutch but you are a mentor to have. I cannot fail to show my appreciation for your patience, time and generosity. Truly my chart is quite different from yours. {file}
Thank you for the compliments; although not necessary it's appreciated. What you did is put the template on your M5 chart. There is nothing wrong with that except that it's unusable as a Renko chart. You should see the STG_RenkoChart indicator in the MT4 indicator panel. Just drag it to your chart or click on it. Once this is done you will see the input tab of the STG_RenkoChart indicator. First please click the "Common" tab and click "Allow DLL imports". Then go to the "Input" tab and copy the values in the picture below. Once this is done click ok. At the bottom of your chart you will see the STG_RenkoChart indicator which means that the Renko chart has been created. Then use the command "File" "Open Offline" and locate your Renko chart. The name of the chart will be the same as your M5 chart except it will be M but after the number 9 since this is the one number to start with in the input tab. When the Renko chart is opened just add the template and you will be ready to go.
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