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WTI Crude Oil Trading

  • #9,521
  • Jun 1, 2021 12:37am Jun 1, 2021 12:37am
I know this is not an EW thread, but this is my weekly outlook.
For the moment I am looking for an arrow after 67,9710 level, to short, although the real target is long at some retracement, till 77,0540
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  • #9,522
  • Jun 1, 2021 4:17pm Jun 1, 2021 4:17pm
WTI went up $1.10 today with an average ATR that produced 3 break even and 3 winning trades. Best would have been the continuation trade from yesterday.
Attached Image (click to enlarge)
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  • #9,523
  • Jun 1, 2021 11:18pm Jun 1, 2021 11:18pm
Quoting Hutch
WTI went up $1.10 today with an average ATR that produced 3 break even and 3 winning trades. Best would have been the continuation trade from yesterday. {image}
Hi Hutch. Your methodology of using Renko Bricks with FXBay-MACD (the latter being the trigger indicator) is basically a mean reversion trading approach. How do you determine your entries in a trending market where the FXBay-MACD stays continualy above or below the zero line for long stretches? Do you deliberately stay out until the trend changes and miss the ride?
  • #9,524
  • Jun 2, 2021 1:36am Jun 2, 2021 1:36am
Quoting cuchuflito
I know this is not an EW thread, but this is my weekly outlook. For the moment I am looking for an arrow after 67,9710 level, to short, although the real target is long at some retracement, till 77,0540 {image}
Should be interesting to watch. I think around $72 will be the retrace point.
  • #9,525
  • Jun 2, 2021 6:53am Jun 2, 2021 6:53am
Within an overall uptrend, Crude is facing resistance currently and a rally above that would accelerate the upside momentum and target $75+

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  • #9,526
  • Jun 2, 2021 9:17am Jun 2, 2021 9:17am
Quoting Sporean
{quote} Hi Hutch. Your methodology of using Renko Bricks with FXBay-MACD (the latter being the trigger indicator) is basically a mean reversion trading approach. How do you determine your entries in a trending market where the FXBay-MACD stays continualy above or below the zero line for long stretches? Do you deliberately stay out until the trend changes and miss the ride?
Since there is now way to know how long the ride will last I stay out and I miss good trades. It's a trader's choice
  • #9,527
  • Edited 12:30pm Jun 2, 2021 12:08pm | Edited 12:30pm
Quoting Hutch
WTI went up $1.10 today with an average ATR that produced 3 break even and 3 winning trades. Best would have been the continuation trade from yesterday. {image}
Your renko system looks interesting. BTW quick question.

Why is the fractal trend in your screenshot yellow for M15, M30 and 1 hour? What does it mean?
I assume green means bullish but yellows means what? Bearish?

EDIT: Oh nm. I scrolled past entries and see there is red too... So red is bearish, green is bullish and yellow is neutral/flat. Got it
  • #9,528
  • Jun 2, 2021 1:28pm Jun 2, 2021 1:28pm
The trend is to those weekly levels, interestingly, every few hours, Big Boys, push it down, to wash the weak longs, it is quite obvious at the 15M bars, that voraciously look for stops at common areas, sometimes they get hit, sometimes close, then the long climb resumes.
This morning I placed 4 longs, at different levels, just trying to "read" the Big Hands, keeping my stop at a safe distance, took a little profit on all. Done for the day, just before it collapsed again, only to climb one more time.
It is not an easy poker game.
  • #9,529
  • Jun 2, 2021 5:07pm Jun 2, 2021 5:07pm
WTI went up 75¢ today with a below average ATR that produced 1 break even trade, 4 very lousy winning trades and 1 good winning trade.
Attached Image (click to enlarge)
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  • #9,530
  • Jun 2, 2021 10:35pm Jun 2, 2021 10:35pm
Hutch.
I also use renko and trade CL as well as ES.
I use a simple MA and small renko bricks .... 3 ticks sometimes 1 tick depends on the volatility.
I was wondering what your entry and exit parameters were.
Mine are simple price crossovers.
Thanks and keep up the good work.
  • #9,531
  • Jun 3, 2021 1:48am Jun 3, 2021 1:48am
Quoting Hutch
WTI went up 75¢ today with a below average ATR that produced 1 break even trade, 4 very lousy winning trades and 1 good winning trade. {image}
Hi Hutch
Following our previous comparison of Renko bricks pattern from your a/c with Oanda and my IG broker, I open a demo a/c with Oanda and below is the Renko pricing from my Oanda demo a/c for 1 Jun. Compared to your price chart(see below), there are curious differences especially with the red bricks - see circled segments. I wonder why.

The Oanda office here says that Oanda's MT4 market watch time is GMT+2 and the server is in the USA. Is that the same for you?
Attachment g
  • #9,532
  • Jun 3, 2021 6:58am Jun 3, 2021 6:58am
Wait and see the reaction to Non - Farm right?
  • #9,533
  • Edited 10:33am Jun 3, 2021 7:03am | Edited 10:33am
Quoting Hutch
WTI went up 75¢ today with a below average ATR that produced 1 break even trade, 4 very lousy winning trades and 1 good winning trade. {image}
Friend, I am looking for a drop so will experiment using your system. Looking for revisit of 65.3x to 65.8x if possible but might not even make it there if 66.2 (previous R likely turned S) holds

EDIT: Well it is dropping
  • #9,534
  • Jun 3, 2021 1:05pm Jun 3, 2021 1:05pm
Quoting tradestar1
Hutch. I also use renko and trade CL as well as ES. I use a simple MA and small renko bricks .... 3 ticks sometimes 1 tick depends on the volatility. I was wondering what your entry and exit parameters were. Mine are simple price crossovers. Thanks and keep up the good work.
Entry is based on reversal so you need an arrow and the corresponding FxBay MACD in the same crossing the zero line on the next brick. I exit on the reversal. Sometimes it doesn't work because the asset it too volatile such as EURUSD on NFP day. If every strategy worked 100% of the time we wouldn't be here talking about it because brokers would no longer be in business.
  • #9,535
  • Jun 3, 2021 1:32pm Jun 3, 2021 1:32pm
Quoting Hutch
{quote} Entry is based on reversal so you need an arrow and the corresponding FxBay MACD in the same crossing the zero line on the next brick. I exit on the reversal. Sometimes it doesn't work because the asset it too volatile such as EURUSD on NFP day. If every strategy worked 100% of the time we wouldn't be here talking about it because brokers would no longer be in business.
I am trying something new and comparing. I'm taking entries on expected reversal days (calculated based on the other methods). Will see how it goes.
  • #9,536
  • Jun 3, 2021 2:27pm Jun 3, 2021 2:27pm
Forgot to ask this but does any of you have problem running it on DEMO? I tried it on DEMO, and the renko chart refuses to update although I clicked refresh on the 1min offline chart. It still remains offline

In the end, I had to load it on a live feed 1min chart else the renko would never update. Odd thing is no such problem on live data feed.
  • #9,537
  • Jun 3, 2021 4:21pm Jun 3, 2021 4:21pm
Quoting MaryAnne
Forgot to ask this but does any of you have problem running it on DEMO? I tried it on DEMO, and the renko chart refuses to update although I clicked refresh on the 1min offline chart. It still remains offline In the end, I had to load it on a live feed 1min chart else the renko would never update. Odd thing is no such problem on live data feed.
The 1 minute chart should be the source chart not the Renko chart. In any case, to refresh the Renko chart just change the box size on the STG Renko Chart indicator located on the source chart. For example, if you want a Renko chart of 10 pips change the STG Renko Chart indicator to any number but 100 then change it back to 100 and the Renko chart will show brick size of 10 ticks. This is a problem with STG and STS Renko indicators and I doubt there is another solution.
  • #9,538
  • Jun 3, 2021 4:51pm Jun 3, 2021 4:51pm
WTI went up 92¢ or 1% today with a below average ATR that produced 4 winning trades.
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  • #9,539
  • Jun 4, 2021 1:03am Jun 4, 2021 1:03am
Quoting Hutch
{quote} Entry is based on reversal so you need an arrow and the corresponding FxBay MACD in the same crossing the zero line on the next brick. I exit on the reversal. Sometimes it doesn't work because the asset it too volatile such as EURUSD on NFP day. If every strategy worked 100% of the time we wouldn't be here talking about it because brokers would no longer be in business.
Hutch.......
Thank you for your response.
I use MotiveWave as a trading platform so MT4 trading indicators are foreign to me. Also I trade though IB.
Anyway was just curious. Our methods are actually very similar overall.
  • #9,540
  • Edited 6:33am Jun 4, 2021 5:48am | Edited 6:33am
Quoting Hutch
{quote} The 1 minute chart should be the source chart not the Renko chart. In any case, to refresh the Renko chart just change the box size on the STG Renko Chart indicator located on the source chart. For example, if you want a Renko chart of 10 pips change the STG Renko Chart indicator to any number but 100 then change it back to 100 and the Renko chart will show brick size of 10 ticks. This is a problem with STG and STS Renko indicators and I doubt there is another solution.
Yes I've been doing that (even followed instructions on your folder) but the renko will not update on DEMO data feed with this broker ever since the holiday. But has no problem on the live data feed. I used the same steps for both btw and yes, also changed brick size etc.

EDIT: Guess I will have to try on another demo acct on another broker to check if it is datafeed issues
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