WTI Crude Oil Trading

more manipulated crap today. resistance holding, looks like it will hold today. would love to see it break north but looking doubtful.

Hi Hutch, thank you for the reply.

WTI went down 89¢ today with a low ATR that produced 3 winning trades and a losing trade due to a false signal.

3rd week in a row with a drop at the opening. looking like it wants to retest $65 again. if it goes this time could get a decent drop

We're coming back down for another likely test of the $65 handle.

A clean break of $65 might be some pretty good asymmetric risk.

lol Opec stepped in and shutdown any chance of sub $65

WTI went down 59¢ today with an average ATR that produced 6 winning trades and 1 losing trade on a false signal.

WTI is currently in no mans land. hovering above major support with bearish pressure. thinking it may hold and bulls push it back up. but a break through is very possible.

WTI went down 93¢ today with a low ATR that produced 7 winning trades and 2 break even trades. The last signal produced a small winning trade but the trade is still ongoing for traders that don't close their trades at the end of the session.

Hutch, can you help me identify the day's winning trades and make sure I understand your system correctly?

From what I'm seeing on your chart and according to your entry rules (arrow and MacD crossing over zero), there are a total of 11 trades. 5 winners and 6 losers.

Green and red arrows in the picture represent entry at the OPEN of the Renko box after the entry rule conditions have been met.

1. Winning trades assuming no commissions/spreads: #1, 6, 8, 9, 11
2. Losing trades assuming no commissions/spreads: #2, 3, 4, 5, 7, 10

Which leads me to another question: I couldn't find any clear rules about exiting a trade in your downloadable .zip file. When would be the best time to do so?

still hovering in this area, does appear to be setting up to break out maybe inventories will be the catalyst.

$65 broken and wti heading down

WTI went down $2.05 today with a very high ATR that produced 7 winning trades, 1 break even trade and 1 losing trade.

This shows yesterday's trading conditions. Did you upload the wrong picture by mistake?

Dear Hutch,
Succeed with renko installation from your folder, chart looks almost like yours. Today, I was trying to play online and I see that arrow/line colour repaints. I think the candle was closed so it was looking like ready to enter, but later it dissapeared. Do you have change smthg in paramaters of those indicators to avoid this? Thanks in advance!

Looks like it's headed towards $60.628

expecting a bounce $61-$62 region and if that breaks then $57-$58 region

Sorry for the delay in responding but I upload the charts after midnight my time so there isn't much time for replies that require a little thinking
I tried to advise you but you not yet have access to personal messages.

To clarify how the system works a trade is open when the next Renko brick is the same color as the one where the arrow is located and the FxBayMACD line is at zero or crossed the zero line. The trade is closed on the next arrow in the opposite direction while the FxBayMACD line is close to zero also but in the opposite direction since normally the FxBayMACD zero line is crossed on the next Renko brick. I always say that the best indicators are your eyes since even the best rules are never perfect. With experience I'm sure that you will like this system.

When the next Renko brick isn't the same color as the one where the arrow is located it's a false signal and there are two ways to handle this. Personally I just wait until I get an opposite valid signal but I missed good trades doing this. The second way is to wait for a few more Renlo bricks to see if you get a valid entry. This is exactly what happened on your second down arrow. Unfortunately that ended up as a losing trade whether you use my next arrow or your next arrow. Your fifth down arrow was also a false signal but this trade was the best trade of the day and I didn't take it since I was waiting for the next valid signal. This is frustrating but all traders have been frustrated some more often than others.

If you get 3 Renko bricks of the same color after the brick with the arrow the trade is always a winning trade even if there has been a few bricks of the opposite color in between before the next valid arrow. Less than 3 Renko brick after the brick with the arrow is either a break even trade or a losing trade depending on the circumstances. You will always lose the spread on a break even trade. The second and third arrows were good examples of break even trades. On a losing trade you will normally lose one or two bricks trading WTI but this is of no consequence since there are always good trades that will make up the losses so you normally should only have winning days although I had losing days because I screwed up. As Forest Gump says "Shit happens". I hope this helps.

Yes I sure did upload the wrong picture ... Forest Gump was right on this one