These speculators simply must be stopped!
The price of oil keeps going down, who is to blame?
Ok, not very funny but you get the point. China's oil imports have dropped, American's gasoline consumption has dropped, it's as if economics actually work.
The trading day started out slow and then caught a nice downtrend. Four trades on the day: 1) small winner, 2) break even, 3) big winner, and 4) full stop out.
Trade the plan, trade the plan, trade the plan and when you're done that, trade the plan.
The renko bars are working nicely, they do a nice job of ignoring the chop and holding you in a trend longer than the plain range bars.
13 Tick Crude Oil Renko Bar Chart (click on chart to view)
The daily crude oil chart has now broken free of the 144EMA, how low it will go is anybody's guess, $100 could be an interesting test.
Daily Crude Oil Chart