Oil is Up, Down, Up

Oil traded all over the map today with a high of $117 before the crude oil inventory report. After the report we saw a drop down to $112.60 and then a rally up to $115.81 as the New York session closed.

I did not trade before the report, usually a wise decision, and caught a good portion of the down move. Took 2 swings to get long at the end of the session with a full stop and then a nice winner to end the day.

I'm using a 5 tick Renko bar chart to help find an entry point on the trend I see with the 13 tick Renko chart.

All in all a nice day.

13 Tick Renko Crude Oil Chart (click on chart to view)

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