The combination of market volatility and the smaller tick value I'm using on the renko charts is providing more trades then I'm used to.
Once again the best move of the day happened around 5:00 am MST; I guess I need to get out of bed earlier.
10 Trades today, 6 break evens, 2 full stops, and 2 winners.
I have changed my break even off set to +2 instead of +1. This is mainly to help on the psychological side, as the idea moving the stop to break even + is to put you into a risk free position. With crude oil a stop at BE + 1 is not exactly "risk free" as slippage can be up to 5 ticks.
I don't know about you but I would rather look at the daily trade totals and see small positive numbers beside those break even trades instead of small negative numbers.
Patience and money management were the keys to insure this kind of day is positive.
61 winning ticks in the bank, 23 losing ticks out of the bank, makes for reward / risk ratio of 2.65. I'll take that ratio anytime.
Crude Oil 8 Tick Renko Bar Charts
The best part of the day is yet to come. The new season of House starts today!!
A sarcastic, wise cracking, self loathing, calculating know it all; what a great trader he would make. :)