If the trade the markets guys are as good at trading as they are at marketing they must be very rich.
Anyway it's a funny video.
8/12/2008
8/11/2008
Crude Oil Down Again
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
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
Has oil price bubble popped or temporarily deflated?
The oil price predictions change as fast as the actual price of oil.
Click on the read more icon for the full Vancouver Sun story.
read more | digg story
Click on the read more icon for the full Vancouver Sun story.
read more | digg story
8/07/2008
Crude Oil Renko Chart
I have been looking at Renko charts for the past couple of days and traded it live today for the first time.
Thanks to J the FX wizard for the heads up on Renko charts.
There doesn't seem to be alot of info on the web about Renko charts so if you have anything to offer please post your comments.
This is the Investopedia information.
A type of chart, developed by the Japanese, that is only concerned with price movement; time and volume are not included. It is thought to be named for the Japanese word for bricks, "renga". A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount. This type of chart is very effective for traders to identify key support/resistance levels. Transaction signals are generated when the direction of the trend changes and the bricks alternate colors.
I have been using range bars for my entry chart and the renko bars are just a different type of range bar. The key being they have to move past the previous bar by the set number of ticks you choose, not just oscillate in that range.
We shall see how things go from here but I like what I see so far.
Only 2 signals today as I waited for a previous low to be taken out before entering.
One winner and one loser and a nice demonstration of let your winners run and cut your losers quick. The daily reward / risk ratio was 7.76.
13 Tick Renko Range Bar Chart (click on chart to view)
Thanks to J the FX wizard for the heads up on Renko charts.
There doesn't seem to be alot of info on the web about Renko charts so if you have anything to offer please post your comments.
This is the Investopedia information.
A type of chart, developed by the Japanese, that is only concerned with price movement; time and volume are not included. It is thought to be named for the Japanese word for bricks, "renga". A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount. This type of chart is very effective for traders to identify key support/resistance levels. Transaction signals are generated when the direction of the trend changes and the bricks alternate colors.
I have been using range bars for my entry chart and the renko bars are just a different type of range bar. The key being they have to move past the previous bar by the set number of ticks you choose, not just oscillate in that range.
We shall see how things go from here but I like what I see so far.
Only 2 signals today as I waited for a previous low to be taken out before entering.
One winner and one loser and a nice demonstration of let your winners run and cut your losers quick. The daily reward / risk ratio was 7.76.
13 Tick Renko Range Bar Chart (click on chart to view)
Black Gold, Texas Tea
Make that North Dakota Tea.
The Bakken oil formation extends up into Saskatchewan and has had the same affect in that province as North Dakota.
Still nothing like striking oil to change your life, reminds me of a old tv show, come and listen to a story about a man named Jed......
"In Stanley, N.D., an oil boom sweeps across the farming plains, turning middle-class folks into millionaires overnight." CNN Money
Click on the read more icon for the CNN Money video.
read more | digg story
The Bakken oil formation extends up into Saskatchewan and has had the same affect in that province as North Dakota.
Still nothing like striking oil to change your life, reminds me of a old tv show, come and listen to a story about a man named Jed......
"In Stanley, N.D., an oil boom sweeps across the farming plains, turning middle-class folks into millionaires overnight." CNN Money
Click on the read more icon for the CNN Money video.
read more | digg story
8/06/2008
How Low Will Crude Oil Go?
Crude oil seemed to find some support around the 89EMA as it stuck to it for 9 days. However it has now broken free of the 89EMA and is sitting on the 144EMA. If it breaks this level $100.00 can't be too far away.
Of course I don't make long term price predictions.
Mainly because I'm always wrong.
Daily Crude Oil Chart (click on chart to view)
Of course I don't make long term price predictions.
Mainly because I'm always wrong.
Daily Crude Oil Chart (click on chart to view)
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