This is a current view of CL and some details on the consolidation that is showing up on the 50 and 25 tick charts. February resistance levels are getting tested again. The 10-tick short-term chart has shown some strength but now showing divergence as price hits the larger blocks resistance levels.
10-tick chart
25-tick chart
50-tick chart
Part 7: Some Examples of Analysis with Indicators
First, let’s look at some of the key indicators that are included in the charts. Regardless of the brick size (10,25, or 50), all charts will have the same configuration.
DEMA (12-period and 20-period) : These moving averages are designed to react more quickly to price changes than a traditional simple...
Part 6: How to Incorporate a Stop/Loss Strategy
Incorporating stop-loss strategies into trading using Renko charts and options involves careful consideration of market dynamics, the specific characteristics of options trading, and the unique aspects of Renko charts. Here are some approaches tailored to this trading strategy:
1. Setting Stop Losses Based on...
Part 5: Devising a Strategy Based on Buying Calls/Puts
When trading crude oil (CL) using options like puts or calls, the strategy involving Renko charts and pattern recognition can be finely tuned for option trading. The choice between puts and calls will depend on the identified trend and pattern signals across the three brick sizes. Here are scenarios that...
Part 4: Incorporating Patterns with Strategy
Incorporating pattern recognition into a trading strategy using three different brick sizes for Renko charts can enhance decision-making by providing multiple perspectives on market momentum and trend reversals. Applying this to the WTI (CL) market, using short-term, medium-term, and long-term views with different...
Weekly candlestick
Linear Regression indicator x3 with STD set to 1, 2, and 3 respectively. I set the color gradient to 25% on 1, 15% on 2, and 5% on 1 to differentiate the color. On the weekly charts, I set the lookback period to 45 for 45 weeks
Pivots (standard pivots) on a Yearly timeframe x2. One set to 'traditional' and one set to 'camarilla'
(I'll cover...
