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Monday, July 28, 2014

Day Trading Crude Oil with Renko Bars

Okay, this is Day 1 of the new papermoney tests on sweet crude. Renko bars! Or Bricks, as I prefer to call them. Japanese "renko" means "brick."

This is a learning process. Totally different than the day trading I've been doing up until now.

First of all, it takes a lot of patience to wait for the specific entry and exit points. No more hopping around and moving stops and moving targets. Uh uh. This is a system. And I'm not used to being glued to the screen to watch for the changes. So I've missed quite a few on this, my first morning, of Renko.

I'm also at exactly breakeven, NO profits, NO losses, after 8 trades this morning. I won't even put up my cash/sweeps account because I made too many timing errors to even count this as a good test. But it takes a little getting used to. So maybe my next trading session will be more mechanical.

At any rate, I think I might like this system. Time will tell. And I need to get my bricks in order.

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