149 replies to this topic

[Waver]

Interesting
Helps me understand why a typical candle doesnt turn red or white the same way
Renko needs to move at least 20 points to change the color
Makes sense

The setting you have for Renko is 10 points
Why are you saying 20 points?

The setting of 10 points means 20 points?

[CLK]

The key is making one trade at the turn and no more, you really don't want to wait 5 or 6 bricks after the fact to initiate the trade or even add to it, that could easily end in a loss.

[CLK]

Interesting
Helps me understand why a typical candle doesnt turn red or white the same way
Renko needs to move at least 20 points to change the color
Makes sense

The setting you have for Renko is 10 points
Why are you saying 20 points?

The setting of 10 points means 20 points?

 

 

Bricks don't print right beside each other, that's why the 20 point jump, 2 ten point bricks to print. Look at the chart again.

[Waver]

Interesting

Ic now

Thanks for your time!

This link helpful too
https://stockcharts...._analysis:renko

[CLK]

The tough part is choosing the right trading vehicle, ETF's are lowest risk, options next, calls need to be in the money, puts 1 strike in or out of the money, I prefer in the money, I usually buy a week to 10 days. Futures you need a lot of tolerance for retrace drawdowns as 10/1 leverage is involved. 

   

When you get a turn signal and you take the trade, if there is a retrace first, then it is ok to average down some as long as it doesn't print the other way, retraces usually are only 10 points but can be 20 points briefly if the signal is good, just don't add to a position if it advances further past the initial signal.

[CLK]

One issue is with gaps, if the system gaps into a turn of 3 or more bricks, then I would be cautious about taking an immediate position, usually 

that will consolidate or retrace first and may just turn back the next day if it sits there all day.  This is an issue I am still trying to figure out best how to trade.

Fortunately they are not that many.

[Waver]

Thanks for the insight
I will def monitor it
I may use it with other stuff I use if it turns out to be validating

Thanks again!

[CLK]

Look for ES to fill the gap, then down again later.

[Waver]

why are you calling for a gap fill?
Anything indicating that?

[CLK]

why are you calling for a gap fill?
Anything indicating that?

 

 

At least 80% of futures gaps fill either same day or next day, cash is different, they don't care about that.