This is very simple. Steve and Matt have done all the work
for you. All you have to do is go to their dynamic Charts and pull
up each SPX Renko Chart, 5, 10 and 30 minutes. Scroll down on each
charts and you will set how it is constructed. If you belong to
Stockcharts, you can reproduce it. You will note that there
is a Auto-Refresh line under the Symbol. Click it on to 15
seconds. Then you will automatically get a continuous 15
second update in Real Time. When trading Renko, all 3 charts
should be visible.
I look for 80 line break on Slo Sto 5 min with a 10 minute
confirmation break. This tends to minimize whiplash, i.e. fakeouts
when trade is initiated. Breakout for SSO gets some rule
modifications which I'll discuss when it happens.
Posted by poohnana on 10th of Jun 2010 at 11:05 am
Could you explain for us novices what you mean by a
10 minute confimation break? Also on the 5 min do you use 2
red boxes and a PSAR sell signal along with the Slo Sto going below
80? Thanks
On the 5 minute, I don't use red boxes, i.e. 2 red boxes could
give a false signal. A 80 line break is imperative. To ensure the
safety of the trade, I look to the 10 minute 80 line break to
confirm the 5 minute break. This means that you don't get in at the
apex of the reversal but you increase your trade safety with a
slight time delay. If you notice today, the 5 minute had 2 red
boxes and then reversed back up. No trade, no loss!!
Renko Trading -Set Up
Posted by davidd on 10th of Jun 2010 at 10:30 am
This is very simple. Steve and Matt have done all the work for you. All you have to do is go to their dynamic Charts and pull up each SPX Renko Chart, 5, 10 and 30 minutes. Scroll down on each charts and you will set how it is constructed. If you belong to Stockcharts, you can reproduce it. You will note that there is a Auto-Refresh line under the Symbol. Click it on to 15 seconds. Then you will automatically get a continuous 15 second update in Real Time. When trading Renko, all 3 charts should be visible.
what rules do you use
Posted by 1800promote on 10th of Jun 2010 at 10:36 am
what rules do you use for a signal long/short?
I look for 80 line
Posted by davidd on 10th of Jun 2010 at 10:50 am
I look for 80 line break on Slo Sto 5 min with a 10 minute confirmation break. This tends to minimize whiplash, i.e. fakeouts when trade is initiated. Breakout for SSO gets some rule modifications which I'll discuss when it happens.
Could you explain for us
Posted by poohnana on 10th of Jun 2010 at 11:05 am
Could you explain for us novices what you mean by a 10 minute confimation break? Also on the 5 min do you use 2 red boxes and a PSAR sell signal along with the Slo Sto going below 80? Thanks
On the 5 minute, I
Posted by davidd on 10th of Jun 2010 at 11:23 am
On the 5 minute, I don't use red boxes, i.e. 2 red boxes could give a false signal. A 80 line break is imperative. To ensure the safety of the trade, I look to the 10 minute 80 line break to confirm the 5 minute break. This means that you don't get in at the apex of the reversal but you increase your trade safety with a slight time delay. If you notice today, the 5 minute had 2 red boxes and then reversed back up. No trade, no loss!!
and the 30 min chart?
Posted by 1800promote on 10th of Jun 2010 at 12:01 pm
and the 30 min chart?