Renko's can be deceptively good looking because of how the noise
is filtered out but in practice are not always that way, just like
being at the bar at 4 am after way too many, all the girls look
good.
again with any indicator type system to me price action is king,
one should incorporate price action into the indicator systems and
that's where the higher low stuff comes in, I'd use it with the
Renko stuff as well.
Matt - In regards to coupling price action w/ indicator, selling
using the higher-low stops make sense and could work with many
indicators, but what would you recommend for how to buy back
in?
West coast it would be after 1 am. Ex. last week price
kept pushing higher even though we saw bearish divergences across
the board and volume was declining. That being said going short
would have not been a bad idea as the market kept stair stepping up
and up. then finally pulled back a little this week.
Indicators are necessary to know where to drive the boat(
Buoy markers) but you have to always be alert for a change in tide,
winds, storm fronts when you are out in the open water. A
safe watering hole can easily become a trap if you are not paying
attention to the tide, wind speed, barometer, etc... I use
boating because I love to go deep sea fishing and sailing and have
learned some valuable lessons out there.
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Renko's can be deceptively good
Regarding the PMO system - higher low stop method
Posted by matt on 22nd of Nov 2019 at 02:48 pm
Renko's can be deceptively good looking because of how the noise is filtered out but in practice are not always that way, just like being at the bar at 4 am after way too many, all the girls look good.
again with any indicator type system to me price action is king, one should incorporate price action into the indicator systems and that's where the higher low stuff comes in, I'd use it with the Renko stuff as well.
Matt - In regards to
Posted by shecar on 22nd of Nov 2019 at 03:59 pm
Matt - In regards to coupling price action w/ indicator, selling using the higher-low stops make sense and could work with many indicators, but what would you recommend for how to buy back in?
West coast it would be
Posted by ssaffer on 22nd of Nov 2019 at 03:51 pm
West coast it would be after 1 am. Ex. last week price kept pushing higher even though we saw bearish divergences across the board and volume was declining. That being said going short would have not been a bad idea as the market kept stair stepping up and up. then finally pulled back a little this week. Indicators are necessary to know where to drive the boat( Buoy markers) but you have to always be alert for a change in tide, winds, storm fronts when you are out in the open water. A safe watering hole can easily become a trap if you are not paying attention to the tide, wind speed, barometer, etc... I use boating because I love to go deep sea fishing and sailing and have learned some valuable lessons out there.