$BPSPX - Chart Link - Here's the Renko
BPSPX SPX system chart. As you know it can catch nice trades at
times, however it also tends to give 1 or 2 whipsaw trades after a
large winning trade, which I've discussed below last time when I
highlighted the yellow zones. That last short was huge.
However notice that recently BPSPX went on a buy signal and now
a sell signal. So after a big winning trade we have at least a
whipsaw buy and possible a sell signal here as well. This is
important because this means the odds favor the next buy signal to
be a nice winner
Looks like the 12,26,9 PMO could be a secondary confirmation
indicator around those whipsaws. But one would have to
optimize the signal line to find the best PMO calcuations.
PMO is best in uptrending markets, If you have a solid candle
here maybe you could use that and have stop at low. However where
that indicator fails is downtrend markets. I'd stick to standard
candle charts honestly at this time
This seems the best indicator so far looking at everything we
went through last one month. maybe it can keep you out of the
uptrend few times but it can protect from a 30% downturn which is
huge
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
BPSPX Renko observation
Posted by matt on 23rd of Mar 2020 at 08:53 pm
$BPSPX - Chart Link - Here's the Renko BPSPX SPX system chart. As you know it can catch nice trades at times, however it also tends to give 1 or 2 whipsaw trades after a large winning trade, which I've discussed below last time when I highlighted the yellow zones. That last short was huge.
However notice that recently BPSPX went on a buy signal and now a sell signal. So after a big winning trade we have at least a whipsaw buy and possible a sell signal here as well. This is important because this means the odds favor the next buy signal to be a nice winner
Looks like the 12,26,9 PMO
Posted by dsomes on 24th of Mar 2020 at 10:16 am
Looks like the 12,26,9 PMO could be a secondary confirmation indicator around those whipsaws. But one would have to optimize the signal line to find the best PMO calcuations.
PMO is best in uptrending
Posted by matt on 24th of Mar 2020 at 10:18 am
PMO is best in uptrending markets, If you have a solid candle here maybe you could use that and have stop at low. However where that indicator fails is downtrend markets. I'd stick to standard candle charts honestly at this time
can you post a link
Posted by arun on 24th of Mar 2020 at 10:42 am
can you post a link to the PMO chart...i m not sure which one you are referring to
This seems the best indicator
Posted by arun on 23rd of Mar 2020 at 09:20 pm
This seems the best indicator so far looking at everything we went through last one month. maybe it can keep you out of the uptrend few times but it can protect from a 30% downturn which is huge