P.O.C (Point Of Control) Within Renko Footprint Bricks
It is time to address something that I overlooked when initially setting up my Renko Footprint chart and setting up the thread. A big thank you to Rick for pointing this out to me! That is, having the P.O.C visible on the Footprint chart, specifically on each Renko Brick. There are several reasons on why this is important:
- Allows us to see where Value is within a Footprint;
- Allows us to see where the biggest market participants were trading;
- Gives us a more relevant//important price when seeing if price is being accepted, compared to a regular candlestick closing price;
- Allows us to see shifts in Value (or not) over time.
Here is what RickM said on the matter a few replies up: "I am also a fan of all candles having their POC visible. The "Point of Control" allows me to see where the big money is positioned in each candle so its therefore a strategy JUST TO FOLLLOW THE YELLOW (P.O.C) ZONES and use them for Trend following or Rejection."
So far in my testing (and now trading) a singular P.O.C over under a MA or S/R level is significant > several is more significant > this and all the other confirmations talked about so far, along with the core Renko Brick & Cumulative Delta candlesticks in the same direction > very significant! Data and Testing is still very much needed and I am working on it, for now every post from here on will have the P.O.C marked and visible on the chart!
The above screenshot is a developing Renko Footprint Brick with a P.O.C added for some context. It is the black rectangle on my chart however this changes depending on what platform/service you are using.
In other news, as this is such a big development (Renko Footprint Bricks in general) and to get the ball rolling faster, I have made a trading account, trading rockypoints original strategy with the new Renko footprint’s (Order Flow) aspects described at the start of the thread, trading FX Majors only - analysing their respective Futures market. As I always do, I will log each trade and give a run-down of the process I used to make the trade etc. This allows me to gather data everyday without dedicating time away from my other strategies.
I am already done for the day (in terms of this strategy) and it was a very good day! I’ll post a full write-up and breakdown soon.
Trade safe,
MM