More simple is impossible

out usdjpy@ 123.470 +30 +30/ one pos +28 ongoing there is still space for a possible run to TP

great trades!
but the sentence of the morning ...,
puzzles me
hehehe

We believe in it?

gbpusd D


gbpusd 4H

Just make sure you take a photo of the cats and the magpies and not you in your underpants! Great trades as usual!

Hi everyone and thanks for to post here:

I want to contribute with a video i make today but i cant cause it excede limitation of 5.mb. I hope add in next post.

The video is a guide to how you can backtest renko bars.

Follow step by step this video. May be it is a bit complicate the first time.

For backtest i use this script to add a M1 chart and Mt4 trading simulator EA.

I hope help you.

Regards.

hahahaha

Hi everyone:

I cant to post in only one video. I divide it in 3 short videos. You must to open 3 times mt4 following step by step these videos.

First all you must create a new folder in history folders. In the video it was name "Crb". Inside this folder copy the four marked files from another history folder.

Sorry for the grab speed but 5.0 mb is so small.

I hope helps you.

Regards.

Hello lads!

So...it's time, for me, to make a real contribution to this thread.

A couple of things before I get into it:
1. I haven't traded the examples I will show; I won't be trading for real for a while because I am in the process of getting acquainted with renko charts and introducing them in my trading system;
2. I trade Wyckoff and VSA principles. I know that this thread is for renko trading but I use renkos only for entry and trade management purposes, I use time charts for analysis thus every renko chart I post will be accompanied by a time chart. I am not trying to make things difficult nor am I trying to steer this thread into a different direction...if you believe that I over complicate things let me know, but it is my opinion that it would be redundant to post only renko charts when the essence of my analysis comes from time charts.
3. For those who want to study my method of analysis on time charts there are some resources I reccomend:
i. http://www.informedtrades.com/blogs/stockjock/ StockJock's Wyckoff University;
ii. Youtube Channel: Petefaders and any Petefaders materials you can get your hands on;
iii. SonicR and PVSRA threads here on FF.
iv. Tom Williams - Master the Markets and Anna Couling - A complete guide to Volume and Price Analysis

If you really have questions about the resources...PM me, don't ask me in thread messages because everything will get messy and I would be the one who started it and I'll be on the news and....well; it would not be pretty

The Wyckoff resources give you a great understanding on market phases; it's a great resource to understand "where I come from" in terms of trading. The 2nd resource gives you more insight into VSA. The 3rd resource gives you priceless insight into smart money activity around psychological levels, position building, etc and the 4th resource is to increase your market and VSA understanding. I recommend going through all four...when I finished them for me it made a lot of sense and I started looking at price in terms of: supply/demand equation, accumulation, distribution, mark-ups/downs, traps...; If you want to understand these concepts...STUDY THEM, don't ask me to mentor you, I am definitevely not qualified and it is not my intention. The materials will put the market into a new perspective IF you truly and mindfully study them.
If anyone wonders why I haven't been active on Sonic R and PVSRA threads the answer is two fold: 1. I was a silent lurker (shame on me), 2. I trade using strict Wyckoff principles, I also use VSA principles, they use volume in terms of activity; similar but different (good excuse huh? )...however I am drifting towards using it as activity as well.

Now...with all of the above being said, in the future, my time charts will only have explanations like: smart money selling, high activity on tops, accumulation, mark up / down, etc; I will try to focus mainly on the renkos.

I will try to give you a balanced explanation of the time chart this time. Of course, I can not put all the details in this post because I would steer the analysis in a direction that is not in tone with the thread; on the other hand just posting the chart with no explanation is a bit redundant so....I'll try to keep things balanced:

TIME CHART:



Point 1: Before Frankfurt open price is clearly ranging. There is a clear breakout up to the .50 psychological level. Wide spread bars like this are easy to reverse (the market is inefficient). There is a possibility for a short.
Point 2: The market drops strongly back into the range with...you guessed it...another very strong bar that was quickly reversed; possible buy.
The thing to notice on both candles it the high level of activity / volume and the reactions the followed.

I don't believe that there is a group of persons who decide let's mark price up to trap buyers or mark down to trap sellers that chase the market; I don't buy the whole smokey conference room conspiracy...but one thing is clear: large body candles like this attract people who chase the market, and the people who chase the market are the ones who fill the orders of the smart money (guys who move the market: banks, hedge funds, etc); go with the smart money, NOT AGAINST...aka...don't chase the market: buy low, sell high (WHEN YOU HAVE CLEAR REASONS) or if you missed an entry wait for a pullback. I mean, think of it like this...if there was real smart money buying behind the candles at point 1 and selling at 2 why the hell price did NOT continued strongly up (1) or strongly down(2)?? It was a trap; there was selling on the up move and buying on the down move at point 2; that's how smart money work: they wait for price to go high so they can sell and go low so they can buy because of the magnitude of their orders. The only time I would buy a large candle like this is when it is off the very low after a down move...and even than I need solid evidence because it can be a trap in the form of profit taking. I know the explanations may be a bit confusing, if you guys want I can write another small article to give you my opinion on market dynamics and order flow (this is basically general market knowledge). The colored candles match the indicator below, which shows high activity / climactic actions

Point 3: nada , point 3 renko only baby

RENKO CHART(I made this in bold and underlined it so the renko chart won't feel overshadowed )



Simplicity at its best. Before point one there was a buying opportunity inside the large candle up; a breakout-test-run or breakout-PB-rally or whatever you want to call it...but you would have had to be quick to catch it.

Point 1: Keeping in mind the time charts we see a double top, bearish divergence and a breakdown, what a nice sell.
Point 2: Keeping in mind the time charts there was an aggressive entry (although I mark it now after the fact, I don't believe I would have taken that) and the best entry as the price breaks the small flag / congestion area above the .25 level.
Point 3. Divergence on the down side, price forms a channel / wedge (depends on your drawing); Channel or wedge...price broke down offering you yet another selling opportunity.

Hope this helps.

EDIT: almost forgot...a great shout out to Jaqemate, Dee, Friska and all the contributors to this thread. Thank you; this thread definitively helps in my trading.

nice!
also interesting material ...
I always appreciate a logical reasoning behind the price movement,
I think that's the really interesting part of this discipline.
really nice analysis.
get on with your work!

I agree.

You can use something called youtube!

buy dax @11461
5p renko



edit out 11480 +18 +16
10p renko


re-long?

out long gbpcad +10

DE30+54. Pretty obvious really. Div on 5 & 10 pip just to confirm, although you would really call this a range trade so I probably would have taken this trade even without divergence.

I think I am coming down with holiday syndrome, I am beginning to have strange urges, I keep looking at articles that have pictures of blue sea and sand.

Good Evening at All, Hi DEE,

I start some days ago studing this thread, and I've a question for you...

Could you explain to me how revenues indications of momentum from macd?

Thank you very much for your reply, i'm new with this thecnique but I'm very interested

Ge1

you are welcome,
and to me it is a pleasure to know that in my little I can be of help to someone.
very inspiring!

updating chart post #2263 - 2311 - 2331
usdcad target reached
D

I said I would not trade but the EU setup looked pretty good; My 1st trade with this strategy: +28 pips

Time Chart:



Renko Chart (4 pip renko):



The entry above was a bit late; I got stopped at BE.



Took the 2nd entry because price showed willingness to move higher and the background was good for a long, however since the entry was off my ideal point I was managing it very conservatively. Price ran aggressively when the GBP news came out; the news was another reason for conservative management.

DE30. +82+39. Until some thing tells me other wise, this is a Range, a Channel, what ever pattern you want to call it. My Bias is short mainly because I think that the market participants are suffering with "Greek Fatigue" and until the next "headline" price will waft gently down.

Now I can say this with some certainty because, no less than 3 satsuma candles have been over powered by an avocado candle and it looks like a Banana is waiting to join in.