DislikedForexaz, the indicator is a semafor. I have attached a few for you to look at in a zipped file. Batavier may have one of these or a different one. Thanks for the heads up on the labels Batavier, that will be most helpful to people. I also find my schedule and time zone have me looking in the Asian session for trades. Renko moves independent of time and that is a help. {file}Ignored
- #384
- Edited 11:59am Aug 6, 2015 11:12am | Edited 11:59am
I want to remind everyone on the importance of the big picture.
Too often we can get focused on an immediate trade and have no idea on how it fits in with the larger trends.
Here is a way to deal with that. First of all, go to properties and set the line graph color to none.
Then set your Renko Shade 3 to show 30 pip bricks on the 10 pip brick chart. Zoom out as far as you can and then display a line graph.
(The template that I made available a few posts back is set up for this.)
You should now get a chart that looks like this ... of course you have to add the HH HL LL LH labels.
You now have the Big Picture and know well ahead of time where to expect the market to give you some great action.
Look where price would break below the last LL and confirm the LH?
Now turn the candles back on and you can play the 10 pip bricks within the 30 pip brick structure.
One other thing, note the crossover of the Teeth line when the bricks change color. That alone is a really powerful and useful feature.
Too often we can get focused on an immediate trade and have no idea on how it fits in with the larger trends.
Here is a way to deal with that. First of all, go to properties and set the line graph color to none.
Then set your Renko Shade 3 to show 30 pip bricks on the 10 pip brick chart. Zoom out as far as you can and then display a line graph.
(The template that I made available a few posts back is set up for this.)
You should now get a chart that looks like this ... of course you have to add the HH HL LL LH labels.
You now have the Big Picture and know well ahead of time where to expect the market to give you some great action.
Look where price would break below the last LL and confirm the LH?
Now turn the candles back on and you can play the 10 pip bricks within the 30 pip brick structure.
One other thing, note the crossover of the Teeth line when the bricks change color. That alone is a really powerful and useful feature.
Thanks for fielding the Renko Shade question Bat. It is good to see the thread developing with
people helping each other.
I am going to be away for three or four days tomorrow (going prospecting.)
Meanwhile, here is my take on the 10 pip AUDUSD:
I have a buy stop at the level which is basically the neck line of an inverted head and shoulders.
I will let LOC manage the trade.
(LOC is a commercial product which I use. I am not affiliated with it at all, just a happy user.)
people helping each other.
I am going to be away for three or four days tomorrow (going prospecting.)
Meanwhile, here is my take on the 10 pip AUDUSD:
I have a buy stop at the level which is basically the neck line of an inverted head and shoulders.
I will let LOC manage the trade.
(LOC is a commercial product which I use. I am not affiliated with it at all, just a happy user.)
- #399
- Edited 11:19pm Aug 13, 2015 11:06pm | Edited 11:19pm
Hi Eurix.
I took the liberty of re-posting your chart. Looks like you nailed it.
It may go higher with a divergence forming on the AO but take the cash and let the credit go never fails.
Pretty soon I will talk about how I use the M1 chart and the Renko Shade to give an X ray vision of what is going on inside those bricks.
I didn't find any nuggets on this trip Batavier. The creek I am prospecting carries very fine gold and garnets and I am trying to trace either
to a source. The bush here is very dry and the fire hazard is extreme - so I wasn't too ambitious. It seems like you found plenty of nuggets
in that AUDUSD chart though. Between the Initial Fibo and the fours, life can be grand indeed.
I took the liberty of re-posting your chart. Looks like you nailed it.
It may go higher with a divergence forming on the AO but take the cash and let the credit go never fails.
Pretty soon I will talk about how I use the M1 chart and the Renko Shade to give an X ray vision of what is going on inside those bricks.
I didn't find any nuggets on this trip Batavier. The creek I am prospecting carries very fine gold and garnets and I am trying to trace either
to a source. The bush here is very dry and the fire hazard is extreme - so I wasn't too ambitious. It seems like you found plenty of nuggets
in that AUDUSD chart though. Between the Initial Fibo and the fours, life can be grand indeed.