More simple is impossible

Quoting PhilippineFX

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{quote} You asked the question on the ren 5 chart..:"What could I have used to see the potential reversal areas?"......there was a trendline break to the upside on the RENCO 5 as well as a double bottom.....these are old school tools but often have value

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Quoting JoshuaHope

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{quote} Hey PhilippineFX, Yes, you are absolutely right, but I just wanted to highlight the 38.2% fib retracement which gave "weight" to the action at that level. I did mark the double bottoms, but on the 10 pip. The fact remains, that while I was trading i didn't pull up the fib which was very sloppy of me and would have shown what was up... I started a new analysis at the start of every trade session, when this whole move and pullback(s) (10) could have been "determined" from that original reversal with a 123. Ok, determined may be too strong...

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Quoting PhilippineFX

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{quote} "suggest" is a good way to put it.....I love those solid moves started with a trendline break out.....the trick is to use discipline and wait for the first pullback/continuation before jumping on.....i have gotten into the habit of closing out after price fades through the second leg[the easy middle].....I used to beat myself up if price took off for another leg but no more....taking the easy middle of the move combined with high leverage works for me at this point

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Quoting Intrepidpips

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{quote} One of the tools that the OVO Renko builder provides is the Omnia Auto range and I applied it to my LTF chart and it gave me 8.3 pips so that means if I were to go by that, my HTF would be 16.6 pips. What I then did was to multiply 16.6 by 4 to arrive at 66.6 for my MA in the LTF. Looks interesting. {image} {image}

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Quoting zambi64

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Hello, folks; and thank you for an interesting thread. Murrey Math does a fairly good job of catching long/short trades on Renko charts, and I'm surprised it hasn't been explored further on this thread (except for a brief exchange between BBalzas and bettervolume last March). At the request of a friend, I've been trying to port my Sierra Chart studies over to Metatrader (which is how I came across this thread). I find both Metatrader and MQL4 very frustrating so I'm giving up. Reading the discussion on the various flavours of "pimped", "ovo" and...

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Quoting Intrepidpips

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So much going on in my head right now. Like why do somethings come up that will take me away from my desk when the very easy "without thinking set-ups" occur? Then why do I distract myself when after analyzing and mapping out price direction and only thing left is to wait for my entry bar and I go ahead and distract myself? To add to that I had applied the Auto Range tool which gave 6.7 pips and I decided to stick with 7pips, so I missed the the "without thinking" trade, distracted myself from taking the breakout of the range formed @ S2 (after...

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Quoting Halley

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{quote} I do not think it was your fault, Renko chart shape is extremely sensitive to its setup, and it moves its price levels a lot with a tiny change. That is why I prefer rangebars over Renko, they are not so good looking, but neither they are very sensitive to their setup.

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Quoting PhilippineFX

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You have to love the clarity Renco charts provide when looking out for HH/HL, ABCD`s, 1/2/3/4`s etc.. Here is a shot of the Ren 1 and M1 taken at the same time....[check the 100 pip gap from the week-end on th M1] Its a huge help for picking entries, adding to a position and closing the trade.... All the wizbang Indies are fine but how can you beat these simple silly bricks for reading price action{image} {image}

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Quoting JoshuaHope

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{quote} Hi Philippine. One thing I have learned about gaps is that in reality, there is no guarantee a gap will completely close. I targeted 50%, but for some reason got ichy and closed for 20. But hey, pips are pips. Best, Josh Edit, note the big picture theory, the brn at 10400 may be the continuation point... {image}

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Quoting PhilippineFX

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Dax 30....-28 +92 +89 +70 +68 +49 +46 +35 +43 +16 What a grind and a lot of unnecessary stress....my entries adding to the position ignored the 2 indies[on the ren 5] so i had to endure a bit of pain on retracements. The lesson learned today was if the goal is 100 pips[the gap fill] then enter on the 5 and not the 3 renco ...... I put a bit of extra faith in this trade as the daily showed resistance at our High of the Day...when the first retracement came up short my confidence in this counter trend trade improved.....don`t get me wrong I am very...

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Quoting PhilippineFX

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Here`s an interesting look at yesterdays Dax....Once the gap was filled she settled back into its boring 50 pip range....it`s as if it never happened...can you imagine how much money the banks made yesterday with their algorithm machines running at full tilt ???? Us peasants can not predict what price will do next, but we can jump on board for the ride. *** Gap fills are not a sure thing....but it pays to take a look at them... {image}

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Quoting JoshuaHope

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{quote} Thats the sad reality many people don't get. The market is there for the banks to make the $. It kind of reminds me of the Matrix agents - "They are guarding all the doors, they are holding all the keys." If the market was competing against just other traders, i would argue that trading would be a breeze...without all the manipulations and tricks played on a regular basis. Like example a game of poker...5 traders get together and have a poker night. Each brings 1000$. One might lose, other win, but at the end of the night, the combined money...

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