Mr.Nims, Renko Ashi Scalping System. - page 291
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when you use the macd indicator. you are attempting to use a top or bottom and can get clobbered by whipsaw....
best to see a few bars in the direction and then enter.
You can use a long trend line to detect entries that are better than the Macd, although it si a good idea to have that indi on your chart. as a tip as to what may be coming.
Exit. I use Mauro Trailing stop as I do not like to be watching exiting trades...., if it retraces and hits the stop I am looking for a new entry.
regarding Raghee wave or alligator.. if the lines are pointing to one oclock or 5 oclock. ok to enter. between 2 and 4. look for another entry.
There are so many potential entries. pick only the best, get a good slope. Get into the trade and then get out!!
Sometimes we do wayyyyyyyyyyy too much analysis deciding what might happen and what news may come and what interest rates are moving..... if the things has a decent slope make your entry.
Exit when Macd is at extreme.... or CCI divergence.. or stoch 14,3,3 turning the other way... dont wait for the arrow, you lose too many pips.... get out when the macd changes colour
Than you for your reply !
I use a trailing stop too, normally about 3 renko bars, when the retracement is of 2 renko bars, the order get closed.
Good idea to use the slope of the EMA, tomorrow ill try it !
The best thing I've readed is this: STAY AWAY FROM PICKING REVERSALS
This is my biggest problem, I always tried to get reversal, and thats killing my account, you are completly right.
Than you for your reply !
I use a trailing stop too, normally about 3 renko bars, when the retracement is of 2 renko bars, the order get closed.
Good idea to use the slope of the EMA, tomorrow ill try it !
The best thing I've readed is this: STAY AWAY FROM PICKING REVERSALS
This is my biggest problem, I always tried to get reversal, and thats killing my account, you are completly right.hehe I am an experienced reversal picker loser...... and an experienced whip saw loser.... and an experienced enter the wrong direction loser...
After getting burned by all of my mistakes, I have slowly learned to pick good trades and beat them hard...
I use similar numbers for trailing stop.
For me, best place to enter on a trend is at the first fractal after a retrace...., that gets you away from picking tops and bottoms and allows you to check for volatility, you can tell volatility also by the speed the bars are forming. Fractals are lovely little critters that have a lot to tell us re support and resistance.
A couple ma's on a chart with fractals is all a person really needs..... or HA Smoothed, all the rest of the fancy analysis tools are just to show your friends when they come for a visit, the fractals are the most important.
When we try to nail the reversal we are playing poker..... and the odds are not good. Hitting the retrace gives us a much better chance of winning.
In some forums I see chart after chart of indicators geared to tops and bottoms and most of the traders in those threads lose every day, none of them use retraces.
Better to stay out and wait.... learn which are the best entries and hammer them.
so here is a setup that I am watching on 4 hour chart, divergence seems like we will see this thing go higher...... and lovely Renko chart will give us a smooth ride for profits.....
We have to do some research other than watching Renko charts to find entries
I just added daily chart for AUDJPY showing up move from a channel......
NFP is upon us, caution.....!!
Unemployment Claims also..
FOMC also
Not the best day to be looking for entries......
My game-plan for today, pour a drink
My game-plan for today, pour a drink
hahaha I didnt say anything but I was thinking that
Happy Weekend, Nick..!
I finally got four screens set up, although I do not have them configured fully, I have to make some decisions as to what will be on each screen. I am using a table for additional screens, I will have to see about a wall mount or change my setup completely. Maybe move computers to another area of the house hahaha
Wow, Nick, that commercial Renko is pretty effective stuff... it sure makes trade selection easy.
I have four screens, but i wish i had 8 or 16 of them, the problem is that i don't have that much space in my room. Maybe when i buy a new home.
I have four screens, but i wish i had 8 or 16 of them, the problem is that i don't have that much space in my room. Maybe when i buy a new home.
I will think on making a long desk in my basement, easy enough to make one, and then I can set up a corner so screens are not far away.
I am undecided but the techniques you are using in commercial make the idea of many screens very attractive.
A lot to think about