michaelmaggi

Last week up and positive, this week rocky

CME_MINI:ESM2015   S&P 500 E-MINI FUTURES
4 1 1
To follow up from Nadex binary options last week for S&P 500             , Dow 30, and Stock Small Cap options all three Renko charts held into expiration and the positions were all positve even with me cashing out all three early.
The current Renko points to a big break after the long holiday weekend with the chop likely to cotinue for the week with a high probabilty that it can close down this week due to the chart today.
However time is no factor in the Renko chart so the overall up trend could assert itself by the end of the week.
Tomorrow will be decisión day for me since I missed trading the break this morning. I will look to take a long position if the Renko chart stalls sideways or turns up and the reality check with the daily chart doesn't confuse the issues too much.
Standing aside this week might not be a bad idea unless some clarity comes quickly.
This is for the Nadex weekly binary options and the logic does not hold for outright positions on the Futures markets with the e-mini ESM5 futures contract. The Renko charts tell us to sell short with the strong trend down but be prepared to exit if the Renko turns up two bricks.
Ironically the Renko bricks turned up while I was typing. This is one of the problems with Renko, the bricks can form so fast that unless you are right on top of the trade you can miss the action. I am testing a Renko EA on another machine and will see later if this action was caught correctly by he MT4 EA working.
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