There are a lot of new traders getting wrecked. I'm sorry. Follow the trend. Follow price direction. Remember: The news is irrelevant. Follow price. Can you keep your money in the right direction?
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if all you did was trade price direction through a simple moving average you would probably be a better trader than the other 93%.. How complicated must we make this?
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There's always room for speculation.. but don't fight price direction. You cannot bend the market- you must make yourself bend with the market. If you are not willing to flow with the market, then you will be destroyed.
Now, don't get excited, but watch for this potential. I can only speculate and will wait for confirmation.. again, what I think is not important.. follow price (you get the idea)
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Here's the RUT. More speculation? Sure.. keep an open mind.. We can find support and have an incredible rally soon.. but I wouldn't count on it. I'm fully prepared if that happens but will be just as "in the trend" if we take out March lows.
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renko is fantastic but it's not magical. It can be used for active trading decisions but the point is to stick with the price direction. If your objective is to stick with the trend, consider heikin-ashi on daily or weekly timeframes. Remove all your beautiful trend lines and focus on the trend.. consider using the moving averages to make active trading decisions.. It's easier said than done. The hardest part of any strategy is to actually follow it..
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I have been getting a ton of questions about using renko for trading. The idea I posted above is as simple as it gets-the whole point of renko. However, renko is very powerful and has thousands of configurations. If one wanted to use renko for active trading decisions it all comes down to your style of trading/investing. I say- keep it simple and look at the big picture. Follow price. If you're a day trader and comfortable moving your money in/out of trades quickly, renko can meet the need. It requires a lot of tweaking based on the asset. You need to have a pro or pro+ plan to use renko on smaller timeframes and to customize the renko block settings from ATR (AVERAGE TRUE RANGE) down to the traditional or fixed block size. ATR should not be used for active trading decisions because the chart will change as time progresses. It will lie to you and will not behave the way you think.
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I realize renko bars are not playable in tradingview published ideas. Maybe we can send a feature request to tradingview to allow renko charts to be 'playable' so people can follow the updates.
9/28- futures printing up. Did we find a bottom or just a bump in the trend?
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dow futures, interesting. Be prepared- this zone could be noisy
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come on... keep that price moving!
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Here's an example of using smaller renko blocks to trade price direction for quicker action. This might be equivalent to trading on 60 min+ candles. BTW, this is a very important divergence here. Notice the lower highs in price and the higher highs on the stoch/rsi indicator. This is known as a hidden bear divergence. It's bearish until broken of course. Look for price to turn down or up very soon
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Notice bottom indicator.. careful here guys and gals.
Bravo. Finally someone with some sense. Everyone is always trying to "predict" or "think" they know where the market will go. The market will go where it will go. TRADE WHAT YOU SEE.
Guzardus
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What MA are you using?
gghsusa
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@Guzardus look up Chris Moody's ultimate moving average for multi timeframe!
I use VectorVest on my iphone for daily market condition. Currently heavily bearish, buys not recommended. For me this is a good guide. I only buy on green days.
Yeah, right. Finally a voice of reason in a sea of madness! Why so complicated when it can be done quite simply? Making money on the stock market can really be that simple. Just follow this simple method, two simple rules: When the price starts to fall, you sell. When the price starts to rise, you buy! That's it, that's all it takes. You can use moving averages on the chart to determine exactly these points in time. All those millions of witless traders on Wall Street and around the world, always trying to "predict" price movements? Ridiculous! Why bother. Just "follow" the price, it is much easier and better! ...and by the way, the news (whether pandemics or military conflicts or interest rate decisions by central banks or economic data) doesn't matter whatsoever, did I mention that already?
@ReallyMe, I must confess, I have and still do spend a great deal of time trying to predict the market. Trading price direction trumps even my best predictions no matter how good of a job I do. It seems the market is always going to the extremes and doing the most unexpected things.. pushing it to the limits (up or down) beyond what the public is expecting. Following price keeps you in the trade.. I need to follow my own advise.
ReallyMe
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@gghsusa, Yes, but the truth is that the market will always exceed your next bold prediction, so it will invalidate it or undercut it, so that in the end you will have to admit that you did not correctly predict its true extent.