AMEX:SPY   SPDR S&P 500 ETF
205 13 6
Renko Charts are no nonsense. Only Price. (3) simple rules to remember. Repeatable & easy to follow.
Hi please can you list those 3 rules
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Sure. There ate numbered on the chart. Parabolic SAR switch, Renko Brick breaks the EMA(7) and Stochastic breaks the 80% line for a Sell Trigger.
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Olu fibline
Thanks for clarifying it. I will place these on the things I trade and see how they fare
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I know you'll be impressed. Make sure to adjust Parabolic SAR to match my settings on chart. Cheers.
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webman9113 fibline
What strategy (if any) would you recommend for stop placement (particularly a protective stop after entry)?
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fibline PRO webman9113
2.5x's ATR. If you enter a stock @ 10.00 per share. ATR at time of entry is .14. Place your STOP .35 below your entry of 10.00 bucks or 9.65. Once stock begins to rise adjust your STOP to at least break even, and then trail it as price moves higher.
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webman9113 fibline
Great, thank you!
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webman9113 fibline
I assume you act on the signals (buy/sell) at the close of the day the signal is generated?
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Thnak You. I chart Renko a lot; for reviews only. Never use it for entry or exit strategy ( I should). Using PSAR is an interesting idea, I should have a look. I am using ema(9), VSTOP, and RSIStoch.
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Great job!
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If you can demand taking 80% of a move (Sweet Spot) & not worry about the top or bottom, it's profitable. Use e buy signal for entry. The next signal for exit. Otherwise, stay with the trade.
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I like looking at Renko too but never figured a good way to use it for trades, so thanks for sharing, will follow this for a while and see how it does.
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Great job & good luck!
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