Following latest reports from French Presidential Elections
Current situation with North Korea
Brexit, Possible Frexit...
Both DAX and CAC are at highs and looking for reversal for longterm downtrend
With some careful back-testing (fitting), renko can help us to be on the right side of trades, acting as a useful filter for signals both on longer and shorter time-frames.
This is based on my continued study of Renko charts. What follows are thoughts on how I would change my trading behavior and not because I've been successful making $$$ trading this strategy. Also, parts of this is original thoughts but the initial Renko strategy is based on work and ideas shared by @GcNaif.
I currently have a short position in Wheat based on...
Renko supports the fact that gold is stil in an uptrend: keylevel to close the week is at 1240. To have a real confirmation for the next wave we need to see a breakout wich surpasses 1245 wich is very plausible given recent price action.
Advise:
Hold longs for conservative swings, add up on intraday lows for speculative positions.
Some of the following ideas are based on concepts outlined in this link: forexformation.com
And, from the book "New Concepts in Technical Trading Systems" by J. Welles Wilder, Jr.
In my previous ideas on renko charts, my main goal was to identify price consolidation based on ADX and then trade the breakout. In this idea, I'm going to add another concept which...
Since my last discussion on Renko Charts, I've made some changes to what my view of long term vs. short term is. Currently, I'm experimenting with a 2hr and 5 min chart
I'm continuing focus on my primary scenario of a breakout of price based on consolidation dictated by the ADX of the DMI. The general goal is to find 2hr charts that have an ADX reading of 20...
One of the first links I came across which seemed to have the least complex strategy:
www.dailyfx.com
Another challenge I quickly came to was what settings to use on TV for Renko charts. A special thanks for @GcNaif for helping me with these configurations for Crude Oil (which I've used similar concepts for other markets listed below)
I've carried over some...
If red bar below green renko bar then I am expecting DAX to trade towards 10938.
This scenario is only valid if we form a red bar below the green one now.
