Simple's Green Room

[simplegreen]

GM KIRBY..I seldom use the Renko charts any more but do have one set up on occasion to refer to..on any pair of interest I use 3 different charts..one with a lot of bells & whistles..one much simpler using regular candles and main chartt a fairly simple on using Heikin Ashi candles which is the main one I watch.Most of the time I use fibs set on daily or H4 TF on all 3 primary charts.By using the Heikin Ashi I can always be in touch with major trend as well as entry/exit fine tuning if I want to scalp the M5 or M1 TFs and play hit & run for a few pips at a time.Over all I really like the time based charts especially HA over Renko...I spent a fair amount of time messing with Renko which is strictly price based but finally went back to time based charts...one reason was that Renko uses up a lot more platform resources and 2 charts have to be run on a pair and as I already mentioned that I already have 3 chart layouts for a pair of interest as it is so Ipretty well booted the Renko.
Have you ever worked with Heikin Ashi?..theres a lot of information in an HA candle once fully understood.Its a powerful candle type for trendfinding...reversals etc.An HA candle always opens at the midpoint of the previous candle so the candle is speaking to you at all times.If in an upward move there is no lower shadow then we know theres strength in the move since that can only occur if newest candle has stayed in the upper half without retraceing into the lower half.Probable reversal is seen by having a spinning top candle at top or bottom of a move...no upper shadow in downtrend shows strength in trend...no lower shadow on up move shows power to the upside..spinning tops indicate indecision and possible reversal soon since either the bulls are getting tired or bears are and a short tug of war may reverse the action.This has turned into a mini novel so will stop here KIRBY(LOL)