charger..it's tempting to jump the gun, isn't it. I think all of us fight that.
Hard as it is, successful traders develop discipline. Old P&F hacks like myself, have learned that the box is either filled or it is not. Speaking digitally, the signal is a "1" or a "0"...or the switch is open or the switch is closed. All this is meant to say, that I would find a box size that you are comfortable with, and discipline yourself to only trade when that box is filled in either direction.
I have no experience with the 60 min charts..it looks like they could work if you stay attentive during the trading day.
The biggest drawback to trading the Renko trends, is whipsaws. If you can choose the box size to minimize whipsaws..then, I like using a filled reversal box as the signal to reverse positions. A trix(5,2) can be useful if slowing down whipsaws..but I would be cautious of indicators that are too lagging..such that part of the trend is missed.
I think there are various ways to reduce the risk on a reversal box being the real thing, or a whipsaw. One idea could be to close out to cash the position in which a reversal box has occurred..then open a 1/2 position in the direction of the new filled box..and add the other 1/2 position when the 2nd box is filled. This is not perfect either, but may reduce risks at certain times.
If you decide to trade on the 60 min chart..keep us informed. You might want to consider using the next longer (daily) interval as a confirmation.
I am toying with using a half position on the daily reversal, and adding the other half when the weekly confirms the reversal. I haven't any real experience with that yet, but it might work for me. Regards.
