renkoron..........sorry for the absence. I have just been waiting and watching for a real trend to develop. There is nothing much to talk about when trading the weekly...but when the trend moves..boy, it's fun.
Dang..this has been a good move..I've been hugely short some 2X instruments for the past couple weeks, almost 100% in because an independent signal I use in addition to renko charts has also called for shorting. The move has been so profitable, that I will scale back soon, in order not to give back too much on the next turn. I hope those trading on short time frames have also profited.
I use some pretty large values for the brick size..to reduce the whips. I think a partial change of position on Wednesday of a weekly chart is the earliest I believe is prudent..by that, I mean..selling half the short position to cash if the weekly looks like a reversal. Thursday and Friday are legitimate days to assume a trend change has occurred, imo. There are a lot of other tea leaves to read that can influence the decision..breadth indicators (vix, nhnl, etc.).
Right now I am 100% short..annual profit targets on this system are nearly met, ..I try not to be greedy..I will scale back the commitment of dollars through the end of the year, and just follow the renko trend. Best Wishes.
