RENKO CHARTS

[renkoron]

Pete, this is the worst case senario of RENKO or any other system if you did not use stops or watch the open and futures. Gap open reversals, as you know, are impossible to deal with. I wrote earlier that I gave back a bunch on that day but still had a good trade. I do not feel you can only watch one time frame. I watch 60 minute and 30 minute in addition to daily, shorter than this will drive you bonkers with the whipshaws. If I have a good trade going it is easier to see a whip come up on a shorter time frame and wait it out. If you are watching daily and price drops below brick price keep an eye on shorter time frame. Watch high/low also as in PNF charts. This last week there were reversals during day. Good luck. Ron

http://stockcharts.com/h-sc/ui?s=TNA&p=60&yr=0&mn=0&dy=3&id=p43921698936

http://stockcharts.com/h-sc/ui?s=qid&p=60&yr=0&mn=0&dy=3&id=p43921698936