Replies to post #1906 on RENKO CHARTS

[leftyg]

ron...good reply on your reversal decisions. Your plan to only take the reversal-short brick in an overbought condition may work well to reduce whips.

Do you have the software skills to back-test that idea?

I love the ease with which the returns can be evaluated with the renkos...compared to plotting the P&F's, it is a big step forward.

If the whips can be limited to only occasional happenings..and they can on every chart I've looked at..it seems like a good return is simply a matter of staying on the right side of the trend..and changing to the other side when the trend does. Best regards to you.

[CITYHAWK]

Hi ron,
Thank you for those charting ideas. Presently I have QT charting, but I also have S.Desk via TDAmeri. The TDAmeri has some good things but it is kind of new so it lacks things as well. It has some back testing aspects and visualy one can look back a nice amount. In this case the bad is presently no Renko and they are missing a few little indicators that I like. I could program them ( or learn to) meaning the indicators. So I am mostly trading via QT program and using the TD.S.Desk for the working things out ( wk'ly & daily pivots etc.)
I am presently trading on a shorter time frame, but would like to work into the longer time frames as well. Sometime ago I traded a swing chart pattern and used P&F charts as a trend back up. There were a few P&F and patterns I tried trading as well. Most of the ideas were based on the book Swing Trading by Marc Rivalland. I enjoyed it, but over time became more of a morning day & sometimes afternoon day trader influenced by NERS. Just a short time ago I found these Renko bars and am very taken by them as well, even on the short term trading basis. Yes as you mentioned when the conditions of O/B O/S, Ma's, patterns and etc. line up it is wonderful. With the candles I seemed to have felt the bars emotionaly. I do not at this point feel the same emotions with Renko bars at the price amount that my emotions can handle. Yes I realize these lovely periods are subject to change due to market action. Perhaps that is why I am thanking you and Lefty for sharing the interest of the longer time frame. I have also found The Acts premium site at stockcharts to be a great source of charting info.
Friday was ok in the morning, IWM .09 Renko 5 min.with Slo. Stoc, Ema's,(CCI based on candle chart) and Trix. I also study the 60, 30 with indicators & patterns to help with trend etc. This UYG is a good one as well if one waits for the SET UP :o).
Have a great weekend.
sb