Replies to post #59388 on SPDR S&P 500 (SPY)

[learningboutinv]

Farooq,

We would have to hit 43.80 on your chart in order to print a green brick since renko requries a 2 box reversal. Renko is similiar to P&F except the default for most P&F is a 3 box reversal. I tend to not use Hi/low cause there can be more whippage involved on the daily charts.

I decided on .8 because it seemed like a happy medium between slight whippage and no whippage/getting into the trend too late. Although, .6pts closing actually isn't too bad, there appears to be 1-2 whips per every major trend. I guess you could theoretical ignore the first whip and take the 2nd.

http://stockcharts.com/h-sc/ui?s=QQQQ&p=D&yr=3&mn=0&dy=0&id=p35433232528