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All you need
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Created: by Jeff Castille Attachments:534

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All you need

  #1531 (permalink)
Elite Member
India
 
Futures Experience: Intermediate
Platform: Ninjatrader
 
yroyal's Avatar
 
Posts: 66 since Jun 2009
Thanks: 14 given, 32 received

5 min charts are suitable for the 'purists', people who trade on price action alone. It requires great skill and self-discipline to trade on price action. Much is left to the trader's discretion. Its a difficult art to acquire and still more difficult to practice.

Indicators appear quite jagged on a 5m chart, so trading on indicator signals wont be fruitful compared to other types of charts.

The ultimate goal of any trader is not to win medals for analysis, but to earn money... lots of money.. and that is more easy on other smoother forms of charting.

Range charts are better than min charts, but MedianRenko charts are the best in smoothing the price action (just my opinion). 50% work is done just by switching to a MedianRenko chart. The price action looks much orderly with clear peaks and troughs. Trendlines and SR lines are much easier to plot.

Indicators which appear quite jagged on min charts, suddenly appear much smoother and timely on MedianRenko charts. Indicator signal based trading can be highly successful on these charts. Its a stress-free approach and can be highly rewarding. I give below my setup. Hope you will agree....

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All you need-medianrenko.jpg  
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  #1532 (permalink)
VIP Member
Belgium
 
Futures Experience: Intermediate
Platform: ninja
Broker/Data: Zen
Favorite Futures: YM
 
Posts: 43 since Sep 2009
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I fully agree with that statement.

Jojo

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  #1533 (permalink)
Elite Member
USA
 
Futures Experience: Advanced
Platform: NT, TOS
 
Posts: 65 since Aug 2009
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Hi Yroyal,

I must say I had never used any form of Renko chart until I saw them on this forum about a week ago. Most of what I do had been confined to tick/range charts ( 15/1hr/4hr for currency swing trading). They are definetly interesting.




yroyal View Post
5 min charts are suitable for the 'purists', people who trade on price action alone. It requires great skill and self-discipline to trade on price action. Much is left to the trader's discretion. Its a difficult art to acquire and still more difficult to practice.

Indicators appear quite jagged on a 5m chart, so trading on indicator signals wont be fruitful compared to other types of charts.

The ultimate goal of any trader is not to win medals for analysis, but to earn money... lots of money.. and that is more easy on other smoother forms of charting.

Range charts are better than min charts, but MedianRenko charts are the best in smoothing the price action (just my opinion). 50% work is done just by switching to a MedianRenko chart. The price action looks much orderly with clear peaks and troughs. Trendlines and SR lines are much easier to plot.

Indicators which appear quite jagged on min charts, suddenly appear much smoother and timely on MedianRenko charts. Indicator signal based trading can be highly successful on these charts. Its a stress-free approach and can be highly rewarding. I give below my setup. Hope you will agree....


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  #1534 (permalink)
Elite Member
Washington DC
 
Futures Experience: Intermediate
Platform: NinjaTrader
 
Posts: 214 since Jun 2009
Thanks: 110 given, 115 received


yroyal View Post

Range charts are better than min charts, but MedianRenko charts are the best in smoothing the price action (just my opinion). 50% work is done just by switching to a MedianRenko chart. The price action looks much orderly with clear peaks and troughs. Trendlines and SR lines are much easier to plot.

Only issue with MedianRenko charts is the author of the indicator says there are problems with them and he recommends not using them.

Pete

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  #1535 (permalink)
Elite Member
Northern California
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: Amp Futures/ Zen-Fire
Favorite Futures: YM and CL
 
Jeff Castille's Avatar
 
Posts: 2,119 since Jun 2009
Thanks: 1,785 given, 3,279 received

CL

A nice +10 on CL to start the day......18 range bar chart with 30 range bar in agreement.

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All you need-cl-12-09-11_4_2009-18-range-.jpg  
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  #1536 (permalink)
Elite Member
India
 
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Posts: 66 since Jun 2009
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Pete, I havent encountered any problem with MedianRenko charts over about two months of using them. Try it yourself and see...

Jeff, I am curious how your indicators would work on a MedianRenko chart.... have you tried it ?

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  #1537 (permalink)
Elite Member
Northern California
 
Futures Experience: Intermediate
Platform: Ninja Trader
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yroyal View Post
Pete, I havent encountered any problem with MedianRenko charts over about two months of using them. Try it yourself and see...

Jeff, I am curious how your indicators would work on a MedianRenko chart.... have you tried it ?


I have not tried the MedianRenko charts. Can you give me the info I need to check them out?

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  #1538 (permalink)
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Concord, NH USA
 
Futures Experience: Intermediate
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Jeff Castille View Post
I have not tried the MedianRenko charts. Can you give me the info I need to check them out?

Jeff here you go

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Register to download File Type: zip MedianRenko.zip (1.5 KB, 146 views)
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  #1539 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
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Posts: 2,563 since Jun 2009
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Jeff Castille View Post
I have not tried the MedianRenko charts. Can you give me the info I need to check them out?

I put 50 for my bar size and there are not many bars for the past few days. A bit strange.

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  #1540 (permalink)
Elite Member
India
 
Futures Experience: Intermediate
Platform: Ninjatrader
 
yroyal's Avatar
 
Posts: 66 since Jun 2009
Thanks: 14 given, 32 received


Cunparis, the value will depend on the tick size. 50 would be too large for ES. You should try 4,8,10 probably.

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