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I have never looked at a Renko chart but I know that Bill over at End of Trend trading dedicates Friday's of every week in his trading room to Renko trading.
Ever checked it out? I am a new member of EOT so I will plan to do so, it looks very promising to filter out all the noise.
Mike
Can you help answer these questions from other members on NexusFi?
Rjay, You're right on "having to watch another chart" to see what's going on. I don't like that either. I'd like to know everything I need to know in one chart. As far as the tails, I guess I have a resentment against tails. I've tried to read them in the past (exhaustion / trend change, etc) and can't find any consistency, even though there are experts out there who keep trying to convince us in webinars, etc. that you can read them & trade profitably by doing so. I just can't seem to get it right when it comes to reading tails.
Everyone should find what works for them. For me, I tried for a long time to have the perfect single chart. But in the end it was a lost cause. I now use three charts to trade: small, medium, large. I've written about it several times so won't go into details, but I think you should step back and ask yourself why you only want one chart, what the goal or purpose of that is?
If your answer is so that everything "agrees", from my experience you'd be better off with two or three charts, with each of those having far, far fewer indicators. Each chart only needs 2 or 3 nice indicators on it and the multiple time frames (small, big, large) is what will help you decide direction, pullback, etc.
Mike, Actually, just the reverse feels more true for me. In watching 2 or 3 charts, I tend to take the signals from (& I'm probably doing it wrong) the fastest chart & usually end up getting screwed. 3 minute chart might indicate go long, 5 minute looks like that may be correct, 10 minute indicates 'hold your position'. So, I go long (or reverse position) only to find out it WAS just a retracement in a downtrend & I should have listened to what the 10min chart was telling me. Maybe I can learn to read multiple charts & make the correct decision, but at this point, it just seems to confuse me further. I just eliminated what I consider to be unnecessary indicators from my chart for today, as suggested by several in the forum & it looks simple..easy to read...if I just go long/short at the cross, it seems a nice easy simple way to be profitable. You're right about fewer indicators. Just adds more confusion. Here's a sample:
You should use whatever is making money for you. If you are interested in my approach, I just wrote a thread to help you and others, so we don't hijack this thread too far off topic.
First, know that I'm a scalper. I just want somewhere between many ticks and a few points on each trade. With one contract, something like $50-100 per trade is fine. Then I throw more contracts at a winning strategy to hit my daily goals.
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