Love the Renko's Wiz I just could not make them work. I can see PA really good with them. Just got FUBAR trading them though.
ATR set to 4 tells you exactly how much you can expect to make on the trade "right now". It may go further but if you set your PT to what the ATR is telling you can realistically get right now then you know exactly what you can expect to make in money RIGHT NOW. Try it out. I round down even to be conservative if it says 1.75 points I will set my PT for 6 ticks. If you can get your head around this philosophy "the market is ALWAYS going to be there" thus your next set up WILL come. YOU will make money with this method. JMO
Wiz I do not recommend trading 10 cars. I agree that is where the real money can be made. In trading size that is. IF you have 100k account. If you don't have 100k and you are trading 10 cars it's a lose lose eventually cuz there WILL be a losing streak at some juncture. Could be 2 could be 25. IN a row. You never know.. RIGHT?? Market does what it wants to do!!
I truly believe that over trading is trading to much size for your account to withstand a substatial draw down. When will it happen? Do you really want to find out that way?? I certainly don't.
Ultimately my grand plan is to get this method down pat for ES then fire it up at the ATM cash machine sorry I meant market..LOL The next step in the plan is to develop a profitable method for an alternate instrument to trade should the ES get below 1. No need to be in that environment as you will get FUBAR and just take to many chances. Not worth it to me. I like my money to much.
I am researching 6E ZW and 6A. They all look promising. Further testing is needed and the issue of them being an alternative instrument to trade is TBD.
I just read a post that said the person wears a suit to trade in.. I though to myself hell I don't wear anything at all.. THAT is the beauty of trading. Anytime from anywhere in the world you want and apparently wearing OR NOT wear anything you want...LMAO