RSI - to measure oversold and overbought levels - set at 14,3
MA - to determine the trend - set at 9 SMA
Q: why those values ? 9 for sma and 14,3 for RSI
A: you want to see the standard values used by the great majority of people, no fancy, lunatic numbers here.
Q: why renko charts?
A: because they only move as price moves, and i like this.
Q: what are the rules ?
A: trade on news, hold overnight positions, no preset stoploss, one contract only, any instrument you want
Q: are there exceptions for those rules ?
A: yes there are. like round up to two contracts, and set breakeven, as i progress i will probably demonstrate them.
Q: what are the entry points ?
A: RSI has touched its oversold/overbought levels , wait for the bar open and close below the 9 SMA then enter at its close. no entry after it has completed its profit target. however, you may entry above the close in case of a pullback, which would be even better
*RSI AVG MUST BE BELOW 29 AND ABOVE 71 FOR A VALID ENTRY*
Q: whats the profit target ?
A: the same amount of renko ticks, i am using 5-renko, so its 5 ticks profit target
Can you help answer these questions from other members on futures io?
one, two, sometimes none for days
since i trade a variety of instruments, there is always an entry
usually higher moving instruments (cl, si, gc ..) will have entries all the time in a lesser proportion the 6e, tf, emd ..
in very rare ocassions you will get, es, zc, and so on..
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