Hi, My name's David & I'm new to the forum. I downloaded an indicator from TradingStudies.com (Renko Bar Chart) for Ninja & set it for "8 Renko Ticks". I added the SMI2 indicator from Mike's forum (actually 2 of them overlaid) and the Trix2 indicator (also, 2 of them overlaid) and use the crosses as 'long' & 'short' signals with very high accuracy. (the arrow paint automatically in panel 1. I added the arrows in panel 3 to demonstrate).
I'm a beginner, so I don't know a whole lot about anything, but I've been searching for the past 2 years & trying different indicators attempting to find something that would work for me. I think this is it & wanted to share with everyone else. Time to stop paper trading & do it for real! I finally found the confidence I lacked by using this setup.
I also use a color-changing SMA(7) & (14) along with Dynamic S/R levels (1) & (11). I've included a screenshot for anyone that might be interested. I'll be happy to share any indicators I've got, or where you can download them to anyone that has an interest. Good trading!
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I haven't figured out how to post indicators in the indicator section but you might consider starting your own thread in the setup area and post your charts and indicators there. Your set up sounds interesting. I'll be doing that also down the road.
i also tried the renko bars, but be aware that some indicators (like the renko bars) are only showing you the past, e.g. even on backtesting they might look like the holy grail but when you trade them with real money results are different ...
anyway once you are profitable with your strategy, would be nice if you could share a tradelist...
Thanks Cory, I may get rid of it eventually,but for now, I use the middle panel (Trix2) to try to more accurately pinpoint spots to get in & out on pull-backs, that aren't (usually) reflected in the SMI2 indicator once it crosses.
Cory, You were right. Don't need the Trix2 indicator. I DID, however, add the Eco2new2 (7,5,21) to panel 2 (& removed the histogram bars) along with the 2 SMI2 indicators. Seems to give confirmation of the greater & smaller time frame SMI2 indications. I guess I'm just looking for that confidence factor. I'm the type who needs to know - for sure, before making a decision (in many areas of life). This seems to give a little more assurance that the decision I make to go long or short is most probably a correct decision. I'm just so wimpy when it comes to making a decision. Didn't use to be, but age takes its toll. I've posted a screenshot, too.
Poocher, I did a bit more monkeying around with chart setups today & (I know this may sound crazy, but) I created 2 charts Renko 10 tick (above) & Renko 8 tick) below. No indicator panels on the 10 tick(above). ONLY the SMI2 indicator on the 8 tick(below). Odd thing is, the 8 tick indicator seems to give near perfect long / short entry points in relation to the 10 tick (above). I thought you might be interested. I've attached a screenshot.
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Wizard David - I am interested! Thanks for the heads up.
I have yet to download the Renko indy but will do by this weedend and the SMI2 indicator you show also. Smart idea trying the 8 tick signals for trading the 10 tick chart. I'm with you on the challenges of making a decision but if we get some high confidence set ups we'll start pulling the trigger on each one.