Scalping away with 1/3pip Renko charts - Page 3
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Thread: Scalping away with 1/3pip Renko charts

  1. #21
    Akesa
    Guest
    and then price reverses... (see chart 9)

  2. #22
    Akesa
    Guest
    Now I look for either
    a) Price levels we reunite to for a bounce (see point B chart 10) or
    b) New mini trends form, retrace then get in at the right fib levels to become in the continuation of this trend.

    Chart 10 shows a good scalp setup . We can see preceding support at this level on the upward move, and it's the first time (very important!) Price has got back to this degree. Expect a bounce. It was great for approximately 16 pips.

    We exit at C the moment price stalls because of what happened at stage A. This price level show previous Support on the upmove but it had been taken out easily at A. This price level is now likely to behave as Resistance next time it's visited (once again, first time back there) - as it did C and I shook the entire scalp.

  3. #23
    Akesa
    Guest
    On chart 11 - price gets to D. ) This is the first 23.6% level 90.80 (see chart 3) I drew and price gets there for the very first time . Sure enough it bounced off for a 25-30 pip move. Price gets to stage E (which appears to be the very first time it returned to level C) and this level once more resists a further up movement. Exit.

    Hope that all makes some sense and I would love feedback.

    Love the weekend all!!

    WG

    UPDATE: Ive just noticed that on a number of the charts I've mis-labeled a number of the retracement levels 38.2percent when they had been the 23.6percent level. I expect that isn't confusing. But it'd be a total pain in the *** to return and do them all again now!! As long as they are levels, they are levels so the principle is the same.

  4. #24
    Kiinty93
    Guest
    Quote Originally Posted by ;
    On chart 11 - price gets to D. This is the original 23.6% level 90.80 (see chart 3) I drew and price becomes there for the very first time again. Sure enough it bounced away to get a 25-30 pip move. Price gets to point E (which appears to be the very first time it returned to degree C) and this level once again interrupts a further upward movement. Exit.

    Hope that all makes some sense and I'd love comments.

    Love the weekend all!!

    WG

    UPDATE: Ive just noticed that on some of those charts I have mis-labeled some of those retracement...
    thanks for your serie of charts explaining in detail regarding your egy, Willowgal!

    My primary question is

    when the fibonacci needs only a swing high and a swing low to set up its levels, what is the interest to see the Renko charts? (I mean, M1 chart or M5 chart will probably be OK, also, right? No matter It's candlestick chart, OLHC chart, line chart or perhaps Heikin I chart...)

    yours,

  5. #25
    Akesa
    Guest
    Quote Originally Posted by ;
    Thank you to a serie of charts describing in detail about your own method,!

    My primary issue is

    if the fibonacci needs just a swing high and a swing low to establish its levels, what's the interest to read the Renko charts? (I mean, M1 chart or M5 chart will be fine, too, right? No matter it is candlestick chart, OLHC chart, line chart as well as Heikin I chart...)

    yours,

    shunfeng
    Yes that the 1m or 5m charts will be fine too but the Renko charts show that the amounts where there's been a true price'stall' recently - this can be something which can't be seen only looking at a completed candle over state 5 mins. I am looking for very short term trades generally of 10-20 pips using usually a very tight stop - possibly a degree will hold or it will not so 6 or 5 pips will be enough of a stop the majority of the time.

    It is just the way I like to check out price and the more you watch it moving around in real-time, the more you get a sense of where it is going next (very short term obviously).

    That is why I simply put this is Journals rather than Trading Systems because there aren't any rules, it is only a method of getting a real'feel' for the market.

    You begin to notice the formations that form when a degree is going to hold or get removed. I'm still studying but the more I watch the price movement, the more accurate I'm getting at reading whats going to occur. I am trying to get the charts to inform me where they will go at each price level rather than have a'guess' in advance myself.

  6. #26
    Kiinty93
    Guest
    Quote Originally Posted by ;
    It is just the way I love to check at price and the longer you see it moving around in real-time, the longer you get a sense of where it is going next (very short term obviously).
    I'm still learning but the more I see the price movement, the more accurate I'm getting at reading whats going to occur.
    I see your point, Willowgal!

    Actually I've got the same feeling, sometimes I can just feel the price is going to break the previous high or low but the M1 candle stick couldn't show me the specifics of the motion (from the body of one candlestick of M1, there might be many up-down movement within it!) .

    Let us follow the tick chart and see if this could give us a real advantage for the short term trading.

    By the wayI too, the same trading fashion, I have very tight stoploss (4 pips) on the M1 chart.

    yours,

  7. #27
    Akesa
    Guest
    I look forward to some feedback tomorrow once you've some live charts to examine.

    Regards,

    WG

  8. #28
    Akesa
    Guest
    Quote Originally Posted by ;
    I see your point, !

    However, the M1 candle rod couldn't show me the details of the motion (in the body of a single candlestick of M1, there could be many up-down movement within it!) .
    It's amazing sometimes how much actually'goes ' within a simple 1 second candle!!


  9. #29
    Kiinty93
    Guest
    Quote Originally Posted by ;
    I look forward to your comments tomorrow once you've some live charts to examine.

    Regards,

    WG
    I will definitely post some live charts with fib retracement tomorrow!
    yours,

  10. #30
    Kiinty93
    Guest
    Quote Originally Posted by ;
    Hi all,


    Please ignore the times on the chart since it really isn't the time of this transfer since the Renko chart does not proceed with the candles in the minized candle chart at the very top.
    Hi, Willowgal!
    I've tried with the indior since the market is opened at 22:00 GMT.
    Do you mean that the amount of ticks supplied by the indior SHOULD BE different from the amount of candlesticks in the M1 chart? (At the same 1 minute, there could be many ticks down and up during this 1 moment. right?)
    It is strange for me now, they corresponds well. Is it because the liquidity of this market is not great (only 1 jump per minute) or I missed some configuration for the indy?
    Also, as soon as I change some values in the configuration window of this indy, the historical renko ticks will be vanished and it will start only from another candle following the change of this value.
    yours,


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