mikebiz

Thoughts on Renko Charts (cont.)

OANDA:SOYBNUSD   大豆差价合约
Since my last discussion on Renko Charts, I've made some changes to what my view of long term vs. short term is. Currently, I'm experimenting with a 2hr             and 5 min chart

I'm continuing focus on my primary scenario of a breakout of price based on consolidation dictated by the ADX of the DMI. The general goal is to find 2hr             charts that have an ADX reading of 20 or lower for at least 7-10 periods. During this period, identify a pattern ( trend line , triangle, channel, support/resistance lines on price) and then look for price to breakout. However, instead of using the 2hr             chart to identify the timing or trigger of the trade, use the 5min chart to make that determination.

Recent soybean             chart can be used as an example. The last consolidation in price occurred at (B) in the form of a triangle on the 2hr             chart. However, if you look at the 5min chart, the trade could have been triggered by its own breakout based on similar consolidation (A). Notice how the 5min chart expands on the actual movement of the 2hr             chart.

An example of a continuation breakout can be seen in NGAS. Using this chart, (A) on the 2hr             is just a one block pullback but the 5min chart shows a decomposition in price that ends with the ADX dropping below 20 forming a possible ascending triangle before price breaks out to the upside.


Corn             is currently in an extended channel on the 2hr             chart which has led to a similar pattern on the 5min chart. This could be a market that is ready to be traded on the breakout of the channel.

Could you please update timely Mike your ideas, maybe just once a week, because renko chart cannot be further loaded on TV for non-ProPlus users
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