Tuna's Crude Recordbook
- Thread starter Tuna
- Start date
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Renco Chart (Box size 30 pips - there is a formula to calculate the size, lets skip it), calculation TF is daily. You can google about Renco.
So, a renco bricks will be formed only if the price goes 30 pips from last close in the same direction or 60 pips (30+30) in reverse direction. As long as price does not form a Renco, the chart will not change - even for days. So it takes care of your sideways movement.
I once used to use this for positional trading (with just 10 mini lots), carrying over for weeks even months. Later when I saw I can earn more on daily on intra, I stopped it. The slippage used to be more.
But on the flipside, this chart shows an excellent view of streamlined trend and reversal and points of historical price reversals.
Blue Bands are (3 EMA Hi and Lo) , Yellow is 9 SMA (Close).
So fresh short trend if both hi-low breached through the yellow, for us, it was done on this chart on 10-Jan-2017, (the first red renco brick of this latest downward journey) - so as per this guideline, we were supposed to short on every uprise with a SL - 3690 (where the new brick would have gone back to the yellow SMA area).
No-decision zone when yellow line passes through blue bands.
I don't trade on this anymore, but have this on my view just for referrence.
So, a renco bricks will be formed only if the price goes 30 pips from last close in the same direction or 60 pips (30+30) in reverse direction. As long as price does not form a Renco, the chart will not change - even for days. So it takes care of your sideways movement.
I once used to use this for positional trading (with just 10 mini lots), carrying over for weeks even months. Later when I saw I can earn more on daily on intra, I stopped it. The slippage used to be more.
But on the flipside, this chart shows an excellent view of streamlined trend and reversal and points of historical price reversals.
Blue Bands are (3 EMA Hi and Lo) , Yellow is 9 SMA (Close).
So fresh short trend if both hi-low breached through the yellow, for us, it was done on this chart on 10-Jan-2017, (the first red renco brick of this latest downward journey) - so as per this guideline, we were supposed to short on every uprise with a SL - 3690 (where the new brick would have gone back to the yellow SMA area).
No-decision zone when yellow line passes through blue bands.
I don't trade on this anymore, but have this on my view just for referrence.
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