timsk
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An interesting view piphoe.
I'm inclined to take the flip side of that particular coin. Namely, for me, Renko charts better illustrate the continuous nature of price and enable the trader to focus on the important stuff, e.g. trend, momentum and key SnR areas etc. Traders who use candle charts are all too prone in getting bogged down in the 'meaning' of each candle. This is a mugs game IMO - especially intraday. M5, M15, M30 etc. are artificial time intervals that have no connection to the market. So, in effect, I think a Renko chart (or PnF, 3 Line Break or Kagi charts) are purer and cleaner in the sense that they are stripped back to the bare, naked essentials.
Having said all of that, it's horses for courses and if candles float your boat, mow your grass and send your elevator to the top floor - stick with 'em!
Tim.
D
Dowser
Hi Tim,
Can you point me toward any articles or threads on non-time based charts (on T2W or www.) that you've found helpful in your evolution as a trader.
Cheers
Chris
timsk
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Hi Chris,
Sure.
When it comes to any aspect of technical analysis, my 'go to' site is always StockCharts - usually their 'Chart Analysis' section. The reason being that it's the home of John Murphy, he of Technical Analysis of the Financial Markets fame. Their other staff writer is Arthur Hill - who is also very good. All the free content - and there's a lot - is first class. Well worth bookmarking, IMO.
Tim.
timsk
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Hi Tullibody,
I've never traded forex and it's highly unlikely I ever will, but I have used Renko charts extensively in the past, along with Point & Figure. I still use non-time based charts but, these days, I prefer 3 Line Break and Kagi charts.
Tim.
darktone
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I think you said it there tbh.
I agree with Tim in that Renko shows what price has done without the time element, you know that when price reaches X level bricks will print. Its a small step from there to not using charts at all.
How do you use them? Fade / follow?
darktone
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Take this trade as an example. All we can see is what price the trade was opened at, and where it was closed, all other info has been removed.
Its funny how our perception can change when we add a time and price history element to the mix.
More so when we really start to apply our expertise!
Makes you wonder what the No1 objective of this game really is
. Or maybe it doesnt
Its funny how our perception can change when we add a time and price history element to the mix.
More so when we really start to apply our expertise!
Makes you wonder what the No1 objective of this game really is
. Or maybe it doesnt
Last edited:
timsk
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Hi dt,
I always read your posts (unless they have an especially annoying meme in the signature*), as they tend to offer a different perspective compared to the conventional dross to be found in my posts. That said, having read them, I invariably end up scratching my head and am often unsure of the point you're making. Take this post as is a case in point.
If the trade was long, then it went offside a long way before coming good: I'd guess somewhere in the region of three times the eventual profit. If it was a short, then it went into a healthy profit before you gave it all back - and then some. Either way, it's not a trade I'd want to take but, doubtless, I'm missing the point - hence the head scratching!
Tim.
*They're all bloody irritating - but I guess that's their purpose!
darktone
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The point is was trying to make is the question tim. Why are we trading?
Are we here to make a profit? or is it something else?
If No1 priority really is 'were here to make a profit', then what does it matter about all the other fluff we seem to concern ourselves with as traders?
Sig changed btw
counter_violent
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Sig changed btw
Captain, i'm detecting vast amounts of cellulite potential on the scanner.
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michaelmaggi
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There are articles on the mql5.com website and also a lot on YouTube. When you get the first search results you can go to the channels of several Renko traders.
