Reply To: Renko Charts Al Fyfe

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#1042
Wynn Ferrel
Participant

Al,

Thanks so much for sharing your work.  I have vision problems, too.  I would be lost without the magnifier.  It’s touch reading charts, etc.

Have you compared/contrasted to HaikenAshe instead of Renko.  I watched a very educational video on Utube  by a top trader from India.  Claimed to have learned his trading success from a top NYC trader.  His guru.  He used Renko exclusively.  Swore by it.  About a year later he gave another speech at a user event in India, but now said he had switched to H/A.. He called it the second best of three great TREND FOLLOWING systems.  One other being Renko.  He wouldn’t tell us the best.  He said that was his own secret.  It may be worthwhile to consider H/A as well.  As you know, Ed Downs is a huge H/A proponent.

Lastly, I kept wondering what was so important about trading at around the 11 o’clock hour.  In your text above you said that SPY usually pulls back around 11 AM.  I use a tool called AUTOCHARIST.  It’s available on  the web.  In it there is a “Volatility Analysis” section which carefully analyzes the volatility ebb and flow of many markets, by week, day and hour.  I though, “I’ll just check out old Al’s theory about the 11 AM pullback.”  Bingo!!!  You were exactly correct. Excepting for late day hours, SPY has the greatest pullback in the 11 o’clock hour.

Hats off to you, sir.  I appreciate your sharing ou unique system with us.  And, I/we appreciate you for your service to our country during the Korean conflict.

Kind regards,

Wynn Ferrel, Freeport, FL

P.S. I’m 77 years old.  Just a kid to you, I suppose.