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I use 39 minute Renko to see direction of market. You want the Rhino to be Blue. Yesterday 11/13 it breifly turned red (caution) and then went back to blue. This is in OT and is kind of a warning for me.
(The market has closed [Thur. night] and the Rhino has turned red – have to wait for the market to correct – that’s when I watch the P&F chart. As soon as I see Blue I’m looking to go.
In VT I use a lower Renko – right now 15 minutes, but I do change it to 10 or 20 just to see how it looks – but 15 is my standard.
The market usually pulls back around eleven o’clock (EST) and is a better time to get in – rather than at the open with a market order.
I don’t use a strategy – go by looks – Rhino Blue – Buy, Rhino Red – get out (Renko 15 min)
I have now colored the background SMA(5)> SMA(10) Green and SMA(5)< SMA(10) Pink. This is also the two moving average stop that I am using.
That’s it – very simple. I have Macular Degeneration and I need something that is easy to see. I have trouble with the ARM profiles – can’t read them without changing a lot of resolutions and using the magnifier. I’m ninety years old and have time to watch the screen off and on during the day – depending on the weather. I like to be out in the garden.
I feel that I got out too early most of the time. I would get an error when I tried to add a stop – it was a tough one to solve but Nathan and Barry finally found it and fixed it – some files missing in the default trade plan.
Al, thanks for posting this very helpful information. You have a great system and thanks for sharing it with all of us!
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.
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