Anyone use renko ?

M

member275544

0 0
Hi malaguti,

Which bit?! And do you want me to try and explain it again?

1 minute.
Tim.

No as in, not quite what I meant,I was going to expand on my explanation

Here's the dow, 1 minute on my chart. I've highlighted where the differences are from yours to mine. Each brick is built from the brick before, and before that, until you arrive at brick 1 many many periods ago. If my starting point was 16000 say, and yours was not then we will always have different looking charts

Now compare that to a traditional candle 1 minute..
here's mine. Is there any difference in your 1 minute candlestick..i wouldn't have thought so as 1 minute is always packaged the same
 

Attachments

  • renko 1 minute.JPG
    renko 1 minute.JPG
    147.3 KB · Views: 172
  • candle 1 min.JPG
    candle 1 min.JPG
    141.5 KB · Views: 165

timsk

Legendary member
7,604 2,377
Hi malaguti,
Thanks for the clarification and the charts.
No as in, not quite what I meant,I was going to expand on my explanation

Here's the dow, 1 minute on my chart. I've highlighted where the differences are from yours to mine. Each brick is built from the brick before, and before that, until you arrive at brick 1 many many periods ago. If my starting point was 16000 say, and yours was not then we will always have different looking charts
Yeah, we're on the same page and I understood you correctly in your first post. And I agree with you.

Now compare that to a traditional candle 1 minute..
here's mine. Is there any difference in your 1 minute candlestick . . i wouldn't have thought so as 1 minute is always packaged the same
Again, I agree with you. However, our 1 minute charts only look the same because our respective providers (assuming they're different) start and finish each minute at the 12 o'clock position. As you rightly say, they're packaged the same way. However, for the sake of argument, if my 1 minute chart started and finished at the quarter past three position, then our charts will appear quite different - just like the Renko ones do. The highs and lows will still be the same, but the individual candles will vary.

Convention dictates that all time divisions (be they 1 minute, 5 minute, 10 minute etc.) start at the 12 o'clock position, but that's an artificial construct that's convenient for us. The market has no knowledge or respect for it. It doesn't know or care that we start each minute at the 12 o'clock position as opposed to the quarter past three position. Former T2W guru dbphoenix used to say something to the effect that the market is a movie - not a series of stills - or something to that effect.

Therefore, I maintain that the differences you highlight between our two Renko charts are small compared to the differences you'd see between two candlestick charts that start at different time intervals - as pretty well every single candle will be different. That's really my key point - hope I've explained it better this time!
;)
Tim.
 
M

member275544

0 0
However, our 1 minute charts only look the same because our respective providers (assuming they're different) start and finish each minute at the 12 o'clock position. As you rightly say, they're packaged the same way. However, for the sake of argument, if my 1 minute chart started and finished at the quarter past three position, then our charts will appear quite different - just like the Renko ones do. The highs and lows will still be the same, but the individual candles will vary.
Tim.

not sure I agree Tim. A data provider, provides 1 minute data each minute when that minute has closed. whatever time the market starts each day. at 3.15 I will have 1 minute for 3.14 and another for 3.15 it will be the same high low close etc (depending on data provider) and therefore the same chart.Not so on the renko

Anyway, look its beside the point and I'm not arguing (or were not trying to at least)
I still do use renko and love its construction even though there will be subtle differences and where I see a buy you may not, or if I see an exit you may not
As long we are consistent as you or Split said, its all good
 
  • Like
Reactions: Forexmospherian

timsk

Legendary member
7,604 2,377
not sure I agree Tim. A data provider, provides 1 minute data each minute when that minute has closed. whatever time the market starts each day. at 3.15 I will have 1 minute for 3.14 and another for 3.15 it will be the same high low close etc (depending on data provider) and therefore the same chart.Not so on the renko

Anyway, look its beside the point and I'm not arguing (or were not trying to at least)
I still do use renko and love its construction even though there will be subtle differences and where I see a buy you may not, or if I see an exit you may not
As long we are consistent as you or Split said, its all good
Hi malaguti,
From what you say, I suspect you've not fully understood my point - which is entirely my fault for not explaining it very well! Be that as it may, we certainly agree that Renko has its uses and that consistency in one's approach is what really matters.
(y)
Tim.
 

Pat494

Legendary member
14,621 1,579
It's drawback imho is that it is very slow to react, but ironing out the trend may compensate. More for trend players over days/weeks.
 

Splitlink

Legendary member
10,850 1,234
It should not be by using a minute. I have never gone that low but it is good for observing possible turning zones in trends. I look at it in conjunction with with other favourite tools-
 

dbphoenix

Legendary member
6,953 1,260
Former T2W guru dbphoenix

Now there's a misleading statement if I ever saw one :) (the guru part, not the former part)

But lest it peg me permanently as a "guru" *shudder*, I finally put together a "book" which explains most or all of what those who have been interested in my posts seek to get out of them. If it's not too big, I'll upload it to the PVSD thread. If it is, it's available at TL at the Wyckoff Forum.

Hope all is well with the old-timers (those who are still alive :))
 

0007

Senior member
2,376 663
Now there's a misleading statement if I ever saw one :) (the guru part, not the former part)

But lest it peg me permanently as a "guru" *shudder*, I finally put together a "book" which explains most or all of what those who have been interested in my posts seek to get out of them. If it's not too big, I'll upload it to the PVSD thread. If it is, it's available at TL at the Wyckoff Forum.

Hope all is well with the old-timers (those who are still alive :))


Good to see ya back db!
 

timsk

Legendary member
7,604 2,377
Now there's a misleading statement if I ever saw one :) (the guru part, not the former part)

But lest it peg me permanently as a "guru" *shudder*, I finally put together a "book" which explains most or all of what those who have been interested in my posts seek to get out of them. If it's not too big, I'll upload it to the PVSD thread. If it is, it's available at TL at the Wyckoff Forum.

Hope all is well with the old-timers (those who are still alive :))

Hi dbp,
Good to see you again and I hope you stick around. T2W is a very different forum from the one you knew when you last spent any time here. The trolls and troublemakers have - for the most part - moved on, either by force or of their own accord.

I'm sorry that my 'guru' tag isn't one that you're happy with. For what it's worth, It was meant kindly and not pejoratively! Anyway, thanks for the link to your book.

Cheers,
Tim.
 
Last edited:
  • Like
Reactions: Atilla

counter_violent

Legendary member
11,280 3,005
Hi dbp,
Good to see you again and I hope you stick around. T2W is a very different forum from the one you knew when you last spent any time here. The trolls and troublemakers have - for the most part - moved on, either by force or of their own accord.

I'm sorry that my 'guru' tag isn't one that you're happy with. For what it's worth, It was meant kindly and not pavorativey! Anyway, thanks for the link to your book.

Cheers,
Tim.

Yes, isn't it dull nowadays and very short on laughs !
 

Pat494

Legendary member
14,621 1,579
Hi dbp,
Good to see you again and I hope you stick around. T2W is a very different forum from the one you knew when you last spent any time here. The trolls and troublemakers have - for the most part - moved on, either by force or of their own accord.

I'm sorry that my 'guru' tag isn't one that you're happy with. For what it's worth, It was meant kindly and not pavorativey! Anyway, thanks for the link to your book.

Cheers,
Tim.

Is that an English word Tim ?
Can't say I've seen it before.
As for its meaning, well ?
:)
 
  • Like
Reactions: Atilla

timsk

Legendary member
7,604 2,377
Is that an English word Tim ?
Can't say I've seen it before.
As for its meaning, well ?
:)

Hi Pat,
I'm on holiday at the moment and 'typed' the post on my wife's tablet thingy. To be honest, I'm surprised there aren't many more errors. Bloody horrible thing to use, IMO!
Tim.
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock