Now getting back in theme in this Bear Cave, although I use the SPX as a proxy to the market i am interested that this DOW Renko chart went on sell for the first time since the March low:An astute observation by Lasertrader, Allan is drawn to mechanical systems, objective rule-based strategies and maybe something Lasertrader didn't know, Allan reads and considers every Comment to his posts, whether or not he responds to it (publicly or privately) or not.
and I know how Allan likes mechanical system..check out this GDX Gold Miner 60 minute Renko chart. It went long a couple of days ago and has been an extremely good mechanical trade
Here is the Renko Dow chart:
Here is the Renko GDX chart:
I've never traded Renko charts, although I from time to time take a look since they are included in most technical analysis platforms as well as at Stockcharts.com.
Below is a Renko chart of the SPX, along with Blue Wave's Trend Model, Stops and CCI:
Following is a table of the trades shown on this above chart:
As you can see, 341 S&P points in a little over 60 days. Those results are way too good to be true. But while I try to find out why, I submit this exercise as an example of how a trader spends his free time, spends his weekends, trying to hone his skills, learn new techniques and follow-up on ideas, wherever they may come from.
So thanks to Lasertrader for killing another Saturday for me, but this is not work; it is a discovery, an exploration, adventure, odyssey and quest.