Actually the indicator will work without the pnf indicator it is just used as such because of the space each line takes to draw.
But its main purpose is served with the PNF indi of course...
The ideas that I trade by:
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Hi MO,
Yep, Bredin's version is better than mine!
You mentioned using P&F charts more recently. What about Renko, since P&F is essentially a condensed version?
I've been looking at the 3xCC on Renko charts in the last week, and it looks quite interesting. With no overlap, it looks like it could be even more so.
J
Yep, Bredin's version is better than mine!
You mentioned using P&F charts more recently. What about Renko, since P&F is essentially a condensed version?
I've been looking at the 3xCC on Renko charts in the last week, and it looks quite interesting. With no overlap, it looks like it could be even more so.
J
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- bredin
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Probably took you about 10 second to throw that on a P&F chart
G.
G.
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- prochargedmopar
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Bre' is the Master!!
Now if I can get him to fix our space calculator. hehehe
Take your time, we've got weeks and weeks!!!!!
Now if I can get him to fix our space calculator. hehehe
Take your time, we've got weeks and weeks!!!!!
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670
scar wrote:Hi MO,
Yep, Bredin's version is better than mine!
You mentioned using P&F charts more recently. What about Renko, since P&F is essentially a condensed version?
I've been looking at the 3xCC on Renko charts in the last week, and it looks quite interesting. With no overlap, it looks like it could be even more so.
J
P&F does have Renko style charts only they are called (10) x 1 charts.
There are also: x2, x3, x4, x5, etc which increase the magnitude of the chart through reversal size.
Most of the time I am looking at an x2 chart with a box size of 10, 20, or 50.
If you like x1 charts and your Renko are NOT based on closing prices then go ahead and use a Renko chart.
It is like this...
Let us say that I have the idea that price eventually moves 1,000 pips be it in 5 months or a year.
Because price does move 1,000 pips I need only be in position & protect said position from being wiped out by "corrections".
As long as I have space I have position, as long as I have position I am in the market, & as long as I am in the market price I will carry me to the statistical range expansion of x period of time.
If I were to compare distance traveled to % gained to a pyramid then most of my money would be made in the top 3rd of the pyramid; it is a move as small as a daily candle that will double my account when I reach a large position size.
Some will say, "if that is true then you could easily lose 100% of your account in one day!"
The truth is that by that time you will have a lot of space and a guaranteed gain of 0+ to 100% of your account
You won't get paid every day like a scalper but your checks will be for one very large lump sum.
Let us say that I have the idea that price eventually moves 1,000 pips be it in 5 months or a year.
Because price does move 1,000 pips I need only be in position & protect said position from being wiped out by "corrections".
As long as I have space I have position, as long as I have position I am in the market, & as long as I am in the market price I will carry me to the statistical range expansion of x period of time.
If I were to compare distance traveled to % gained to a pyramid then most of my money would be made in the top 3rd of the pyramid; it is a move as small as a daily candle that will double my account when I reach a large position size.
Some will say, "if that is true then you could easily lose 100% of your account in one day!"
The truth is that by that time you will have a lot of space and a guaranteed gain of 0+ to 100% of your account
You won't get paid every day like a scalper but your checks will be for one very large lump sum.
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