Last week – I had a short position at SP500 futures. Trade was going fine for a few days but the price hit weekly S2 support line. There was a clear bounce from that S2. I didn’t like it because in the last few weeks weekly pivot points worked like magic (as pivots sometimes do […]
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Renko is another kind of candles. The most popular are candlestick charts, but there are many others types of charts created in Japan. There is for example Kagi, Three Line Break or Renko chart. Lets focus on Renko.
Similar to normal pivot points, but it is more ready trading system. Created by trader Nick Stott in the end of 80’s it still being used by many traders. We have lines:
