RAJ MTP Trading diary based on RENKO FLOW Pivot Strategy

vinst

Well-Known Member
#11
RENKO FLOW Chart at 12 Noon

In NIFTY the Call is setup now

BUY ABOVE 5334.4 and SELL BELOW 5316.8
In BANKNIFTY the Pivot is set only on the Long side... BUY ABOVE 10104

See the charts below



How to take entry on the basis of renko?
should it be that touch of 5335 on NF , one should buy?
ot wait for candle close abv 5335?
kindly advise.
 

healthraj

Well-Known Member
#12
Raj,

If 30 min TF is still LONG then dont you think 10 min TF SHORT has given an opportunity to enter on LONG side?
It depends on what kind of trader you are. As per the flow method follow take positions only when 10 min and 30 min are aligned... What if 10min short continued to be short? So always trade with the Trend (FLOW). Do not trade against the trend....
 

healthraj

Well-Known Member
#16
although renko is not time based, yet we may need to think of some timeframe for candle closing. is 10min bar closing good enough?
Vinst,

I don't know If i have understood your question fully. First of all the RENKO Flow chart that I have used is not the traditional RENKO chart. I mean I have not used the same logic which is used in the Traditional RENKO chart. I calculate the Pivots using the SAINTs flow method (using 10 min Timeframe). Then I plot it as a RENKO chart. So you just need to use the RENKO chart for finding the Levels to Buy and Sell. If you want to see the closing, you can see it in the FLOW chart where the same pivots are displayed but in the candle chart...

I normally use the ADX also to see if it is Trending. So today ADX indicator is also showing as highly trending may be because of the GAPUP...

I have a question for you, how do you qualify "Good enough closing on 10 min bar?"
 

healthraj

Well-Known Member
#17
Those of you who took the NIFTY LONG call above 5324, IF Between 2:15-2:30 if market has not moved beyond 5339, then close the call at cost or with whatever minimum profit you have. Same would be for SBIN also... Took Long call 1892...

Now NIFTY Trading 5336 (+12 points). SBIN at 1896 (+4 points)
 

healthraj

Well-Known Member
#18
Those of you who took the NIFTY LONG call above 5324, IF Between 2:15-2:30 if market has not moved beyond 5339, then close the call at cost or with whatever minimum profit you have. Same would be for SBIN also... Took Long call 1892...

Now NIFTY Trading 5336 (+12 points). SBIN at 1896 (+4 points)
Trying to go past 5339. So let us wait and see...
 

vinst

Well-Known Member
#20
Vinst,

I don't know If i have understood your question fully. First of all the RENKO Flow chart that I have used is not the traditional RENKO chart. I mean I have not used the same logic which is used in the Traditional RENKO chart. I calculate the Pivots using the SAINTs flow method (using 10 min Timeframe). Then I plot it as a RENKO chart. So you just need to use the RENKO chart for finding the Levels to Buy and Sell. If you want to see the closing, you can see it in the FLOW chart where the same pivots are displayed but in the candle chart...

I normally use the ADX also to see if it is Trending. So today ADX indicator is also showing as highly trending may be because of the GAPUP...

I have a question for you, how do you qualify "Good enough closing on 10 min bar?"
since now I am aware that RENKO chart was actually a pivots chart, my question becomes invalid. Hence , closing in which timeframe is not to be asked :)
 

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