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I think there are some advantages to Renko ( I use Median or Better...not NT). It's ability to compress volatility into a definable unit (ie time is no longer the variable) is pretty powerful when used with the correct strategy. After all, the outcome of the next bar can only be 1 of 2 values ;-).
Good luck in your readings this weekend.
Can you help answer these questions from other members on NexusFi?
I have liked the JMA for quite a while but haven't come to terms with how to use it in my active trading plan. So, I just put some on a chart using my favorite periods of 20, 52, and 78. The picture shows what I got. See the arrows where I marked …
Totally agree. I love that time is removed from the chart, but you have to be careful. I actually run a BetterRenko and time based at the same time. My signals come off the BR, but I watch the time based chart for trendlines and other patterns. For example, a BR removes a lot of noise, which is great for seeing structure, but it can also work against you if you do not see that time is ticking away during a consolidation pattern.
Note: Don't use WickedRenko, it is flawed, BetterRenko replaced it.
Aslan, Thank you for pointing this out as I had settled on WickedRenko - no doubt this saved me a lot of grief.
It is interesting that you watch a time based chart, that is my initial setup as well. Makes perfect sense to gain a more complete picture of when the market is turning, in chop, or continuing.
