Renko chartsNew to trading renko charts.Trading on the renko 1 day chart with a SMMA 4 and MA 9 with Ricardo Santos support and resistance seem to getting quite good results.use a RSI 14 as well to give the extra confirmation.
Ricardosantos
XAUUSD; GOLD, US Dollar , hourly chartHere I present to the TV community a great tool brought to us by Ricardo Santos, a fantastic coder whose work I greatly appreciate. He has recently shared with TV the Murrey Math Lines/Channel indicator. This is a manner in which i have implemented using the tool in a MTF fashion in conjunction with Fib Time extensions. Plenty of chart notations to see. I like to overlap a short period MMLC and a long period MML. Two of my favorite to put on an hourly chart would be 24 and 144 periods. The MMLC allows us to highlight the extreme overbought and oversold zones which in MML relate to possible turning points in trend. When in MTF mode we can easily see areas that overlap increasing our chances of high probability trades when both period show the same signal. Use the Median crossing of MMLC to indicate overall trend and take advantage of price discovery via divergence.
