BDIY- Long term but a leading indicator. Currently, heading to the 5 year lows of 666.00...not being funny with that number. Show's "Cargo" movement world wide. BDIY is pointing to a "Depression" in the sense of lower shipping prices....which could feed upon itself and cause even lower "Prices" in "Items" world wide. Prices are dropping world wide in many Consumer Goods and BDIY points towards even further drop and less movement among "Shipping". NO RECOVERY IN SIGHT based on BDIY. Take this as you will.
PHEW let's celebrate after 50 pages on this topic. Imho there are 2 types of indicators - the trenders and the oscillators. If their signals agree go for it ! but if they don't it is a lot trickier to decide which has got it right. Chart watching will gradually show you what to do and when. So folks - when one has reached a stage of competence that brings the dosh rolling in - relax, sip your mint julip and pity those poor sods that haven't arrived yet. QED
I use Jurik VEL or a Modified Squeeze Indicator that has a Gaussian filter for momentum and cycle detection. I use modified versions of ATR bands for trend direction all on Renko charts.
On another website another person was also praising renko. Perhaps you could quickly explain its better points briefly ?
I prefer "non-time" based candlesticks and Renko charts help to smooth out price based indicators since there is less price noise. Here is the basics on Renko candlesticks; http://www.investopedia.com/terms/r/renkochart.asp#axzz1uiLNPABB