That is what I use for my charts only renkos. Two long trades from Friday with renko charts that I enter with stop limit orders.
never read a thing on Renko.. i guess the idea is to take a little of the messyness and confusion out of the chart..
I prefer charts that are not time based and where I can see higher pivot lows and lower pivot highs real clear. I use renkos with wicks too, usually in faster markets like crude oil.
my intuition tells me that the higher ups have over produced for several reasons.. create attractiveness.. run smaller companies out because of lack of liquidity and they just can't hold on with the low margins in producing nat gas now.. i saw a lawn business with cells on the mowers for nat gas.. but thats not the time frame your trading on i get it.. i trade options mainly.. and i wanted to position long either in an otm fly.. or an outright call option.. i definitly feel like i missed the bottom.. now i just need to find a position to get into
I am still long, just keep rolling over and have breakeven stop, using weekly/monthly bar charts. I don't have a clue where it going or when it will end, just following my rules, look at it each weekend.
handle, what kind of roi are you getting on that position, or what roi do you hope for? Like I said, wanted to get long crude at mid $90's and be able to hold all the way down to 65, but never could come up with any realistic strategy. Looked at USO, and figured if they couldn't do it I couldn't do it. What is that ng etf? UNG? It has been a tough row to hoe. how often do you roll out? Always the front month? Did you average down to get your position on? Will you be adding?
playing a commodity based ETF? Ung is the ticker.. but whats the roll cost from the futures curve.. why not play options on futures or futures directly?
yes,well, I'm a futures trader, so that's how I would do it, but my strategy is not that different from UNG, and that hasn't worked out too well. Morgan Stanley figured this out years ago, and they actually buy and hold and store the physical. And at times, when it is to their benefit can manipulate the price.
ok, then based on your recommendation, I will just put all my net worth in NG since you seem to know that it is going up. Just out of curiosity, have you ever been wrong?