The alternative method (50 pip candles)
Hi,
This is a new method that I want to share with you.
The goal is not to follow the price and guess where it will go, but to set a trap on the price and capture some points in 3 trades.
Every time the price goes up 50 pips, I draw a green candle or +.
Every time the price drops 50 pips, I draw a red candle or a -.
As a Renko chart, this system does not care about time and will draw a candle whenever the 50 pip is reached.
Here's GBP/USD in December:
-++++-+++---++--+---+---++--
Or like this:
This is a new method that I want to share with you.
The goal is not to follow the price and guess where it will go, but to set a trap on the price and capture some points in 3 trades.
Every time the price goes up 50 pips, I draw a green candle or +.
Every time the price drops 50 pips, I draw a red candle or a -.
As a Renko chart, this system does not care about time and will draw a candle whenever the 50 pip is reached.
Here's GBP/USD in December:
-++++-+++---++--+---+---++--
Or like this:
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