KK's Corner
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Here is the chart of Dixon in 3% Renko & 1% Renko. This is a classic study on nesting of time-frames.
The three step sequence of trend reversal is highlighted in the above chart. This happens consistently in trend reversals and we have been discussing this for ages now in our webinars. When the price has pulled back to the MA in 3% and when the background is bullish (price above MAs & the MAs are positively aligned), let us switch to the lower time frame or 1% brick size to identify a low risk entry.
Notice how the price pulled back to the D-SMART line and offered a low risk entry with D-SMART as your stop loss.
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Guess this is Oliver Kell's theory. Almost everything is the same. Nothing new under the sky.
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Also check the chart of CDSL which also fits into the same category as Dixon. Again, I bought CDSL earlier today (September 26, 2023).
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This is great in renko. I am closely watching CDSL and awaiting a breakout above 1400 on 1% PF chart. It should give 2:1 RR.
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is there any public scanner for this?
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There is no public scanner for this. But creating one is very simple. Encourage you to try building a scanner.
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@Krishna Kumar
can this be used to re-enter if we have missed out the previous rally? -
Yes. You can use this to enter if you have missed out. But again, i prefer to take the pull back entry only when the trend is nascent.
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In 3% , is it 10 and 20 EMA ?