Even though the longer term trend for gold remains heavily bearish, there are always opportunities for intraday trading against the dominant trend, and here we are using the renko optimiser along with several other Quantum indicators. The renko optimiser delivers the optimal setting for the brick – no guesswork!!! So you are trading in tune with the market at the optimal brick size for any market and timeframe.
The indicator works by using average true range to deliver the brick size, and for gold this is delivered in cents per ounce. In the video we also consider the Trend Monitor and Trend dots, two great indicators which work so well with the renko chart, helping to keep us in the trend and maximise our profits. Holding a position through a reversal or pullback is immensely difficult and this is what the two indicators working in tandem do together. One works close to the price action, whilst the other steps back and takes a more considered view of the longer term trend. Finally another great indicator for renko charts is the accumulation and distribution indicator which delivers the support and resistance levels across the chart.