Hi guys,
for lack of a better expression that we know of, we, too, often use the term 'timeframe'. Even though nothing we do here at Remek! is based on time charts.
What we do is not about time, but, we think, something better: price. (We like to say, half jokingly, half seriously: we'll start trading on 60 minute bars as soon as we start getting paid by the hour.)
But as long as what pays our bills is price movement and not time movement, we'll continue to trade and build systems that are based on just that: price movement.
So you guessed right, our favourite bar types over the years have been range bars and renko bars (specifically those by Shark Indicators). Our current commercially available system is also based on a special type of renko bars. (We have built many systems based on range bars as well, and Gabor has been using one on the NQ.)
Back to the point: we like SiProRenko (or SiBTRenko) because it clearly shows us point D and point U as seen on the above chart. (It will also tell us what stop we'll need on the entry at 1.) The thick line represents the larger 'price frame' chart, let's suppose a 12:3 SiProRenko. Say, at D, upon the close of the bar, we start looking for shorts. But not on the 12:3! Rather, on the 5:1, a smaller, faster chart. We try to determine the ideal (lowest-risk, smallest-stop) entry on the smaller chart, represented by the dotted line. And that's easiest to do on our renko charts. The result: we'll go short at 1. We can go short again, or add to the position at 2. And so on, day in and day out.
Mind you, that's the easy part. Where it does get difficult is avoiding range-bound, choppy, no man's land areas that can really hurt our account if we're not on guard. And that requires discretion and experience, and, yes, intuition. Stuff that's hard or impossible to code. And that's why, we think, the Remek! System represents best of both worlds: it's automatic enough to ease the burden for the trader, but flexible enough to allow rule-based discretionary trading with a touch of intuition as well. See for yourself.
As always, mindful trading to all!