[Derrickt389]

Hi,

Can someone tell me where to download a renko chart from and how to set it up?

Thanks

[Dragokin]

Hi all!

I am new to this forum and also quite new to the Forex as well.

I would like to know why did this go in negative for me? I have entered at the red line (after the candle have completed) in buy. Did I miss something or is this was just simply a trade with false entry?

Thank you guys and girls in advance!

[bali2002]

Originally Posted by Dragokin

Hi all!

I am new to this forum and also quite new to the Forex as well.

I would like to know why did this go in negative for me? I have entered at the red line (after the candle have completed) in buy. Did I miss something or is this was just simply a trade with false entry?

Thank you guys and girls in advance!

You entered too late, at the end of the trend, when it has already lost momentum and it retraced a little later stopping you out.

You should have entered at the beginning of the MA, when it turns blue, and after 2-3 candles when the RSI crosses the 55 line .
I've marked it in my chart.

Also be aware that the market is quite ranging, there's not a very clear uptrend. I would wait.

[Dragokin]

I see, thank you for your quick response!

And the exit would be just two candles latter where there are up and down pins? Also if it is not to much of a trouble what would you have waited, what would be that sign that would make you enter? I am sorry if these are stupid questions, I am only trying to understand.

Again, thanks in advance for your time and responses.

[xBweNx]

Bali said that pretty well. keep on the demo take every signal you see valid. that was a valid symbol but there was range and trend was ending. After a while you will be able to eliminate the fake outs

[Nagpada]

Originally Posted by Derrickt389

Hi,

Can someone tell me where to download a renko chart from and how to set it up?

Thanks

Go to " renko block charts " read that thread it is not very long. you will find renko V 2.2 which is an ndicator. Download and install in MT 4 experts, indicator section. Page 1 post 1 of that thread gives installation instructions. Hope this helps.

[scartree]

Bali
I am not a big pivot fan but interested in your approach. In the chart just posted, if you took the trade shown would you have set your TP at the M3 line? Where would you set your SL - just below the lower pivot line?

These are only lines on the chart which work unless they don't work! At what stage do you accept that PA is not going to reach a pivot line and revise the TP or pull the plug on the trade?

[bali2002]

Yes, with this system I normally set the TP at the next Pivot line and initially the sl at the other pivot.


But before entering any trade I check the PA for s/r, trend direction, momentum/speed, retracements, etc. The typical PA analysis.
Check: http://www.forexfactory.com/showpost...&postcount=736

I pull the plug on the trade when PA starts really moving against me. It rarely happens. I'd rather not win 20pips than lose 30. You have to watch the PA movement and make your decisions. If you get in the trade when PA is really accelerating then most of the times you'll reach the PL soon. If PA is slow or sluggish I don't take the trade, the risk for a reversal is too big. Same if the trend is not defined, or reaching reaching a double/triple top/bottom, etc.

Originally Posted by scartree

Bali
I am not a big pivot fan but interested in your approach. In the chart just posted, if you took the trade shown would you have set your TP at the M3 line? Where would you set your SL - just below the lower pivot line?

These are only lines on the chart which work unless they don't work! At what stage do you accept that PA is not going to reach a pivot line and revise the TP or pull the plug on the trade?

[Derrickt389]

Originally Posted by Nagpada

Go to " renko block charts " read that thread it is not very long. you will find renko V 2.2 which is an ndicator. Download and install in MT 4 experts, indicator section. Page 1 post 1 of that thread gives installation instructions. Hope this helps.

I use FXCM Micro which doesnt have a MT4 platform, but I use the MT4 demo chart software to follow the prices and i place my trade with FXCM. Is it possible to get something like the MT4 demo for renko?

[xBweNx]

Im going to marry GU and trade it on 5pip renko and see how it goes. im using same setup. wish me luck

[wieb]

Originally Posted by Derrickt389

I use FXCM Micro which doesnt have a MT4 platform, but I use the MT4 demo chart software to follow the prices and i place my trade with FXCM. Is it possible to get something like the MT4 demo for renko?

You can use MT4 demo or MT4 live for displaying Renko chart.


Do these step for displaying Renko chart :

1. download RenkoLiveChart_v3.2.mq4 and put it into program files/metatrader/experts folder

2. download renko.zip and extract it

3. put all EX4 and MQ4 files from renko.zip into program files/metatrader/experts/indicators folder

4. put RENKO.TPL from renko.zip into program files/metatrader/templates folder

5. run MT4 and open a new chart

6. change time frame of the new chart to M1

7. press CTRL and HOME key until the date on bottom of the chart displaying the date a month ago

8. click TOOLS then OPTIONS from MT4 menu

9. click EXPERT ADVISORS tab

10. make sure ENABLE EXPERTS ADVISOR, ALLOW LIVE TRADING, ALLOW DLL IMPORT, and ALLOW EXTERNAL EXPERTS IMPORTS boxes are mark and the other boxes are empty

11. click OK

12. double click RenkoLiveChart_v3.2 from EXPERT ADVISORS folder on NAVIGATOR WINDOW

13. click FILE then OPEN OFFLINE from MT4 menu

14. select M2 chart then click OPEN

15. right click on M2 offline chart

16. select TEMPLATE then RENKO

17. your M2 offline chart will looks like this #239 (Thank you xBweNx)



Hope this helps

[scartree]

Thanks for that Bali. I also found those graphics from asdf very interesting and useful.
K

[Dragokin]

Originally Posted by bali2002

Yes, with this system I normally set the TP at the next Pivot line and initially the sl at the other pivot...

Bali, thx again for your help!

I wanted to ask you do you calculate your own pivot lines or do you use some indicator for it and if yes then could you please tell me which ones or better yet put them here as attachments?

Thx again!

[Petar_Serbia]

good setups on friday

GBP USD and EUR GBP 2 hours before news....


Now i can go to play Strarcraft


Cheers

[45Fxguy]

This ones for you Petar_Serbia, since it looks like an alien in starcraft.
See any resemblance?
Ready to start that "Renko Starcraft team", thread?