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Simple Renko System

Ferru, what... No EA scraps to leave behind...

ES....

Can you maybe explain your exit again, as I have missed it? Or just MPTM? Please advise...

Thanks!
We are our own best indicator.
No worries, Ferru.

You're a famous bloke, so couldn't resist.
Quoting FerruFx
Arghhh ... I am not invisible

Sorry but actually I am very busy with my clients ... 1 project of 3 is specially designed for Renko charts !

BTW, renko charting is certainly the most straight way to trade. I would suggest to beginners to use renko as it avoid most of the "noise" and can be used with any standard and custom indicators.

All the best ES with your thread ...

FerruFx
Thanks
Quoting bluemele
Ferru, what... No EA scraps to leave behind...

ES....

Can you maybe explain your exit again, as I have missed it? Or just MPTM? Please advise...

Thanks!
I am still working on exit. That seems to be the problem. Right now I am using an EA that will close when the basket reaches certain profit level. I tried MPTM. Did not seem to work. May be I am doing something wrong.

I have been trying to also exit when one of the green line is approached. Then re enter when those lines get breached.

I tried Steve Hopwoods Ea for Nanningbobs system and also Blessing 3 EA to trade this. Not having much luck. Again I may not be doing it right.

Any suggestion would be appreciated
.
Thanks again for all your valuable input.
Quoting ES Trader
I am still working on exit. That seems to be the problem. Right now I am using an EA that will close when the basket reaches certain profit level. I tried MPTM. Did not seem to work. May be I am doing something wrong.

I have been trying to also...
Your doing something right as your biggest loss is 1/3 of your biggest gain
Post 53 has 50% winners to losers yet 400 pips. Not too shabby.

cheers
Quoting Invisible
No worries, Ferru.

You're a famous bloke, so couldn't resist.
Thanks.

FerruFx
MT4 EAs/Indicators/Alerts coder
Quoting goldsurfer
Your doing something right as your biggest loss is 1/3 of your biggest gain
Post 53 has 50% winners to losers yet 400 pips. Not too shabby.

cheers
Thanks. If, as I assume all these currencies I am in, travels to other Gold line as it seems to have done in the past ( Of course there are no guarantees in trading) there is a potential for more than 3000-4000 pips. In fact that is what I have on my Exit EA.

Lets see what happens.
Quoting ES Trader
Thanks. If, as I assume all these currencies I am in, travels to other Gold line as it seems to have done in the past ( Of course there are no guarantees in trading) there is a potential for more than 3000-4000 pips. In fact that is what I have on my Exit EA.

Lets see what happens.
I guess you mean 300-400 pips, but on a 5 digi --- 4000 pips..?

Otherwise our charts are completely different. I have my own EA that doesn't use RENKO doing this auto EA. I was going to try it on the RENKO chart, but I couldn't seem to get it to take entries. Will try again.

Seems to just be working now... hard to explain all the rules, but I just plopped it onto a M2 RENKO chart and it works... Taking orders at least.

I use this live on 3 accounts with over 10K in them and it nets me about 16% per month.... It is on the 60x90 Ea thread as well...

1) uses stop gap entries if it is under the sixths line (you choose)
2) use pending order trail if price moves against you, it follows it down
3) trailing stop that starts @ x pips distance at a % of the overall profit
4) etc... Too many bells and whistles for now... Take a look at the code...
Attached File
File Type: mq4 Double Dragon.mq4   31 KB | 443 downloads
We are our own best indicator.
Please don't be dumb enough to put that EA on a live account YET!

0000hhhh.... And you have to take the sixth's indi off your chart because this EA paints its own.
We are our own best indicator.
I tried Steve Hopwoods Ea for Nanningbobs system and also Blessing 3 EA to trade this. Not having much luck. Again I may not be doing it right.

Any suggestion would be appreciated
.
Thanks again for all your valuable input.[/quote]



I do not want to complicate the thread, but maybe this idea is valid for tp.

This requires an indicator that I found in ff. after the entry have all the time to set the tp.

1. We trade
2. Sixth eliminated
3. We configuration points for the indicator Bemac ICCE (see graph)
4. We set the indicator.
5. Tp detect possible.
Attached Images (click to enlarge)
Click to Enlarge Name: 12.gif Size: 41 KB Click to Enlarge Name: 13.gif Size: 27 KB Click to Enlarge Name: 14.gif Size: 46 KB Click to Enlarge Name: 15 a.gif Size: 43 KB
Click to Enlarge Name: 15 b.gif Size: 48 KB
Attached File
File Type: mq4 Bemac ICCE bemac default v1.2.mq4   16 KB | 507 downloads
Quoting Vicente
I tried Steve Hopwoods Ea for Nanningbobs system and also Blessing 3 EA to trade this. Not having much luck. Again I may not be doing it right.

Any suggestion would be appreciated
.
Thanks again for all your valuable input.


I do not want to complicate the thread, but maybe this idea is valid for tp.

This requires an indicator that I found in ff. after the entry have all the time to set the tp.

1. We trade
2. Sixth eliminated
3. We configuration points for the indicator Bemac ICCE (see graph)
4. We set the indicator.
5. Tp detect possible.[/quote]
I don't understand that indicator, but I just use a 50% fib for TP w/ a TS....

My EA 'Double Dragon' is all screwed up on the RENKO chart...

I wonder why....
We are our own best indicator.
Quoting bluemele
I guess you mean 300-400 pips, but on a 5 digi --- 4000 pips..?...
Thanks a lot. I will give it a try.
Quoting bluemele
I guess you mean 300-400 pips, but on a 5 digi --- 4000 pips..?
HI blue

Did you see ES post 53? 50 renko block and 8 currencies, he did 400 in two days

cheers
Quoting chaveznqoos
Hi Es;
Please, what is the setting for the indicator SIXTHS SCREEN 50 or 120 ?
Regards
Your choice.

120 bars on RENKO could be a challenge w/ limited history. Usually on a time based chart 120 bars is what Bob uses. However, on RENKO.... Who knows, it is all price based, so I would think the minimum is 50.

Due to limited history w/ Renko for some reason, it doesn't matter if I plug in 50 or 2000....
We are our own best indicator.
Quoting bluemele
I use this live on 3 accounts with over 10K in them and it nets me about 16% per month.... It is on the 60x90 Ea thread as well...

1) uses stop gap entries if it is under the sixths line (you choose)
2) use pending order trail if price moves against you, it follows it down
3) trailing stop that starts @ x pips distance at a % of the overall profit
4) etc... Too many bells and whistles for now... Take a look at the code...
Thanks! Will definitely have a look at it.

Are you saying that it automatically calculates the Sixths, or does it require the user to do so?

Also, how does it handle the fact that the Sixths indicator itself does not repaint when it should move the lines? The Sixths Donchian indicator made by Zurathustra and posted in the SH NB v5 autotrader thread might be god to use instead:

http://www.forexfactory.com/showpost...&postcount=203
This is where my account today is. I already cashed out couple of positions.

I think there is astill upside potential. Prices have just creeped back into bottom Gold line. Needs to go up to upper line.
Attached Image (click to enlarge)
Click to Enlarge Name: trading.gif Size: 93 KB
hallo..
all of you is using renko box 50??
how about placing SL point??
Flip Flop Balance
Quoting Invisible
Thanks! Will definitely have a look at it.

Are you saying that it automatically calculates the Sixths, or does it require the user to do so?

Also, how does it handle the fact that the Sixths indicator itself does not repaint when it should move the lines? The Sixths Donchian indicator made by Zurathustra and posted in the SH NB v5 autotrader thread might be god to use instead:

http://www.forexfactory.com/showpost...&postcount=203
Z and I have a difference of approach. Z is looking for the perfect entry in my opinion that will stop the drawdowns. I believe this method is really more about money management WITH limiting drawdown.

If you truly want a less risky entry, then just extend out the # of bars on the sixth's... It puts you in a longer range which then is less likely to break in the opposite direction.

BTW, my EA doesn't work w/ RENKO.... I don't know why, nor have the time to play with it....

You can indicator the crap out of any system, but I believe NB's system uses a shotgun approach for decent entries offering scalping on a 4HR chart.

NO MATTER WHAT, YOU WILL HAVE LOTS OF DRAWDOWN, MANY LEVELS OF DRAWDOWN and thinking you will lose everything....

It is really all a measure of how well you manage your money, and getting out of the bad ones and avoiding the bad ones!

For example: I have an EA that I am building. It sets a grid every 15 pips with a trailing entry in opposite direction of 30 pips. I have a trailing stop on a % of gain. I martingale out of them using the same techniques. It is by far more profitable with lower drawdown than any other system I have seen yet. It is just about money management than anything. My plan is to put these types on Nano accounts (a few different one's) and let them run. Yes, they will make you 15 cents here, 8 cents there, etc.. But, I have come to realize, that 4.00 per month per currency X 10 or so currencies = 40.00 per 1K account = 4% per month or 48% per year which is much better than most EA's or systems! Put 5 of those type systems together that dig into the same pile of cash and you have a pretty darn good return.

I digress....

10,000 indicators will not help this to be any better... Just my opinion...
We are our own best indicator.
Quoting ES Trader
I would like to show yet another simple system using Renko Chart. Before I proceed I would like to thank Nanningbob and Steve Hopwood whose indicator I am using here as a part of the system.

People who do not know about Renko can google and get more info. Basically Renko is NOT time based chart but uses fixed number of pips to create a Bar.

Let me give step by step instruction how to create the chart I have shown below.

1. Open i min chart of any Pair

2 Click on Tools and open chart Tab and check all the options. And enter 999999999999999999999...
Hi Estrader

This system looks fantasic. Im a bit of a newbie and i'm having a bit of difficulty installing this can you please post up some easier instructions so that i can install this system.

Thanks
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