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Ichimoku - RENKO

  • Post# 1
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  • First Post: May 14, 2011 6:20am | Edited May 15, 2011 6:14am
I'm starting this thread as I haven't seen an Ichimoku thread directly relating to Renko.

For this strategy I'm using a 15 pip box and standard Ichimoku 9, 26, 52.

I'm not sure about using other indicators with Ichimoku, my heart tells me to keep it 'pure' but I always seem to end up with additional 'confirmation' indicators.

I trade long when a box closes outside the Kumo Cloud, the Tenkan Sen is above the Kijun Sen preferably pointing up and the Chikou above the price of 26 periods back, opposite for short.

After trying literally hundreds of 'holy grail' strategies Renko trading combined with Ichimoku has been the first trading strategy that has produced overall consistent profits for me, but I'm always looking for that 'extra edge' to make it better.

As with most strategies this looks great when trending but ranges can produce losses and any way of filtering ranges should be explored.

Anyone not sure what Ichimoku is please check here.

http://www.investopedia.com/articles...6/ichimoku.asp

All contributions and trading ideas welcome.

Please add your own trading strategy, but only Ichimoku - Renko.

Renko EA v3.2 can be downloaded below.

http://forexpowertraders.com/indicators.html#rlc
Attached Image (click to enlarge)
Click to Enlarge Name: ich.gif Size: 36 KB
Attached File
File Type: pdf Renko EA Set Up.pdf   147 KB | 2,554 downloads
Hello glad someone else uses renko ... Here is what i am testing ,indicatores are attached ..

Rules : Sell

if in down trend (grey arrow)
i will only take sell signals ( red arrows)

stoploss when price closes out side grey dotted line , or when green arrow appears. (emergency stop at 50 pips)

take profit : When i hit 20 pips i will close 1 position and move the other position to breakeven , and collect profit at 40 pips .

Rules : Buy

if in up trend (green arrow)
i will only take buy signals ( pink arrows)

stoploss when price closes out side green dotted line , or when grey arrow appears. (emergency stop at 50 pips)

take profit : When i hit 20 pips i will close 1 position and move the other position to breakeven , and collect profit at 40 pips .
Attached Images (click to enlarge)
Click to Enlarge Name: RENKO MIN 5A.jpg Size: 103 KB Click to Enlarge Name: RENKO MIN 5B.jpg Size: 111 KB
Attached Files
File Type: ex4 minurri2 profx indi.ex4   7 KB | 1,206 download
File Type: ex4 goldminer1.ex4   6 KB | 1,088 download
File Type: tpl renko gold1.tpl   3 KB | 947 downloads
Try this. Below cloud, below 20 simple high/low chanel SHORT ONLY.
Above cloud, above 20 simple high/low chanel LONG ONLY.

20 pip block.
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I AM WHAT I AM, AND THATS ALL THAT I AM
Quoting Goldflight
Try this. Below cloud, below 20 simple high/low chanel SHORT ONLY.
Above cloud, above 20 simple high/low chanel LONG ONLY.

20 pip block.
Thanks Goldflight looks good.
Quoting bobbye
Hello glad someone else uses renko ... Here is what i am testing ,indicatores are attached ..

Rules : Sell

if in down trend (grey arrow)
i will only take sell signals ( red arrows)

stoploss when price closes out side grey dotted line , or when green arrow appears. (emergency stop at 50 pips)

take profit : When i hit 20 pips i will close 1 position and move the other position to breakeven...
Hi Bobbye
thanks for your input, I tend to use the price crossing the TS as a get out signal.
Still tinkering. Below cloud, below 20 simple high/low chanel SHORT ONLY.
Above cloud, above 20 simple high/low chanel LONG ONLY.

20 pip block
Add Bill Williams AWSOME INDIE, Put on EMA'S 1 and 3, Take trades only when 1 EMA crosses 3 EMA.

Green lines is where you take trade, Red lines NO TRADE.
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I AM WHAT I AM, AND THATS ALL THAT I AM
Goldflight do you have the high low chanell indi please.
Quoting forex1962
Goldflight do you have the high low chanell indi please.

It is 2 20 simple moving averages, One set to high, the other set to low.
Here is a template.
Attached File
File Type: tpl FOREX 1962.tpl   3 KB | 743 downloads
I AM WHAT I AM, AND THATS ALL THAT I AM
Quoting Goldflight
It is 2 20 simple moving averages, One set to high, the other set to low.
Here is a template.
Ok I get it, would seem to act as a pretty good exit strategy.
Attached Image (click to enlarge)
Click to Enlarge Name: ich.gif Size: 34 KB
Quoting forex1962
Ok I get it, would seem to act as a pretty good exit strategy.

Myself, I would exit on first reversal bar.
Attached Image (click to enlarge)
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I AM WHAT I AM, AND THATS ALL THAT I AM
Quoting Goldflight
Myself, I would exit on first reversal bar.
Right, but would you then renter after it turns back again and still below chanell?
Quoting Goldflight
Myself, I would exit on first reversal bar.
Right, but would you then renter after it turns back again?
I know using a 20 box is going to give a more reliable signal than 15 but could be waiting a long time for a signal, at what point after a kumo break would you NOT enter?
Quoting forex1962
Right, but would you then renter after it turns back again and still below chanell?

No, I would wait for next setup. Most of the time price moves back to the chanel.
I AM WHAT I AM, AND THATS ALL THAT I AM
Entries and Exits.
Attached Image (click to enlarge)
Click to Enlarge Name: screen shots 1.gif Size: 35 KB
I AM WHAT I AM, AND THATS ALL THAT I AM
Quoting forex1962
Right, but would you then renter after it turns back again?
I know using a 20 box is going to give a more reliable signal than 15 but could be waiting a long time for a signal, at what point after a kumo break would you NOT enter?

I would only reenter if all three signals line up. I know sometimes the wait may be long, but may be worth the wait.
I AM WHAT I AM, AND THATS ALL THAT I AM
Looks impressive, do you think the chanell is a better idea than using the TS KS & Chikou?
Do you mainly trade Renko, I've read a lot of your comments on ff before & you seem to have a lot of knowledge about it.
Quoting forex1962
Looks impressive, do you think the chanell is a better idea than using the TS KS & Chikou?
Do you mainly trade Renko, I've read a lot of your comments on ff before & you seem to have a lot of knowledge about it.

I have never used the TS KS & Chikou indies. The 20 simple moving average is the center line of the 20 bolinger band.

Yes i mainly trade using renko charts, I find them to be a much cleaner chart.
I AM WHAT I AM, AND THATS ALL THAT I AM
Quoting Goldflight
I have never used the TS KS & Chikou indies. The 20 simple moving average is the center line of the 20 bolinger band.

Yes i mainly trade using renko charts, I find them to be a much cleaner chart.
Thanks Goldflight your input is very much appreciated, please keep it coming!
Quoting forex1962
Thanks Goldflight your input is very much appreciated, please keep it coming!

You are welcome, I will keep a close eye on this thread. Good luck and happy pipping............................ GF.
I AM WHAT I AM, AND THATS ALL THAT I AM
Quoting farsisub
thx GF for new post
it looks like impressive . i have a question how do u put 2 MA ( 1and 3EMA ) on AO indicator ? i catch MA from indicator tab to AO indicator on my chart but MA set in main chart not Indicator window

Go to navigator, then indicators ( NOT CUSTOM INDICATORS) Left click and hold on moving averages, drag to Awsome indicator,go to APPLY TO and click on First Indicator Data. That will put it on the indicator. Also here is the template.
Attached File
File Type: tpl FOREX 1962.tpl   3 KB | 273 downloads
I AM WHAT I AM, AND THATS ALL THAT I AM
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