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Another Renko PA system (not finished yet)

Hi
A new idea just come to me.It's very easy and looks good so i post it here.Hope we can make it better.

This is renko chart with a fractal indi.

you can see the higher-highs lower-lows and so on as the fractal tells you that.
I think we can do wave trade with it.

If we only care about last 3 fractal,say what will happen?
1:up-fractal,down-fractal,up-fractal.
2:down-fractal,up-fractal,down-fractal.
3:may be anything else.
In case 1,if the 2nd up-fractal is lower than the first one,we think it is an down-trend and we sell when the price break the down-fractal.
In case 2,same to case1 but we buy.
In case 3,we do nothing.


this is the case 2.


here we buy


when to close?

so,when to close?IDK the best answer.close however you like and be kind to share the way you close.

mahanxiong
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Attached Images
the downside is... trading Renko isn't as easy as you see from the chart. Try search for another renko EA which shows the high and low of each bars, then you will get what i'm saying.



Try to do a simulation in the strategy tester. And experience it in tick mode of Renko bar with high low. In your case 2, once you open a buy position, the price may go down, hence drawing a red down Renko bar, instead of drawing a green up Renko bar.

In other word, if you want to confirm whether renko bar is really going up, you will have to wait for one bar higher than the previous fractal to be printed.
Quoting wilsonch
the downside is... trading Renko isn't as easy as you see from the chart. Try search for another renko EA which shows the high and low of each bars, then you will get what i'm saying.



Try to do a simulation in the strategy tester. And experience it in tick mode of Renko bar with high low. In your case 2, once you open a buy position, the price may go down, hence drawing a red down Renko bar, instead of drawing a green up Renko bar.

In other word,...
I know what you mean&what you say is just right.
but what I mean is that you open at the price break the Higher-high/lower-low,not the Renko bar.
I like to trade this as scalp.
this is what i just do.every trade takes about 3 mins.when you are right than close.when you are wrong or don't know it than close it as well.
the spreed need to be very small.(0.4-0.8 for me)
this kind of trade needs your feelings to the market more than a system and this is a good way to build the feeling.
but anyhow this is not the place to discuss "feeling"...
gl
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Quoting mahanxiong
I know what you mean&what you say is just right.
but what I mean is that you open at the price break the Higher-high/lower-low,not the Renko bar.
i got your idea now. Seems interesting. I thought you are buying and selling based on the Renko bar last swing high and swing low. Sry for misunderstanding. Keep up the good work!

Renko trading has always been one of my favourites.
Hi. were i can get the renko chart?
Hii,

I'm renko trader too... by the way what block size you're using in your technique ??

i'm using 15pip charts


Please post template too...

Happy Winning ,

Makz
Not all treasure is silver and gold, mate :thumbsup:
Quoting wilsonch
the downside is... trading Renko isn't as easy as you see from the chart. Try search for another renko EA which shows the high and low of each bars, then you will get what i'm saying.



Try to do a simulation in the strategy tester. And experience it in tick mode of Renko bar with high low. In your case 2, once you open a buy position, the price may go down, hence drawing a red down Renko bar, instead of drawing a green up Renko bar.

In other word, if...

The high or low of a renko bar is always the closing.
But I know what you mean. To better grasp the price action the bar should include the tail. If not, any strategy looks good at first glance.

J.
Quoting wilsonch
i got your idea now. Seems interesting. I thought you are buying and selling based on the Renko bar last swing high and swing low. Sry for misunderstanding. Keep up the good work!

Renko trading has always been one of my favourites.
Nothing
Sorry for my poor english,it's not my 1st language.
gl
Quoting abroco
Hi. were i can get the renko chart?
here it is
Attached File
File Type: mq4 0-RenkoLiveChart_v3.3-Labels.mq4   18 KB | 296 downloads
Quoting mahanxiong
here it is
What block size do you use?
Quoting aelimian
What block size do you use?
I fail to see how does that matter. You could use 10, 20, 50 or 100 pips, and the charts are still going to look the same way, with the same 1-2-3 patterns shown by the fractals. Just on a different scale.
Please post template & preferred block size please ....

Looking forward
Not all treasure is silver and gold, mate :thumbsup:
  • Kiads
    Joined May 2012
Quoting Barbossa
I fail to see how does that matter. You could use 10, 20, 50 or 100 pips, and the charts are still going to look the same way, with the same 1-2-3 patterns shown by the fractals. Just on a different scale.
I use renko for years, if you want to see PA in real, ideally you should use 1 point block renko. But, its consume MT4 resources and sometime make MT4 crash.
I'm not use 'fractal' but 123 pattern indicator it's same concept I think..
and combine it with divergence..
keep up the good work, you are in the right track..
Quoting Kiads
I use renko for years, if you want to see PA in real, ideally you should use 1 point block renko. But, its consume MT4 resources and sometime make MT4 crash.
I'm not use 'fractal' but 123 pattern indicator it's same concept I think..
and combine it with divergence..
keep up the good work, you are in the right track..
Just to make sure I understand that correctly - when you say "divergence", you mean applying an oscillator-type indicator on the renko chart?
  • Kiads
    Joined May 2012
Quoting Barbossa
Just to make sure I understand that correctly - when you say "divergence", you mean applying an oscillator-type indicator on the renko chart?
yup, oscillator type indi like MACD.., it's work for me..
  • Kiads
    Joined May 2012
Quoting Kiads
yup, oscillator type indi like MACD.., it's work for me..
here is the SS of my RC
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Excellent charts dude...

btw, what block size it is???

you trading 1-2-3 breakouts with this charts ?

I'll share my setup soon..

Kudos !
Not all treasure is silver and gold, mate :thumbsup:
  • Kiads
    Joined May 2012
Quoting makzer
Excellent charts dude...

btw, what block size it is???

you trading 1-2-3 breakouts with this charts ?

I'll share my setup soon..

Kudos !
sorry for my english,
Thx, that SS is 5 point renko brick/block. but ideally the real Price Action Renko is 1 point brick so you can really 'see' what's going on with 'price movement' that sometimes even 1 minutes standard TF can't show you.

With 1 pont renko brick, almost all indicators that use OHLC data feed will work 'better' than in standard TF..

and yes, I use 123 breakout concept for my 'renko trading' that similar to this thread concept especially at trending market.

A lot of people complaining about 'renko' as unreliable chart type..lol.

But, for all 'renko lover', maybe some of you doesn't know yet, that the 'real' secret of renko is 'combined 1 point renko brick' with ichimoku 5-25-50 setting.. just try it out and see for yourself.

watch the 'interaction' between 1 point renko brick and ichimoku 'kumo' cloud.
I hope all of you can 'see' the 'secret'..
Hii Kiads!!!

My hearty thanks for your valuable comments & special thanks for your renko secret!!!

Anyway , i'm fully satisfied with renko charts for past 2 years ... & i'm Happy

I'm posting my very simple setup here

It's 15 pip chart though

Thanks Again ,

Makz
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Not all treasure is silver and gold, mate :thumbsup:
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