I am busy with some robot programming. So looking around in order to kill the time while they are forward testing and found this fine strategy on Youtube.
2 MA's: 144 linear weighted and 5 Smoothed. On close of cause.
But here comes the advanced strategy: Use Renko bars. They remove the noise. On every cross do invest and set profit 2 bars and SL 2 bars. I use 10 pips = 100 points on this Renko chart. As "mother chart" I use a timeframe at H1. I see many people that think you must use M1 in order to get all updates on price. That is wrong. You get updates all the time no matter which TF you use. But selecting a specific TF creates the number of bars and that is vital.
Be aware of too small Renko bars. The split will eat you profit. Also it is important to have a broker or PROP firm with smallest possible splits.
I tried it on Nasdaq. The author suggest EUR/USD, GBP/USD and USD/JPY (Medium volatility).
It seems to win most times. There will be a huge bunch of bars that you don't get with this profit target, but you will win a lot. Be happy for the money that you get and don't think of the money that you did not get.
Of cause you can try with a larger TP. And maybe 200MA? Or a Hull MA for the fast 5MA?
Do not trade when the chart is ranging!! A hint could be to trade on New York session open. It gives some nice runs.
The problem with Renko is that it repaints every time the chart has been closed. But not that much - at least my doesn't. So it has not been tested properly. Somebody must try this strategy on forward test to see if it holds. Please let us know in this thread your results. I will not test it myself right know. I have far too many robots on the screens as it is.
And I will not be the mentor for any newbees that does not know Renko. There are meny threads that is about Renko. Also a lot of knowledge on the Internet. Read and be wise. My Renko indicator is NTA Renko. Make and Internet search and you will find it. It works great. Put it in your indicator folder. (I use MT4).
Can you make a living on TP = 2 bars? Easy! Have several charts open. Take 10 trades a day.
Please let us know in this thread your results.
2 MA's: 144 linear weighted and 5 Smoothed. On close of cause.
But here comes the advanced strategy: Use Renko bars. They remove the noise. On every cross do invest and set profit 2 bars and SL 2 bars. I use 10 pips = 100 points on this Renko chart. As "mother chart" I use a timeframe at H1. I see many people that think you must use M1 in order to get all updates on price. That is wrong. You get updates all the time no matter which TF you use. But selecting a specific TF creates the number of bars and that is vital.
Be aware of too small Renko bars. The split will eat you profit. Also it is important to have a broker or PROP firm with smallest possible splits.
I tried it on Nasdaq. The author suggest EUR/USD, GBP/USD and USD/JPY (Medium volatility).
It seems to win most times. There will be a huge bunch of bars that you don't get with this profit target, but you will win a lot. Be happy for the money that you get and don't think of the money that you did not get.
Of cause you can try with a larger TP. And maybe 200MA? Or a Hull MA for the fast 5MA?
Do not trade when the chart is ranging!! A hint could be to trade on New York session open. It gives some nice runs.
The problem with Renko is that it repaints every time the chart has been closed. But not that much - at least my doesn't. So it has not been tested properly. Somebody must try this strategy on forward test to see if it holds. Please let us know in this thread your results. I will not test it myself right know. I have far too many robots on the screens as it is.
And I will not be the mentor for any newbees that does not know Renko. There are meny threads that is about Renko. Also a lot of knowledge on the Internet. Read and be wise. My Renko indicator is NTA Renko. Make and Internet search and you will find it. It works great. Put it in your indicator folder. (I use MT4).
Can you make a living on TP = 2 bars? Easy! Have several charts open. Take 10 trades a day.
Please let us know in this thread your results.
Read post #1 !! Then read it again 10 more times before you ask.