"Buy on fear, sell on greed !!!
Trading Renko 1,136 replies
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DislikedWell, Martingale is good and clear with renko. I hate stop losses, and I don't trust those dealers to put them on chart/send to their server.
If you have a legitimate breakout signal, but it doesn't work, you just open double lot the opposite way when you have the opposite signal or the price goes ~60 pips (that's my rule of thumb for EY 30min) the opposite way. That's it. My account/lot size proportion allows me to do it about 6 times in a row without even coming close to a margin call. But if I have to do it more than say three times, I start...Ignored
DislikedHi FatherJack,
what are your thoughts on targets and exits please?
Much appreciated.
NickIgnored
DislikedPetar, from your experience, how often do you have a legitimate breakout on Renko, but Delta or MACD filter it out? I mean, normally, if the move is big enough to cause breakout on the chart, MACD or RSI will always confirm it. So why do you need them at all?
Can you show a chart on any pair where any of those indicators cancel a valid renko breakout? I wasn't able to find one on EY.Ignored
DislikedIf you wanted to avoid taking any longer term counter trend trade breakouts with this method, what would you recommend Petar, anyone?
PS: Thought this maybe something of interest, a Martigale method I found at tsd last weekend.. You often hear of experienced traders, some 20+ years say they can make money with a system that only has 50% winning trades.
Is this how they do it? I don't fully understand the method so maybe fatherjack or someone else can simplify it for me?
Thanks in advanced...Ignored
DislikedLook i work on long term renko trade and found best setup for long term,look at the chart below and tell me what you think ?Ignored
DislikedLook very interesting I think Chris_B maybe working on something similar.Ignored
DislikedGoing to post your template?
I hadn't thought about using Chris_B's new setup that way.
It can be found here in his thread.
http://www.forexfactory.com/showpost...6&postcount=25Ignored
DislikedGreat question FatherJack, can you go back one page I added something to my last post?
Thanks,
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PS: I found the chin breakout indi gives (almost always) identical breakout s/r areas (like pandor's box) no matter which renko template I use it on.Ignored
DislikedThanks for mentioning the chin breakout, will test it.
As for the martingale doc - actually, I have paid to a programmer and he made me a similar EA this guy is talking about. I found that the biggest problem with it is spread accumulation. Say, we bought EY at 100.00, 0.01 lot, spread 4, TP 100. TP not reached and we sold 0.02 at 99.50. We already lost 12 pips on the spread. Next turn we will buy 0.03 or 0.04 and will loose already 20+ pips. In a couple of rotations like this the spread will eat our TP completely (and the dealer will not have...Ignored
DislikedThanks for mentioning the chin breakout, will test it.
As for the martingale doc - actually, I have paid to a programmer and he made me a similar EA this guy is talking about. I found that the biggest problem with it is spread accumulation. Say, we bought EY at 100.00, 0.01 lot, spread 4, TP 100. TP not reached and we sold 0.02 at 99.50. We already lost 12 pips on the spread. Next turn we will buy 0.03 or 0.04 and will loose already 20+ pips. In a couple of rotations like this the spread will eat our TP completely (and the dealer will not have...Ignored