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-   -   Renko line in the sand (https://www.forexfactory.com/showthread.php?t=607294)

Intrepidpips Sep 16, 2016 3:09pm | Post# 1

Renko line in the sand
 
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I have been trading with Renko for a while now and have seen good days and bad days, caught some tops and some bottoms, blown one account, survived 2 margin calls in 24 hours (yesterday) I've been cautious and been spontaneous, but I'm still hanging on.

I have gathered a few tactics in trading the Renko and have not had the discipline to stick with one.
I am starting this thread to outline how I intend to trade my favorite setup, the "LINE IN THE SAND"
This is more like a journal and discussion thread so feel free to weigh in. (Objective BS welcome)

Many thanks to the Dean of Renko Trading http://www.forexfactory.com/dee50 for showing it's possible and the faithful posters on http://www.forexfactory.com/showthread.php?t=513860

NUTS AND BOLTS
I use the OVO Renko builder, but any other Renko builder will do (you just need to refresh your charts now and then).
You can learn the basics of Renko trading from several threads on FF and from Youtube videos.
I use 2 charts 10pips size and 2.5 pips size.

The idea is to take Shorts below the 200MA and Longs above, some favour the LL LH for Shorts and reverse for Longs but, I've not found it able to shield you against whipsaws and pull backs, so I favour the Hidden divergence (HD) highlighted by MACD or TRIX.
INDICATORS
10 PIPS RENKO CHART
200LWMA (shift 2 Typical price)
3EMA (shift 2 close price)
2.5 PIPS CHART
3200LWMA (shift 2 Typical price) This is the 10 pips Renko 200LWMA "curve fitted" into the 2.5
200LWMA (shift 2 Typical price)
3EMA (shift 2 close price)
COMMON TO BOTH TIME FRAMES
MACD 7,30,4
MACD CROSSOVER ALERT
SwingMan UltraSuoer TRIX (Default)
ICT Asian Session.
OPTIONAL
FIB PIVOTS
SUPERJOLT DUPLICATOR (on the M1 chart)
NEWS CAL
P4L CLOCK

TARGETS
Previous day's High/Low
Asian session High/Low
S&R
Soft Targets
3200LWMA

So let's do this.

7th June 2018

Somethings change very few remain the same.
I updated the system, I'm using the Evolution Median Renko as my control chart while the Point O Chart is my entry chart.

This post is very relevant . https://www.forexfactory.com/showthr...8#post10077388

You may want to skip to this page afterwards. https://www.forexfactory.com/showthr...607294&page=12
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Demos4x Sep 16, 2016 7:14pm | Post# 2

In the third picture , is the 3 EMA with shift that creates those arrows in the main chart?

cpfleger Sep 17, 2016 2:31am | Post# 3

Intrepidpips,

Any chance of sharing your indicators with us...

Cliff

Intrepidpips Sep 17, 2016 9:26am | Post# 4

In the third picture , is the 3 EMA with shift that creates those arrows in the main chart?
NO

That is the MACD Crossover Alert

Intrepidpips Sep 17, 2016 10:12am | Post# 5

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I will not go into how to attach a Renko builder to generate an offline chart and what is divergence or hidden divergence, plenty of info on that on this Forum, even Google and Youtube
I will post trades going forward and some examples from the past.
My favorite pair is GBPUSD, my foray into GBPJPY nearly cost me my new account.

Here's my trade from yesterday.
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Intrepidpips Sep 17, 2016 10:14am | Post# 6

Intrepidpips, Any chance of sharing your indicators with us... Cliff
Yes I'd do that on post #1
The template will be a DIY

Intrepidpips Sep 17, 2016 11:36am | Post# 7

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Thursday's example
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Intrepidpips Sep 17, 2016 12:42pm | Post# 8

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There was a range afterwards then later thanks to the line ....
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Intrepidpips Sep 17, 2016 1:06pm | Post# 9

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I am amazed at some people, just for stating an opinion.
Life goes on.
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metta87 Sep 18, 2016 1:46pm | Post# 10

I am amazed at some people, just for stating an opinion. Life goes on. {image} {image}
if you posted it in his thread maybe it led him to believe you were promoting a paid indicator.

Intrepidpips Sep 18, 2016 2:49pm | Post# 11

{quote} if you posted it in his thread maybe it led him to believe you were promoting a paid indicator.

No I didn't post that in his thread.
I did suggest an upgrade to him sometime back but he ignored the suggestion. I am at peace with my choice.

Intrepidpips Sep 19, 2016 12:26pm | Post# 12

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Very profitable day (it's always is so to the left) some things just keep tripping us to the right. I had to answer nature's call so I missed the first signal after Frankfurt open (FO) the second signal was veiled so I had to strip down my indicator for better visibility, the 3rd was missed because of Power outage,(I wasn't prepared).

First Signal.
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Intrepidpips Sep 19, 2016 12:28pm | Post# 13

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2nd signal,
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Intrepidpips Sep 19, 2016 12:38pm | Post# 14

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3rd Signal
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Intrepidpips Sep 19, 2016 12:53pm | Post# 15

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4th Signal
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Intrepidpips Oct 4, 2016 5:38am | Post# 16

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It's been a while and it's been a learning experience.
I have had to tweak and tweak and tweak again so I didn't want to clutter the thread until I think I'm done.
It looks like it can't get any better or easier now.
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BBalazs Oct 4, 2016 11:21am | Post# 17

Seems pretty good. I am rooting for you, you are working really hard and you deserve to be successful. Just follow the MAs and arrows, mind the price structure and shoot for at least 2:1 R:R and you are set.

Intrepidpips Oct 4, 2016 11:53am | Post# 18

Seems pretty good. I am rooting for you, you are working really hard and you deserve to be successful. Just follow the MAs and arrows, mind the price structure and shoot for at least 2:1 R:R and you are set.
Thanks buddy, just have to get out of the way of myself, and simply follow the process, I'm almost there.

Intrepidpips Oct 4, 2016 4:27pm | Post# 19

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It's been a while and it's been a learning experience. I have had to tweak and tweak and tweak again so I didn't want to clutter the thread until I think I'm done. It looks like it can't get any better or easier now. {image}
Break down of the screenshot.

I found that when going up from a lower brick size to a higher brick size, like Renko 10 to Renko 20, you have to "curve fit" the MAs and some of the indicators, with MAs its simple when moving down 50% multiply the MA by 4, moving down 100% multiply the MA by 16.
For the MACD, it did not cut it and the best compromise was to multiply the MACD settings by 12 when moving down 100%
BTW if your HTF Brick is Renko 100 then 100% down would be Renko 25.
In the LTF Brick, the "Line in the sand" remains the same 200LWMA, the HTF 3EMA is curve fitted to 48EMA (that is 3*16), and the MACD Cross over Alert is streamlined to show the HTF MACD cross that is 7*12, 30*12, 4*12 = 84, 360, 48. It is mainly a heads up that the Line in the sand may soon change direction, but as it is not a perfect fit yet, sometimes it fails.
I replaced the MACD in the LTF with the OSMA which is similar but it shows divergence better and it's strictly Red below 0 for shorts and Green above 0 for Longs.

For now I have scaled down to Renko 40/10 fast action get in get out with positive pips and grow your account, (if you can execute flawlessly and not let unforced errors eat you up).
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Osma color.ex4
OsMA Color.mq4
OsMA_Divergence_v1.mq4
+osma color 1s.ex4
# 10 5 RENKO.tpl

Intrepidpips Oct 5, 2016 11:36am | Post# 20

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Trying to restrict myself from jumping on every move, the rules have not crystallized yet but I'm trying to be stringent.

The first x was against the OSMA rule, it resulted in a loss, the second x OSMA was undecided and TRIX did not allow,I was skeptical of the 3rd and 4th xes as price was above 48EMA, and the HTF was showing signs of reversal.
Finally price did turn but I was away from the computer then.
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