NITRO Scalping for serious traders

Glad it helped. Be sure to see Jigsaw's follow up analysis as it helps clarify what exactly was going on. As for brick size, I've only experimented with 10 pips, though I don't use renko for live trading. I also don't use indicators other than hand-drawn lines. As for PMs, I prefer to keep all contact public. If you have a question, please post it. There are some excellent traders here who can provide some valuable insights.

I just love renko and scalping, so count me in!
I coded a profit_loss protection for this few pips scalping.
The problem is that trailing doesnt work with such small TPs,
so I made this like a hidden SL and TP.

External variables are;
extern double TotalStopLoss = -20;
This will close all trades if you are in -20$ loss!!!
extern double LotMultiplier = 1;
For each 0.1 lot multiplier is 1....so if you are playing with 0.2 lots, multiplier will be 2 etc.....
extern bool CloseHalfLots = True;
You must use round lots like 2.4.6 etc if you want EA to close
half of them at CloseHalfAtprofit. It will also put you other lots part into breakeven.
extern double CloseHalfAtProfit = 10;
Profit level when the CloseHalfLots kicks in.

The profit lock work at these levels;

if profit >= 3.0 LOCK= 1$
if profit >= 6.0 LOCK= 3$
if profit >= 8.0 LOCK= 4$
if profit >= 10.0 LOCK= 6$
if profit >= 14.0 LOCK= 8$
if profit >= 20.0 LOCK= 12$
if profit >= 30.0 LOCK= 18$
if profit >= 40.0 LOCK= 25$
if profit >= 50.0 LOCK= 35$
if profit >= 60.0 LOCK= 45$
if profit >= 80.0 LOCK= 60$
if profit >=100.0 LOCK= 80$

EA will also give you a text masages about locked profit and closing!

ASDF, your explanations comes from experience, and you certainly know how flow works, you hit the nail on the head bro! Keep it up.
Ill try to help further with some thoughts in the future. I dont use anything else except renko, but im using multi box sizes to keep a track about
stronger SR levels and trends. I also dont use multiple pairs, cos from my experience this wont help you much, It will only overload your brain and keep
you out of the things that are realy important! But hey, thats me..........

Regards

Hi Forexflash

Your posting is interesting but I'm afraid there are aspects which I do not understand. First I hope this is not considered wide of the mark on this thread - it is pure Renko (with deviation)!
You are proposing a money management EA which is a good idea but I do not understand the chart accompanying it. It apears to be a M5 chart but what size brick are you using. I must say that I have not seen a M5 chart with such regular trending!
What are the plots on the right hand side of your chart? Are they significant to the main plot?
I would love some explanation of what you are doing - with thanks.

Forexflash, that's a great multiple timeframe setup. Thanks for posting it. Scartree, it looks like he uses a base chart of 4 pip renko blocks with charts of 8, 16, 32, and 64 pip blocks on the side.

Something about renko;

Say you're using a 5 point box. A green box forms. Go long. Price immediately reverses, confirmation that trend was wrong and a red box appears. You exit. That's 10 points you've lost right?
In reality its going to depend upon what time frame your chart is set for. Your charting program is only going to draw boxes based upon the point difference between the closing price of the previous time period and the current one. In other words, if you are using a 10 min. chart, the program will only draw boxes based upon the closing price differences between the 10 min. intervals. Prices may have spiked or dropped significantly during that 10 min. interval, but the closing prices may be close to each other, in which case your charting program is not going to draw boxes illustrating the highest highs or the lowest lows. In addition, its not going to draw those boxes until the 10 min. time frame has elapsed, regardless of how much the market has moved. So, it is possible to lose more than 2* the box size.
The only way to have your charting program draw an accurate depiction of the market using Renko boxes is to use a very short time frame.

I personaly dont use renko that shows history....I dont trust them.
I have a tick renko wich draws bricks only from live price changes, and it is not an ofline version. Do not take my previous chart for granted,
cos Im still experimenting, and that is not how I trade. I dont want to hijack this thread cos my style is different form originaln nitro rules a lot!
But if somebody is interested, I could drop some thoughts.
This is a pic of my original system;
Regards

And would very much appreciate your help.
I've started a new thread. I'm trying to find &/or further develop an existing ea to work much better on renko charts. And not closed to the idea of adding indis existing renko systems etc to improve upon pre-existing mechanical ones.
Please visit it here, & post your ideas &/or comments:
http://www.forexfactory.com/showthread.php?t=200152
Thank you,
jt in nc
PS:
Speaking of renko chart, the LastViking, just posted an updated free version 3.1.
You can find it on this page: http://www.forexfactory.com/showthre...189584&page=24
I wonder how it compares to the version of renko that you currently use FOREXflash?

Hi guys,


I think all these new and exiting approaches to Renko fit better in the 'trading renko' thread started by LouG here:

http://www.forexfactory.com/showthread.php?t=199285

There's already a lot cooking there, with some amazing contributors, and I'm shure you can all pool your ideas there.

This way we can keep this thread for the Nitro system.

Jeez, appearantly the next thread just died. Where is 5Star, DaveW and the rest??? Nobody trades NITRO anymore???

Yes still trading it as no doubt many others are. Caught 15 pips yesterday.

Maybe everything that needs to be said about nitro has already been said. Happy trading.

this ea will perform better with a low spread broker..
maybe u guys can try gigfxasia..

their spread is 1 pip fixed for most majors across all session

hope this help.

regards

What's the deal with the Nitro indicator in the top right corner. Is it used primarily for change of direction?

Could someone relate a little information about Swingman's Renko Scalper candles? I'm attaching the latest version I could find.

What does the inside color indicate?

What does the dot indicate?

What is the usefulness of the candle?

Could you post an example?

Thank you.

Murph

I don't know if this will help you.

I have been using the C4Scalper Candles_v3.1

The dots indicate a higher close orlower close

The colored candles indicate green higher highs and close higher,

I use the Fractal indicator to aler me with the swings in the market

I also use HMA Color nrp and a close within or out of the MA to indicate change

Draw a line at the close of the midnight hourly candle and only take trades going up above the line or take trades going down below the line.

Use the Fractal indicator to alert you of the change in direction

Watch the Renko candles change color and set up with at least one lower close or higher close set up

Some ideas to help Good Luck

You will notice with the Sm Candles laid over the brincks that you have the smcandles colored, maybe red or green even though you have higher close brick formation.

Even though you have a higher or lower close dot and brick the color of the candle inside the brick can and does remain the color of the trend.

this can dloes help you ro remember that the move may be a pullback and to wait for a continuation of the intial trend.

That can keep you out of trouble going the wrong way.

If you watch the Renko candles and the smcandles overlaidon the brick

The brick changes direction, the smcandle dot show a change, and the dot will indicate say a higher high

But, the sm body will remain red in a blue brick at that point

wait until you see the sm body of the candle turn blue with a blue dot and close

Enter at the close of that candle as the trend is now to continue

You could use a lower close to get out or an oscillator like Stochastics to indicate oversold conditions.

You can apply all the knowledge you know about trading and knowing, for instance you oscillate in a trend move to help you with the Renko trading style

Non of us are market mind readers

Keep it simple but use what you need

SusanD – thank you so much for reactivating the thread. I was afraid it completely died. I’m sure there are a lot of traders trading NITRO successfully up there, including myself. It doesn’t seem possible there’s nobody – out of hundreds of original Edge thread followers – who still trades the system. Please keep posting – it was really weird feeling, that I’m the only one who considers NITRO a profitable system.

Hey jackal: I just get bored as I trade alone at present.

I think the Nitro and Renko have a gret placement in trading.

They are pure price
That being said, I don't think this means you do not to any indicators or helpful trading supportive "things" with it.

At present, I am working on some approaches to using the setup with the nitro along with some other strategy approaches I have learned

Coming along nicely

I will post things as I see they work with the Nitro approach from Edge mostly

Edge was very smart about a lot of trading issues. Too Bad. A lot of people with character and personality issues are still brilliant thinkers. They are different issues.

I am at the point of comparaing a lot of traders approaches and MM.

Put fractal on your charts make them bigger at 3 or 4 thickness

put the Hama Color nrp at 12. Make the MA thick so you can see it and it catches your eye for the markt movement.

I put the sm Candles as Edge said, they are vey smart to put on these Renkos

Sorry for the long disappearing act. At a certain point I felt I just had to back off for a bit from all conversations and re-group internally and figure out exactly what I was doing and why

I also began to get pretty upset about the fact that a few people (NOT on this thread) that I would call "whiners, complainers and losers" managed to get Edge kicked off the forum thus depriving hundreds of serious traders of his extensive trading knowledge AND ability to teach others.

Before meeting Edge this summer I was an expert chartist .. but I could not make money trading. He taught me HOW to TRADE. And yes, it is almost 100% about money management.

But because a tiny group of people felt that he had somehow caused them to lose the immense sums of ... gasp! .. $1500! he needed to be chased off the forum.
I've lost THOUSANDS due to following bad advice or in some cases bad people. Do I cry or seek revenge? No, it was I who made the decision to listen to losers so I pay the price .. cost of doing business .. move on & learn from the experience.

I'd like to write more about this, but it would be better in another thread more suited to general discussion.

As to renko trading, I have switched back to C4 because .. as much as I love renko, until I can afford to trade with TradeStation, I am afraid to trust even the MQL script .. too often I would log in to MT4, see the bars one way, then find that they were not forming properly and not reflecting true price action. This only happened occasionally, but enough that it bothered me.

One of many things I learned from Edge is to find a system that fits YOU and then focus & learn it inside & out and stop chasing the latest greatest indicators. So I went back to C4, modified it slightly and have been trading it for I guess about 2 months .. with growing success as I learn all of its nuances. It works like a charm as long as I remember another of Edge's directives: don't ever break (or even bend) your own rules!

I'd been told a gazillion times that trading is about discipline, but somehow the ways I was told just never took root .. finally with Edges's "drill sergeant" attitude, I got it .. I understood what 'discipline' meant and more importantly I saw how the lack of it was the cause of my lack of trading success .. even though I could nail the moves as a chartist and double a demo account in 3-4 weeks without half trying!

So now I go into the ring every day and do battle with .. myself. My charts are great & show me stellar trade setups several times a day. Whether this translates into real account growth depends entirely on me following my own rules. It's getting better!

I'll continue to participate here whenever I have something that may be of value. I agree with SlushFund that most likely many Nitro traders are just quietly & successfully trading now & don't feel much need to talk about it. One thing about Edge's teaching .. when you focus on YOUR system & learn it inside & out there comes a time when you really have nothing more to say about it so by definition a thread like this one will either die out or if enough new people join in, there will be a steady stream of people passing through and hopefully enough old-timers left to guide them.

But we miss Edge.
I know he's out there somewhere....
Muchas gracias amigo, y vayas con Dios

Thanks SusanD for your great input & helping with explanations

I'm using the sm scalper candles on a 5 minute chart that looks like this:
two ma's, 50 and 100, MACD at bottom and the ma applied price indicator .. the colored blocks show the various markets in session.

Hello Everyone:

These are just some tradng ideas with Renko and the smcandles.

I took a seminar and this one trading used the Fractals

They appear on say the 15 TF then you see a candle close in that direction

It can be the one with the Fracal or the next one.

The sm candles will have the dot appear on the first low close or high close after the fractal

You can apply these fractals on the Renkos

I also found a Fractal Indicator that put the Fractal from the Daily on down to the 15 min TF in different colors so you can see on one chart if you are trading on the 5 min say if you are trading in the direction of the hour or 15 mikn or whatever you would need. Nifty really. Put on the five minute chart you would always know wher you ar headed. Auslanco used to say that if you traded in the direction of the four hour and the hour matching, you get make up to 500 ish pips.

Also try taking the fractal set ups and close in the direction of a line that would indicate what the close of the midnight candle for the this trading was. It will be very interesting to se this

I have been using the 15 min with fractals and stochastics main hma 12 to guide me on the renko candles. If I have a cleanr match on the fifteen minute you can see the candle begin to go for the move on the renko.

You know that feeling the move is over when you are sure it is starting.

They seem like a good match to get you in and out before that