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Renko Trading Discussion

Quoting FXgenial
{quote} You're welcome. To tell you the truth, I have not dealt much with this indicator yet given that I have found it this week end it seems to have potential. It is even clearer with regular timebased charts with fast EMA 5 and slow EMA 21 because a big breakout is clearly visible. On my picture, you can see sideways market conditions spotted by this indicator and then trending markets. So on Renko charts I would use Fast EMA 5, Slow EMA 8. Actually, this indicator seems to be Keltner channel based! The one I posted will display the section of...
Good morning, my friend.
Thank you for this lovely post of yours, which just illustrates what a genius you really are.
Also, for this indicator, but I would like to know what settings you were using in the illustration, plse. Default looks good, but I still prefer 55 in stead of 34.
Having said that, when the market moves, there won't be time to do all these calculations as suggested and that is where a "Genial-EA" become very handy, don't you think?
Wishing you continued success.
Hercs.

What about something like this, David?
I can post the indicator with pleasure should you wish to test it.
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Hercs
DAX long earlier, +10, slow morning
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Everything should be made as simple as possible, but no simpler - Einstein
Quoting Hercs
{quote} Good morning, my friend. Thank you for this lovely post of yours, which just illustrates what a genius you really are. Also, for this indicator, but I would like to know what settings you were using in the illustration, plse. Default looks good, but I still prefer 55 in stead of 34. Having said that, when the market moves, there won't be time to do all these calculations as suggested and that is where a "Genial-EA" become very handy, don't you think? Wishing you continued success. Hercs. What about something like this, David? I can post...
Hi Hercs!

I hope you are well. I'm not the most enthusiastic user of indis other than the Renko bricks themselves, I'm a bit suspicious of arrows, but I'm always interested in trying a different edge! Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
A quickie before US kicks off, +10 pips, 5 pip bricks:
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Everything should be made as simple as possible, but no simpler - Einstein
DAX long +10, 5 pip bricks:
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Everything should be made as simple as possible, but no simpler - Einstein
Quoting Davidh061
{quote} Hi Hercs! I hope you are well. I'm not the most enthusiastic user of indis other than the Renko bricks themselves, I'm a bit suspicious of arrows, but I'm always interested in trying a different edge! Cheers, Dave
Hi, David.
Attached please find the indicator and let me know your respected view on it, please. Also, to you JaimeAlejan and thanks for the "likes" - much appreciated.
Arrows are dots, David if you wish to use that by increasing the size and colour to match your best colour. Default @ 2, mine runs on 5.
Hercs.
Attached File
File Type: mq4 HMA nrp Zones (alerts + arrows AHTF).mq4   24 KB | 110 downloads
Hercs
Quoting Hercs
{quote} Hi, David. Attached please find the indicator and let me know your respected view on it, please. Also, to you JaimeAlejan and thanks for the "likes" - much appreciated. Arrows are dots, David if you wish to use that by increasing the size and colour to match your best colour. Default @ 2, mine runs on 5. Hercs. {file}
Many thanks Hercs, I will have a look at it. Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
Quoting Hercs
{quote} Hi, David. Attached please find the indicator and let me know your respected view on it, please. Also, to you JaimeAlejan and thanks for the "likes" - much appreciated. Arrows are dots, David if you wish to use that by increasing the size and colour to match your best colour. Default @ 2, mine runs on 5. Hercs. {file}
hello, of course if today in the afternoon I review the indicator and do some tests, I'm not a big fan of Arrow indicators but I'll try it.

the indicator that I liked at the time was the Renko Street but I stopped using it because it repaints too much.

We remain in order, Greetings
Quoting Hercs
{quote} Hi, David. Attached please find the indicator and let me know your respected view on it, please. Also, to you JaimeAlejan and thanks for the "likes" - much appreciated. Arrows are dots, David if you wish to use that by increasing the size and colour to match your best colour. Default @ 2, mine runs on 5. Hercs. {file}
Hi Hercs, I had a play around with this indi yesterday, it looks a bit like other Hull MA's such as mladen's, but slightly smoother/shifted right and with dots/arrows. The HMA is a useful tool to help keep the trades on the right side of the trend, I think the dots/arrows detract from the messages from the market such as potential S/R zones. I sometimes use mladen's HMA on a 10 pip chart to keep me in the right direction, I've altered the settings from standard to give the market some breathing space, particularly around trend reversals. If the HMA is too tight it can be confusing as to what is a retrace versus a genuine reversal.

Here's a view of my 10 pip chart with an HMA set at period =30, speed =1. I didn't trade yesterday , but I've marked up an area of interest where I would be looking at my 5 pip chart for an entry point. As it turned out it would have been a good move

I think the dots/arrows detract from the power of Renko as an indicator in itself but that is just MHO, whatever works for you! Cheers, dave
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Everything should be made as simple as possible, but no simpler - Einstein
Quoting Davidh061
{quote} Hi Hercs, I had a play around with this indi yesterday, it looks a bit like other Hull MA's such as mladen's, but slightly smoother/shifted right and with dots/arrows. The HMA is a useful tool to help keep the trades on the right side of the trend, I think the dots/arrows detract from the messages from the market such as potential S/R zones. I sometimes use mladen's HMA on a 10 pip chart to keep me in the right direction, I've altered the settings from standard to give the market some breathing space, particularly around trend reversals....
============
Good morning, David.
Thank you for this educational reply, which I really appreciate. Especially about the interesting "retrace"-move.
My use for it is to decide how long I can stay in the trade and I also agree with you that we want to keep the chart uncluttered.
Continued success to you.
Hercs.
Hercs
DAX short +10, 5 pip bricks:
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Everything should be made as simple as possible, but no simpler - Einstein
DAX long +32 and +4 earlier, 5 pip bricks:
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Everything should be made as simple as possible, but no simpler - Einstein
DAX long +19, 5 pip bricks:
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Everything should be made as simple as possible, but no simpler - Einstein
DAX short +54, 10 pip bricks, adaptive MA:
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Everything should be made as simple as possible, but no simpler - Einstein
DAX short, +41, 10 pip bricks:
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Everything should be made as simple as possible, but no simpler - Einstein
DAX long, +60, 10 pip bricks:
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Everything should be made as simple as possible, but no simpler - Einstein
Hi David, could you kinldy indicate the post in which you explain your trading rules?

Thank you
Quoting Slingshots1
Hello Math actually this page may not be the right one i should have posted this but i dont know how to get you so i have to check where you are last hence my coming here, i thank you for your advice on the last issue i wrote to you in respect of making an ea out of fractals alert indicator since then i have chucked it.Please and please kindly help me with the attched its an arrow alert indicator and i will like it to be converted to a simple EA that will just execute trades following the arrow alert when its issued based on 4hrs chart only, no...
You can reach me by PM, or writing a shout in my profile. Such irrelevant post is not allowed in this thread. I had to dislike it. If you write any irrelevant post here, then I have to ignore you. There is nothing personal, please read the thread's rules in Post 1.
Trading is the hardest way to make easy money...
Quoting Alberto_Jazz
Hi David, could you kinldy indicate the post in which you explain your trading rules? Thank you
Hi Alberto! I would love to be able to point to the post with my trade rules, but unfortunately there isn't one! I've not written anything down, but then I am not really doing anything unique - I am just trading the market based on what I see; HH's, HL's, S/R levels, areas of compression and consolidation, all basic trading stuff.

When I started trading, I spent a lot of GBP on a trading course, which I couldn't get to work. So I gave up and being stupid, I spent even more GBP on another course and some fancy software which didn't work either! Then I got trading with a friend, and she spent some more GBP on another course which was guaranteed to work - but it didn't. There was nothing fundementally wrong with any of these techniques, they all had clear trading rules apart from they were inconsistent and they weren't mine, I didn't own them. So I decided to take something I could own and understand and make it mine, and this is the result There is nothing magical about it, its basic market dynamics which I think are made clearer by Renko, IMHO. The more time I spent on it the better I got, unlike some of the expensive courses/trading rules I had bought into.

I post charts on here just to give some ideas of how I use Renko, looking for "clean" areas of the market and retraces for entries. I do fiddle with it from time to time, I added the nrp MA just to help keep me in the right direction, and because I've got involved in some other work I'v started trading longer trades off the 10 pip rather than scalping the 5 pip chart, to be honest I wish I had done this some time ago!

I can understand MT7's Renko, and it works for me with the DAX30/40, I can't say how it will work with other instruments although I have traded some US30.

Sorry I can't be more specific, happy to answer any questions if I can help. Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
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