Attachments: More simple is impossible

More simple is impossible

#10,021
Nov 10, 2018 7:55am Nov 10, 2018 7:55am

kette
Joined Jan 2018 | Status: Trader | 17,298 Posts

Quoting matmomo

Disliked

Hi guys, here a chart from yesterday, i think is intresting for the Head & Shoulders pattern, that is not so usual with renko charts. The correct entry for this pattern is at the breakout of the neck line Stop Loss is over the shoulder and the Tp is egual to the distance from the Head and the Neckline. In this case 28 / 30 pips. I was no confident with the BRN and a Pivot (not shown) on the way, so i made two trade for a total of 19 pips. At the end it made something more 30 pips... have a nice week end Cheers {image}

Ignored

Hello,
great system, what time frame you can recommend

#10,022
Nov 10, 2018 9:58am Nov 10, 2018 9:58am

matmomo
Joined Feb 2012 | Status: Trader | 428 Posts

Quoting kette

Disliked

{quote} Hello, great system, what time frame you can recommend

Ignored

Hi Kette,

this system is based on Renko charts.
Renko (a Japanese word that mean Bricks) is based on bricks with a prefixed value (in pips) and not as candlestick chart that shows the price movement over a period of time.

I suggest you to start from the beginning of this thread with posts by Jaquemate.

Enjoy,
cheers

#10,023
Nov 10, 2018 1:29pm Nov 10, 2018 1:29pm

J1mm
Joined Mar 2018 | Status: Trader | 424 Posts

I must be retarded but I'm not able to setup the Renko Charts... It only shows just a couple of bars... :/

Building a Freedom All Time Return: 5,178.8%

#10,024
Nov 10, 2018 1:39pm Nov 10, 2018 1:39pm

matmomo
Joined Feb 2012 | Status: Trader | 428 Posts

Quoting J1mm

Disliked

I must be retarded but I'm not able to setup the Renko Charts... It only shows just a couple of bars... :/

Ignored

Hi J1mm,
Please let me know what renko creator you use.

#10,025
Nov 10, 2018 1:59pm Nov 10, 2018 1:59pm

J1mm
Joined Mar 2018 | Status: Trader | 424 Posts

Hello boss,

I'm using RenkoLiveChart v.3.4, It correctly attaches to chart, however, when I go to offline charts I cannot see Renko Blocks, I also tried yours, It shows Renko Block but just small portion, seems is not loading history.

Maybe because markets are closed? don't know.

Building a Freedom All Time Return: 5,178.8%

#10,026
Nov 10, 2018 2:08pm Nov 10, 2018 2:08pm

matmomo
Joined Feb 2012 | Status: Trader | 428 Posts

Quoting J1mm

Disliked

Hello boss, I'm using RenkoLiveChart v.3.4, It correctly attaches to chart, however, when I go to offline charts I cannot see Renko Blocks, I also tried yours, It shows Renko Block but just small portion, seems is not loading history. Maybe because markets are closed? don't know.

Ignored

We'll do so,
Now i can't but tomorrow (in next 12 hrs) i'll post some screenshots e we'll try to solve the problem

#10,027
Nov 10, 2018 2:19pm Nov 10, 2018 2:19pm

J1mm
Joined Mar 2018 | Status: Trader | 424 Posts

Quoting matmomo

Disliked

{quote} We'll do so, Now i can't but tomorrow (in next 12 hrs) i'll post some screenshots e we'll try to solve the problem

Ignored

Also, wanted to ask you question...

I guess using Renko instead of normal candles requires a lot of screentime, right? I mean, is not like you are trading H1 candles, so you can be checking for a setup each hour, with Renko you can miss the setup in a matter of minutes, am I wrong?

Building a Freedom All Time Return: 5,178.8%

#10,028
Nov 11, 2018 12:46am Nov 11, 2018 12:46am

matmomo
Joined Feb 2012 | Status: Trader | 428 Posts

Quoting J1mm

Disliked

Hello boss, I'm using RenkoLiveChart v.3.4, It correctly attaches to chart, however, when I go to offline charts I cannot see Renko Blocks, I also tried yours, It shows Renko Block but just small portion, seems is not loading history. Maybe because markets are closed? don't know.

Ignored

Hi J1mm,
i'm not at pc for the screenshots,
but at this link you'll find all help to set up your renko charts:
https://www.forexfactory.com/showthread.php?t=684131

Let me know

Cheers

#10,029
Nov 11, 2018 12:47am Nov 11, 2018 12:47am

matmomo
Joined Feb 2012 | Status: Trader | 428 Posts

Quoting J1mm

Disliked

{quote} Also, wanted to ask you question... I guess using Renko instead of normal candles requires a lot of screentime, right? I mean, is not like you are trading H1 candles, so you can be checking for a setup each hour, with Renko you can miss the setup in a matter of minutes, am I wrong?

Ignored

Sorry but i don't understand...

#10,030
Nov 11, 2018 5:48am Nov 11, 2018 5:48am

handy148
Joined Oct 2010 | Status: Trader | 2,820 Posts

@J1mm - if I understand the question correctly the answer is make the brick size larger.

#10,031
Edited 7:00am Nov 11, 2018 6:35am | Edited 7:00am

dee50
Joined Jul 2010 | Status: Retired | 3,621 Posts

Quoting J1mm

Disliked

Hello boss, I'm using RenkoLiveChart v.3.4, It correctly attaches to chart, however, when I go to offline charts I cannot see Renko Blocks, I also tried yours, It shows Renko Block but just small portion, seems is not loading history. Maybe because markets are closed? don't know.

Ignored

Adjust the Renko size according to the brokers digits, eg. I use Pepperstone and for a 5 pip brick/block/bar I have to put size as 50, with another broker I had to put 500.
Use a more up to date renko generator. Renkolivechart v.3.4 is old old old, you clearly have not read much of the thread yet! This E.A will not update the chart when the market is closed. Use this generator like Matmomo suggested. https://www.forexfactory.com/showthread.php?t=684131 it is the most recent and free generator and works perfectly.

I guess using Renko instead of normal candles requires a lot of screentime, right? I mean, is not like you are trading H1 candles, so you can be checking for a setup each hour, with Renko you can miss the setup in a matter of minutes, am I wrong?

Wrong! The price is exactly the same at the same time on a renko chart as it is on a 1hr chart. If you compare a 5min chart with a 1hr chart you can miss an entry by a couple of minutes also! Renko bars show swing points and certain price patterns much more clearly, if you have learnt to recognize those patterns you can simply set an audble alert at the level that that pattern triggers an entry or you can just check once an hour. Try it put up a 1hr chart beside a renko chart, there are examples of a setup https://www.forexfactory.com/showthr...3#post11643663, then change the renko bar size and compare them with the 1hr chart.

Cut your Losers short and let your Winners run.

#10,032
Nov 11, 2018 6:50am Nov 11, 2018 6:50am

dee50
Joined Jul 2010 | Status: Retired | 3,621 Posts

"Focus On Catching These Trades First" + "Find Your A+ Trades"
These are two lessons from Lance Beggs on his YTC Trading Newsletter.
Why not keep it really simple by being "The Master of 1 Trade" rather than going broke by being "The master of None"

"There are some trade ideas you look at with hindsight which are quite complex and which may
have been difficult to execute.
And there are others which jump out at you as being really simple."

Open and read in the order as listed

Enjoy.

Attached File(s)

Focus On Catching These Trades First.pdf 282 KB | 1,432 downloads

Find your A+ trades.pdf 331 KB | 2,217 downloads

Cut your Losers short and let your Winners run.

#10,033
Edited 1:50pm Nov 11, 2018 1:27pm | Edited 1:50pm

J1mm
Joined Mar 2018 | Status: Trader | 424 Posts

Everything setup, worker like a charm

I guess for Forex best is 5 brick size as Jaquemate had it, right?

Thanks guys!

I guess the "master" TF doesn't matter right? So I could have my H1 chart linked with my 5 brick renkos?

Building a Freedom All Time Return: 5,178.8%