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Trading Made Simple

  • #93,941
  • Feb 8, 2019 5:12pm Feb 8, 2019 5:12pm
Renko charts

If you traded the stock markets and used Renko charts,

you may want to learn about Renko charts and how it can also be adopted to analyse forex price charts too,

watch this video for an introduction to Renko charting:

Inserted Video
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #93,942
  • Edited Feb 9, 2019 5:13pm Feb 8, 2019 6:07pm | Edited Feb 9, 2019 5:13pm
Quoting luvene
Guys..........do you really think that Technical Analysis will help you with trading? Almost all indicators are lagging and besides that, it is all crap. Don't get me wrong, I was trading in the past like the most of you with a lot of TA and I was thinking many times as it was exact science, this will help me making money. But it does not help me at all! It's all in your head, between your ears. Psychology is king and that's the only thing it can help you and a lot of money that you can miss. Forget all the blablabla repeating over and over again...
Wich type of price action are you using on renko ? Will be nice if you could share a chart or two. Big fan of Rneko( non time based charts) here.
  • #93,943
  • Feb 9, 2019 3:27am Feb 9, 2019 3:27am
Quoting metta87
{quote} Wich type of price action are you using on renko ? Will be nice if you could share a chart or two. Big fan of Renko( non time based charts) here.
Very simple. When a first or after 2 or whatever you like (you can set this in the EA) of the same color new color appears in the chart. Of course it is important where you set the size of the RenkoBars. To put something of TA in it, you can use a Moving Average to filter extra. I have made a very intelligent EA for it. However, the best thing you can do with any EA is to be at your monitor and don't think you can leave it all to the EA. An EA can never replace the intelligence of the human brain. Use the EA to disable emotions and not have to manually place an order. With the EA, it is also much faster. There is also a lot of trade management in the EA.
Attached Image (click to enlarge)
Click to Enlarge Name: Example_RENKO.png Size: 266 KB
Keep it simple without too many crappy indicators!
  • #93,944
  • Feb 10, 2019 6:50am Feb 10, 2019 6:50am
Inserted Video
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #93,945
  • Feb 10, 2019 6:57am Feb 10, 2019 6:57am
Quoting emmanuel7788
{quote} 1) So your MEME entry base on TDI cross on W1? No. This is long term swing trading. Entry can be on Daily when the setup is confirmed during the Week. In almost all cases, when there is a valid setup which has price momentum, the lagging oscillators like Stochastics and RSi/TDI will show. 2) Is that W1 entry TDI cross up in open candle condition? I saw one candle W1 before first entry is TDI Green under Red. No. 3) You doing martingale after first trade floating around 20 pips? No. When I take a loss, I do not increase the next trade basket...
Hello,

Which currencies that you active trades with MEME?

thanks anyways.
  • #93,946
  • Feb 10, 2019 7:15am Feb 10, 2019 7:15am
Quoting v2vboni
https://www.youtube.com/watch?v=EDuzcUStPgQ
many thanks v2vboni,

reason why I say this after the past 7 years in this thread.

Too much time is being spent on TDI and Stochastics,
Too little time on Price Action and Support/Resistance.
And no time spend on Money Management, Risk Management for entries and exits, When and How to Let Profits Run.
You need to find your WINNING EDGE and the TDI is not in the winning edge equation.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #93,947
  • Feb 10, 2019 7:19am Feb 10, 2019 7:19am
Quoting DJsignals
{quote} Hello, Which currencies that you active trades with MEME? thanks anyways.
19 pairs in 5 groups, I pick one pair from each group.

https://www.forexfactory.com/showthr...5#post11755285


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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #93,948
  • Edited 8:39am Feb 10, 2019 8:23am | Edited 8:39am
Quoting emmanuel7788
{quote} many thanks v2vboni, reason why I say this after the past 7 years in this thread. Too much time is being spent on TDI and Stochastics, Too little time on Price Action and Support/Resistance. And no time spend on Money Management, Risk Management for entries and exits, When and How to Let Profits Run. You need to find your WINNING EDGE and the TDI is not in the winning edge equation.

That is why I made a hybrid version called... TDZ, wherein it controls the update process and add non-lag filters
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #93,949
  • Feb 10, 2019 5:20pm Feb 10, 2019 5:20pm
Quoting v2vboni
{quote} That is why I made a hybrid version called... TDZ, wherein it controls the update process and add non-lag filters
I LIKE.

Good job. I learned a lot from your work here.

When will you move on to MT5?

I am on my migration plan and by end 2020 will be MT5 and others.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #93,950
  • Feb 10, 2019 5:35pm Feb 10, 2019 5:35pm
Quoting v2vboni
https://www.youtube.com/watch?v=EDuzcUStPgQ
watching that video a second time, he was looking for the yellow line repainting. That is known for many years since 2007. The OP of this thread Big E knew this and his version TDI Red Green (Post#25) has more severe re-painting when chart get refreshed. Therefore we must NOT use that version when we are doing back-testing by scrolling back to history charts.

But the fact is we should look at the price above when we trade and only follow price action when trading in live realtime market.

Look at that video starting from around 11:00 till end. Look at the price and it price action.
Do you see the reversals on that chart?
Do you see that last reversal? ... spot the reversal bar/candle (if you follow Japanese candlestick)
Are the bars / candles big and small, before and at the reversal bar/candle setups.

Attached Image (click to enlarge)
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I know some people cannot read the price action using the price bars/candles so they resort to using other charting types like the Renko bricks charts.
When they use Renko charts, they do not have big and small bricks. All Renko bricks are of same size and hence they cannot fully follow and apply Post#647.

But TMS 5-Method is about price action trading with support and resistance using the APB/HA candles not using Renko bricks.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #93,951
  • Feb 10, 2019 6:41pm Feb 10, 2019 6:41pm
DE30 Week 07 Feb 11 Monday Tokyo session

We see H4 RSI/TDI is below its oversold region, so some traders will avoid selling when the RSI/TDI is in OS.

How do we trade 4H swing this week?

Attached Image (click to enlarge)
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #93,952
  • Feb 10, 2019 10:52pm Feb 10, 2019 10:52pm
Little pressure here.
Relay on the long term trend to take entry's back into profit.
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  • #93,953
  • Feb 11, 2019 12:58am Feb 11, 2019 12:58am
Comparing TMS 5-Method's APB/HA candles with Renko bricks

Attached Image (click to enlarge)
Click to Enlarge Name: DE30 Week07 Feb 11 Comparing APB-HA with Renko.png Size: 49 KB


waiting for the next H1 candle....
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #93,954
  • Feb 11, 2019 2:05am Feb 11, 2019 2:05am
DE30 Frankfurt Open H1 candle review

With one hour passed, we can analyse what happens in M15 and in the Renko chart.

M15 is in consolidation with resistance seen to its left.

H1 resistance at the previous price action swing high also seen to it left.

What did the Renko bricks show?
how many bricks were there in that one hour duration?

Attached Image (click to enlarge)
Click to Enlarge Name: DE30 Week 07 Feb 11 APB_Renko 1600 LO.png Size: 38 KB


Now we watch what the London session will bring.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #93,955
  • Feb 11, 2019 3:07am Feb 11, 2019 3:07am
DE30 Week 07 Feb 11 London Open breakout....

now we can review and compare what Renko bricks did in volatile conditions where price made swing high and swing low in M15,

Attached Image (click to enlarge)
Click to Enlarge Name: De30 Week 01 Feb 11 LO candle 1700.png Size: 46 KB


trading TMS 5-Method using APB/HA candles is 'low stress'.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #93,956
  • Feb 11, 2019 5:30am Feb 11, 2019 5:30am
Understand TDI and the importance of the angle of green.
Pointing in the same dirction:
- Both TDI green.
- Both Stoch green.
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  • #93,957
  • Feb 11, 2019 5:53am Feb 11, 2019 5:53am
Quoting Tekkies
Understand TDI and the importance of the angle of green. Pointing in the same dirction: - Both TDI green. - Both Stoch green. {image}

Of course we can post charts showing Japanese candlesticks with a TDI to show the TDI angle etc. Those TDI angle will show when price make lower lower and lower Close.

But your recent two sell trades entries were placed using Renko bricks.

the earlier sell trades , there were no TDI cross down.

Attached Image (click to enlarge)
Click to Enlarge Name: Tekkies post 93956 11-02-2019 19-35-31.png Size: 174 KB


Attached Image (click to enlarge)
Click to Enlarge Name: DE30 Week 07 Feb 11 renko placed trades.png Size: 51 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #93,958
  • Feb 11, 2019 6:00am Feb 11, 2019 6:00am
DE30 TMS M15 reversal candle setup with divergence at a previous resistance.

a risky trade as it is against the current H4 bullish candle.

Attached Image (click to enlarge)
Click to Enlarge Name: DE30 Week 07 Feb 11 M15 reversal candle setup.png Size: 87 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #93,959
  • Feb 11, 2019 6:19am Feb 11, 2019 6:19am
Example of a TMS M15 APb/HA reversal candle setup entry

and also can be seen using Renko bricks. Entry is after brisk number 2 closed.



Attached Image (click to enlarge)
Click to Enlarge Name: De30 Week 07 Feb 11 APb M15 reversal candle.png Size: 53 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #93,960
  • Feb 11, 2019 6:23am Feb 11, 2019 6:23am
Thank you @ emmanuel7788 you helps me to guide me the post of tango-1 The Power of 10EMA Post#8,528 by FF member named tango-1

now i understand the logic of moving averages that post is very help full for me i also noticed that MA are help full and i can trust on them for trend identifying i also i understand the 800 EMA that is also very use full on the daily charts we because that is equal to 200EMA on weakly charts
M15
50 ema @ m15 = 10 ema @ h1
200 ema @ m15 = 50 ema @ h1 = 10 ema @ h4
800 ema @ m15 = 200 ema @ h1 = 50 ema @ h4 = 10 ema @ daily

H1
50 ema @ h1 = 10 ema @ h4
200 ema @ h1 = 50 ema @ h4 = 10 ema @ daily
800 ema @ h1 = 200 ema @ h4 = 50 ema @ daily = 10 ema @ weekly

H4
50 ema @ h4 = 10 ema @ daily
200 ema @ h4 = 50 ema @ daily = 10 ema @ weekly
800 ema @ h4 = 200 ema @ daily = 50 ema @ weekly = 10 ema @ montly

Daily
50 ema @ daily = 10 ema @ weekly
200 ema @ daily = 50 ema @ weekly = 10 ema @ montly
800 ema @ daily = 200 ema @ weekly = 50 ema @ montly …. etc...
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Trading is about paying attention. Davit
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