Disliked{quote} ____ Not possible. Short truth. Edit1 Unless it's designed to repaint (which offers no value), the turn candle has to be at least x2 the candle before or after.Ignored
- #1,243
- Jan 13, 2020 11:20am Jan 13, 2020 11:20am
{quote} It should be possible. But out of curiosity, what’s the logic of drawing price like that ? Regular renko favors the trend and what you are asking for favors consolidation, so what you’ll get will look very different than what you see on your picture.
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- #1,251
- Jan 21, 2020 9:34pm Jan 21, 2020 9:34pm
I haven't had time to read this entire thread so I hope we can still introduce new ideas. What I have read on this thread looks like it has focused more on short term scalping and completely automated EA's.
I have been manually demo trading this strategy but since it depends on longer term trades and entries that can happen 24 hours a day it has been a struggle. When I focus I can do pretty good. If the EA would just take all trades I could manage them and I believe be pretty successful. I have paid 2 programmer's a couple hundred bucks but they both quit on me prior to finishing the EA Below. Currently it does not take trades.
I would be more than willing to contribute to anyone willing to get this thing working. I would also love input on any modification I can make to improve this strategy. I do not want to junk it up with crazy indicators or complicated ideas. I believe the entries and filters I do have could be very successful with proper money management.
Here is a Chart and the inputs on the currently nonworking EA.
Chart Setup
ja_The_Legacy_Trader_Notifications (Provides Indicator on the Chart and notifications of "Change of Trend"
MA In Color w applied Price (Used as a filter and to frame up price a bit) 20 simple or EMA
15 to 25 pip brick size. I have manually back tested both.
The basic idea is to use the Legacy Trader (Modified Parabolic Sar) for entries.
Stop loss either at the Dot of the Legacy Trader Signal or some point past it. (see EA Inputs)
Or Fixed Stop loss. I have been using the ATR as a reference.
Money Management your preference. (I like to take 50% off at 1 to 1, Break Even then trail the second half of the trade by a little more than 1 brick.
If I get stopped I may re-enter in the direction of the trade when the first brick prints in the direction of the trade. (See Screenshot for retrace entry).
Trade filters.
I think to be successful with this strategy it will have to be a combination of auto entries, auto trade management IE Partial Close, BE and Trailing Stop. Then some judgement for filtering trades.
I use the 20 moving average to avoid obvious areas of congestion. I also check the daily charts to find these areas. A few trend lines are also used to avoid congestion. There are times I will only take buys above the MA and Sells below. Or draw a box around congestion and wait for a break out.
One idea I have had is for the EA to have a setting to turn off auto trades if it takes x amount of losses in x amount of bricks or inside of x range. IE when a loss is taken the EA counts that price level and won't take another trade within x pips from the loss. Or counts back and avoids trades if the Legacy Trader has signaled within x range of bricks. I would also be fine with just shutting off auto trading and sending a notification so I can get to the chart and set up a break out trade.
I wrote this up pretty quick so hopefully it makes sense. I would love to discuss it further. Please tell me if I'm crazy. I know there is nothing revolutionary here but that was by design. I think keeping it as simple and clean as possible is the way to go.
As will all systems this will take loses but remember with the higher brick size the majority of these trades go well into profit. On the chart above each brick is 25 pips.
I have been manually demo trading this strategy but since it depends on longer term trades and entries that can happen 24 hours a day it has been a struggle. When I focus I can do pretty good. If the EA would just take all trades I could manage them and I believe be pretty successful. I have paid 2 programmer's a couple hundred bucks but they both quit on me prior to finishing the EA Below. Currently it does not take trades.
I would be more than willing to contribute to anyone willing to get this thing working. I would also love input on any modification I can make to improve this strategy. I do not want to junk it up with crazy indicators or complicated ideas. I believe the entries and filters I do have could be very successful with proper money management.
Here is a Chart and the inputs on the currently nonworking EA.
Chart Setup
ja_The_Legacy_Trader_Notifications (Provides Indicator on the Chart and notifications of "Change of Trend"
MA In Color w applied Price (Used as a filter and to frame up price a bit) 20 simple or EMA
15 to 25 pip brick size. I have manually back tested both.
The basic idea is to use the Legacy Trader (Modified Parabolic Sar) for entries.
Stop loss either at the Dot of the Legacy Trader Signal or some point past it. (see EA Inputs)
Or Fixed Stop loss. I have been using the ATR as a reference.
Money Management your preference. (I like to take 50% off at 1 to 1, Break Even then trail the second half of the trade by a little more than 1 brick.
If I get stopped I may re-enter in the direction of the trade when the first brick prints in the direction of the trade. (See Screenshot for retrace entry).
Trade filters.
I think to be successful with this strategy it will have to be a combination of auto entries, auto trade management IE Partial Close, BE and Trailing Stop. Then some judgement for filtering trades.
I use the 20 moving average to avoid obvious areas of congestion. I also check the daily charts to find these areas. A few trend lines are also used to avoid congestion. There are times I will only take buys above the MA and Sells below. Or draw a box around congestion and wait for a break out.
One idea I have had is for the EA to have a setting to turn off auto trades if it takes x amount of losses in x amount of bricks or inside of x range. IE when a loss is taken the EA counts that price level and won't take another trade within x pips from the loss. Or counts back and avoids trades if the Legacy Trader has signaled within x range of bricks. I would also be fine with just shutting off auto trading and sending a notification so I can get to the chart and set up a break out trade.
I wrote this up pretty quick so hopefully it makes sense. I would love to discuss it further. Please tell me if I'm crazy. I know there is nothing revolutionary here but that was by design. I think keeping it as simple and clean as possible is the way to go.
As will all systems this will take loses but remember with the higher brick size the majority of these trades go well into profit. On the chart above each brick is 25 pips.
- #1,254
- Jan 23, 2020 1:39pm Jan 23, 2020 1:39pm
Hi all, Anyone using Renko to identify and trade S&D zones? Interested in sharing ideas, Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
- #1,258
- Jan 24, 2020 12:54pm Jan 24, 2020 12:54pm
Found a very nice indicator in which to apply to renko. Its a sort of moving average half trend but faster.
Ive been using a HMA trend filter change settings to 89 & 1
Enter a soon as the dot appears. or wait for candle close optional but not quite as fast & follow the trend
Be good to see what you guys could create with this one
Ive been using a HMA trend filter change settings to 89 & 1
Enter a soon as the dot appears. or wait for candle close optional but not quite as fast & follow the trend
Be good to see what you guys could create with this one
