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Renko Trading Discussion

  • #1,261
  • Jan 27, 2020 8:09pm Jan 27, 2020 8:09pm
Quoting bambinoflex
{quote} Nutmeg, Your system looks easy to make. Only question, when do you exit? Is your plan to have an "buy-sell" "sell-buy" program? Also, do you wait for brick to close? This would mean that the buys and sells will lag by one brick.


Bambino,
I take 50% of the trade off a 1 to 1 Risk to Reward. I have been using a 20 period ATR on the Daily chart to get a stop loss value. If the ATR for the pair is 50 pips. I trade 2% Risk and close 50% at 50 pips for a 1% profit. I then move to BE +Spread and set up a trailing stop. I tighten the trailing stop after a couple bricks. If I get stopped out by my trailing stop I may re-enter on the first brick back in the direction of the trade.

Generally I would Buy-Sell or Sell-Buy off of the Legacy Trader Signals but be ready to stop trading and set up a break out price consolidates of I get 2 losses or signals going back and forth.

I only take the trade on the close of the brick that generates the signal. When the trend is close to changing the signal will display and go away while the brick develops. It does not repaint after the close of that brick and a alert.

The EA that doesn't work has the option to only take long's, only take shorts or take both.

I am currently writing this up with cleaner directions and am going to shop coders again.


I am currently in some pretty good trades. Even If I could just get the EA to take the trades. Have the buy Sell or both Filter and calculate the lot size by Risk I would be way more profitable. I could then try and get the trailing stop, BE and Partial close options added later. I will keep you updated with my progress. I'm in some pretty good trades right now but should be in at least 3 others that I missed.
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  • #1,262
  • Jan 27, 2020 8:13pm Jan 27, 2020 8:13pm
Quoting nutmg12
{quote} Bambino, I take 50% of the trade off a 1 to 1 Risk to Reward. I have been using a 20 period ATR on the Daily chart to get a stop loss value. If the ATR for the pair is 50 pips. I trade 2% Risk and close 50% at 50 pips for a 1% profit. I then move to BE +Spread and set up a trailing stop. I tighten the trailing stop after a couple bricks. If I get stopped out by my trailing stop I may re-enter on the first brick back in the direction of the trade. Generally I would Buy-Sell or Sell-Buy off of the Legacy Trader Signals but be ready to stop...

I see, good money management skills!
  • #1,263
  • Jan 28, 2020 3:17am Jan 28, 2020 3:17am
A supply zone? GER30, 2 pips per brick, 8 pip SL; +27.
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Everything should be made as simple as possible, but no simpler - Einstein
  • #1,264
  • Jan 29, 2020 2:44am Jan 29, 2020 2:44am
Quoting nutmg12
{quote} Bambino, I take 50% of the trade off a 1 to 1 Risk to Reward. I have been using a 20 period ATR on the Daily chart to get a stop loss value. If the ATR for the pair is 50 pips. I trade 2% Risk and close 50% at 50 pips for a 1% profit. I then move to BE +Spread and set up a trailing stop. I tighten the trailing stop after a couple bricks. If I get stopped out by my trailing stop I may re-enter on the first brick back in the direction of the trade. Generally I would Buy-Sell or Sell-Buy off of the Legacy Trader Signals but be ready to stop...
M3 and M61 you use renko box size and renko price ,renko type....... sir ?
  • #1,265
  • Edited 9:11pm Jan 30, 2020 7:27pm | Edited 9:11pm
Quoting Severus
{quote} M3 and M61 you use renko box size and renko price ,renko type....... sir ?

I currently have to take all trades manually. That takes 3 charts since I don't have one EA to handle entries and money management.

Daily Chart. I track Daily Price action to get some feel for how the market is moving and to run my Renko Brick indicator.
M3 I have a simple EA that allows me to easily set risk % and then drag and drop lines to set SL BE Market or Stop orders.
M61 I have a trade Management EA running that provides fake SL and TP to the Broker. BE, real SL, Trailing stop and partial profit targets.


Sorry 25 pip bricks. These charts go days without moving. You have to catch the signals and trade multi-pal pairs to stay in the action.
  • #1,266
  • Jan 30, 2020 9:10pm Jan 30, 2020 9:10pm
Quoting bambinoflex
{quote} In this example, would you want it to close once the trend indicator (with dots) changes. Or when your long term line changes? This can close ALL trades, and you should have a net profit. In essence, an exit indicator would be a good filter. If you do "exit when new opposite brick forms" then you won't be able to stack. {image}

I am currently taking all of the trades I can get on 8 pairs so I get a couple good Primary Signal trades a week. I am focused on getting good entries and sticking to my money management, Between work, kids and life I can't get all of the good entries to catch all of the good moves. I am close to contracting with a coder to set up an EA that takes all of the Primary Trades and has the option to "Buy Only" "Sell Only" "Trade Both Directions" or "No Trades". This will give me the flexibility to focus on optimizing this strategy.

Currently I do not stack on retracements. I am in the US and with the FIFO rules it screws that up. Someday I may test using the 25 Brick Renko as the Trend and trading on smaller brick sizes but right now I'm trying to perfect this longer term strategy.

You are 100% correct about the exit indicator. I have tried several but not found anything that works yet. I have tested using the 20 EMA to trail the stop but I hate giving away pips. I tend to get tighter and tighter with the stop the more the trade moves. I would rather close the trade in good profit and move on to the next setup than watch a trade move against me too far.

When I do get stopped I will re-enter on the retrace. I have been thinking that entry should be 1% instead of 2% and have a little tighter stop. Especially if the move has already been going for a long distance. My testing has shown there is a much lower win rate on the retrace. But again I need to figure out the money management on these trades.

The 2 trades you pointed out that would have been losers I have been testing 2 different ways.

Both of those trades would have been entered with 100 pip Daily ATR value stops. Both would have closed out at 50 pips losses by closing and taking the next signal.

Since price tends to consolidate after big moves but doesn't always do that I would have taken that first buy trade but closed it when the next Sell signal printed. 50 pip loss. That would have saved 50 pips on that trade. If you then sold on that signal the next Buy signal would have been a 50 pip loss as well. The next Buy went for 300 pips. So just taking all of the signals in that sequence of trades would have been profitable but that doesn't really tell the whole picture since by my money management rules the losses were at 2% and the big wins had half off at 1% let the other halves run until Trailing or Retrace rules would get you out.


The more I test the more I think the answer is to take that first trade and take the loss. Without some magic indicator there is no way to know if that is going to be a winner or not. It only had to go 100 pips for a 1% win and a move to BE. Since it lost by only going around 80 pips into profit before reversing and causing a Sell Signal I would pass on that trade. If you look at it Price was already consolidating and the Sell was only 50 pips from the previous Buy entry price. Its clear price is ranging and the signals are in the middle of it.

The next Buy signal breaks the 20 EMA and looks to be breaking out.

There is no 100% way to do this. I feel I have a good entry indicator and like you said I need an exit indicator. I would also love to find a confirmation indicator as well.

My next step is having the ability to forward test by having the indicator have the ability to open all trades, open in one direction only, or be shut down. When I can do that I can start focusing on the filters and money management.

I will continue posting my progress here and appreciate any feedback anyone has.


Hopefully you can make sense of this



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  • #1,267
  • Jan 30, 2020 9:37pm Jan 30, 2020 9:37pm
Here is 2 more filter ideas if anyone has a good way to back test it. I will be manually backtesting and forward testing.


The first filter is if the signals are too close together in price. IE in this example they are only 3 bricks apart or 75%. My testing has shown the majority of
good moves happen when the entry prices on primary signals are not so close in price. I do not have any specific numbers yet. I would like to define this by number of bricks.


The second filter would be if the Trend Trader signals in x bricks do not take the trade but instead look for a break out trade. In this case the first signal is brick 1 and the second signal is brick 3. Again I would mark support and resistance in this case and trade a break out instead. If needed wait for a break out and enter a retracement. We might miss a big move but I'm trying to cut down on losses.

I will keep this thread updated with my results and ideas.

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  • #1,268
  • Jan 31, 2020 7:37am Jan 31, 2020 7:37am
Quoting nutmg12
{quote} I currently have to take all trades manually. That takes 3 charts since I don't have one EA to handle entries and money management. Daily Chart. I track Daily Price action to get some feel for how the market is moving and to run my Renko Brick indicator. M3 I have a simple EA that allows me to easily set risk % and then drag and drop lines to set SL BE Market or Stop orders. M61 I have a trade Management EA running that provides fake SL and TP to the Broker. BE, real SL, Trailing stop and partial profit targets. Sorry 25 pip bricks. These...
Sorry sir.. Can you share all pair and you setup ?? thanks
  • #1,269
  • Jan 31, 2020 5:19pm Jan 31, 2020 5:19pm
Quoting Severus
{quote} Sorry sir.. Can you share all pair and you setup ?? thanks

check post 1251 I attached all of the indicators I use and explained how I use them. I don't believe in trading specific pairs. A sound technical trading strategy should work on everything.

Off the top of my head I have AUD/CAD, AUD/USD, EUR/JPY, GBP/USD GBP/JPY NZD/JPY USD/CAD and USD/JPY up right now.

I selected them randomly. I like to change them up from time to time.
  • #1,270
  • Jan 31, 2020 10:45pm Jan 31, 2020 10:45pm
Quoting nutmg12
{quote} check post 1251 I attached all of the indicators I use and explained how I use them. I don't believe in trading specific pairs. A sound technical trading strategy should work on everything. Off the top of my head I have AUD/CAD, AUD/USD, EUR/JPY, GBP/USD GBP/JPY NZD/JPY USD/CAD and USD/JPY up right now. I selected them randomly. I like to change them up from time to time.
THANKS bro
  • #1,271
  • Feb 19, 2020 3:11am Feb 19, 2020 3:11am
Hello,

I need your support and guidance

Can you tell me how to load Renko on mt5?
  • #1,272
  • Feb 19, 2020 7:59pm Feb 19, 2020 7:59pm
Quoting nutmg12
{quote} check post 1251 I attached all of the indicators I use and explained how I use them. I don't believe in trading specific pairs. A sound technical trading strategy should work on everything. Off the top of my head I have AUD/CAD, AUD/USD, EUR/JPY, GBP/USD GBP/JPY NZD/JPY USD/CAD and USD/JPY up right now. I selected them randomly. I like to change them up from time to time.
Nutmeg, I'm off tomorrow. Do you have an email? Maybe I can try to do the ea. I'm not allowed to PM yet
  • #1,273
  • Feb 27, 2020 5:16pm Feb 27, 2020 5:16pm
I saw many fantastic ideas here. Congratulations to the efforts of home one in the development of renko systems.
  • #1,274
  • Feb 28, 2020 4:09pm Feb 28, 2020 4:09pm
can someone help me ?
I'm trying to perfect a strategy on renko charts in detail:
I have 4 EA Manager, to automatically set SL and TP, and all 4 do not work on this chart, I searched on google and more, but I have not found an EA manager for this purpose that works on Renko Charts,
can anyone point me to something valid? if it also has the stealth function (to hide TP SL from the broker) even better!
I won't be home this weekend, I'll try to share the renko strategy with you, while I continue to test the strategy ...
I hope some of you have a working EA manager.
  • #1,275
  • Mar 18, 2020 9:27pm Mar 18, 2020 9:27pm
My MT4 is 4.00 build 1260
24 Jan 2020

I tried MathTrader7_RenkoEA.ex4 version 3.36
and MathTrader7_RenkoADX_EA.ex4 version 1.44
in the post 1.

Renko charts were generated. But the EAs seem not working.

Any idea? thx
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  • #1,276
  • Mar 18, 2020 9:36pm Mar 18, 2020 9:36pm
Try This renko ea
Attached File(s)
File Type: ex4 evolution_renko_ea_v1_31 .ex4   28 KB | 444 downloads
  • #1,277
  • Mar 18, 2020 9:44pm Mar 18, 2020 9:44pm
Offline Renko Chart Generator for MT4 indicator




https://www.forexfactory.com/showthread.php?t=684131
  • #1,278
  • Mar 18, 2020 9:47pm Mar 18, 2020 9:47pm
Quoting Laval
Offline Renko Chart Generator for MT4 indicator https://www.forexfactory.com/showthread.php?t=684131
Thank you very much, after the renko chart, which EA to use for trading?
  • #1,279
  • Mar 18, 2020 10:17pm Mar 18, 2020 10:17pm
Quoting valdecchio
can someone help me ? I'm trying to perfect a strategy on renko charts in detail: I have 4 EA Manager, to automatically set SL and TP, and all 4 do not work on this chart, I searched on google and more, but I have not found an EA manager for this purpose that works on Renko Charts, can anyone point me to something valid? if it also has the stealth function (to hide TP SL from the broker) even better! I won't be home this weekend, I'll try to share the renko strategy with you, while I continue to test the strategy ... I hope some of you have a working...
Try this ea
Attached File(s)
File Type: mq4 RoNz Auto SL-TS-TP.mq4   14 KB | 495 downloads
  • #1,280
  • Mar 20, 2020 11:34am Mar 20, 2020 11:34am
As a note, my testing with using the Quantum indicator with Renko charts a few posts back is going well. Account is up 3% and managed to survive the huge JPY drop with a small profit. I currently have this coded to trade multiple pairs and place orders with Oanda's FXTrade (in order to trade very small), so I cannot share it. If the testing continues to go well I will code it up for a single currency in MT4 sometime in the next few days, unless you get to it first.
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