Renko Trading

I tought i should start a new journal to go trew my trading day when i am done to analyze the trades i have done and to put some pressure on my self to take trades everyday.I started Monday with 200 dollars in my account and i must admit i had some luck aweraging in on bad trades and gotten away with it atleast on Thursday when i got over 30% drawdown at one point,but had support and it turned there as i had antisipated...My target is 5% a day,but last week i did 51% and that is over 10% a day...Now i have a clear strateigie to enter at pullback of second ore third Renkobox with the trend and after a closed renko in new direction and i will catch a move early more than 50% of the signals..I trade only EUR/NZD and GBP/JPY because they move more than majors also goes into looong trends and that is when i can make the big bucks jumping in on the pullbacks.... I also use some indicators for confirmation TMA,MACD Histogram for divergences and the arrows on that does not repaint and are strong,also currencie strenght and a coupple of slope indis and dynamic RSI....And my tradingpanel is the best ting ever to happen to me in trading.can put in TP and SL and close trades on different ways also lotsize is easy to change and its free....Also i use the PARADOX templates H1 and H2 and the H2 is the one that counts..I mostly use the Paradox for trading in range and not in trend to see where supp/ress are at..And so far it works...And there are some indis on there that together makes some levels of supp/ress together with the renkos does well so in total i have 6 charts up and that runs fine,not counting the two m1 i use to have renko M2...And next week i am going to use a pretty tight stoploss between 10-15 pips because i am to enter first a smalle trade at the open of second box and it can pullback up to 20 pips before closing against you and if close against you one box you close trade,but after opened first trade at open and it pulls back i open a second trade tree times the size of the first trade some 15-17 pips into the pullback,because more often than not the pullbacks of box do that and still goes in direction of the first box and when close of box then you have 15-17 pips on second trade and 10 pips on first opened and you have nice profit already and last week i closed as soon as in profit,but next week i am to catch some runners also and rob the bank...lol......Ok here are two screenshots showing how i trade and my rules for next week so i dont go into any drawdown...On the renko cart on 26.03.2020 from 15.00 GMT to U:S close same day and there where 4 signals and 3 of would be winners i am usually done before London close ,but i wanted to show you how easy it can be if displined....The second screenshot is from the Paradox H2 template and to be able to use this you need to read the first 25 pages on the Paradox tread under trading systems to get to know the indicators and how they work....I tried to learn and trade the Paradox,but to complicated for me this is much easier.....Also can download Indis and templates there...So now i have shown how i trade and going forward will be a trading journal with results and some of my trades shown....

Ok i am done for the day and it was going so well i traded small lots and made over 120 pips,but then there where very strong ressistence on GJ that price had turned on two times before not long ago so i increased the lotsize to 0.1 and as i do when there is a pullback on the candle i open two new 0.1 sell possisions thoose with extreemly tight stoploss and i got stopped out wiping most of my profits today so i just sat and waited for a perfect entry and where to take one trade with 1 lot and i got a breake of ressistence on GJ and i jumped in and killed it over 150 dollars in profit on one trade i had a 5 pips SL,but i was so sure that it would work....If the candle close against you must terminate the trade....On second ore third renko box after a turn then pullsbacks happen almost 60-80% of the time and continue in direction of your trade so you open first a possision as soon as second ore third Box closes and if it pulls back you wait until almost close say 16-18 pips from the first trade and you have 23 pips SL so you have 3 pips room after box close against you and you move the SL on the two new entrys to same spot as the first trade have its stoploss that way you only take 7-9 pips loss on thoose two.....Theese rules are for catching runners that gain a lot of pips so you can loose a coupple and take it back on a bigger win.....But for European session i only scalp if i am to take some runners that must be done in U.S session because then the trends are much easier to identify with Renkos.....All over i am happy with my day as long as i kept it small i killed it scalping i think i lost some 2 trades of 15 ore someting then i increased so not gonna do that yet,but i sure love trading 1 standard lot and you make 150 dollars in 5 minutes,but again i dont recomend it its just to much even hit SL at 5 pips the loss would be 60 dollars with spread,but as i said i was absolutly sure it would work out,but can of course never be 100%...And today i trade cable also in addition to EN and GJ,but on Cable i trade only of supp/ress on the H2 Paradox also scalps...

Ok i will call it a day a little over 3% i dont like the way market moves and i missed 3 trades that would taken be far over my daily goal you see theese two H2 bars and how they bounce off the daily pivot and on renko chart how the reverse at same point typical when you take a nap then they come...lol....That huge drawdown i had was on Thursday when i went in to big adding lots now i run with a fixed stoploss going between 10-14 pips,because i am only to enter directly at Supp/ress on H2 ore on a pullback on second ore third renko box after a turn with one box closed and with trend if there are a trend....I am fine with "only" 3% since i am up 53% for the week...Kidding abaut the only part...lolz

Well today like yesterday i had no feeling of the market so i am calling it with just 1% gain i feel like a coward,but i had planned to go trew april without a loosing day so when i dont feel the market i cant trade it because get worried and close to fast so its only 1 ore 2 pips a trade and if goes against me i loose 10 ore 20 pips so better to stay out and now in U.S session its very slow

Ok i am calling it,satisfayed that the day ended positive after my huuge mistake last night when i opened a trade on DAX with 3500 points spread i have seen today that it is possible to scalp it because bye day the spreads are only 400 points and that is ok...I willl mayby look at it when my accounts a bit bigger....1 lot is minimum on DAX...So 4.1% for today and 61% for the week cant complain.....Tomorrow NFP day so i will be picky with my trades and probebly try to be done before NFP....I have no goal tomorrow other than being positive i have 9 vinning days in a row now and over 200 trades so it seems like my system works....The trades pointed out is not trades taken,but to show you how good the MACD Histogram signals are with renkos....

This week everyting will be slow so as long as can end positive i am happy will grind on harder Tuesday next week

Still going strong ..... Throwing some indi's on a chart today together with renko, see if I can put something together, was actually quite relaxing to trade renko, still 0.01 size. If it will be the whole week as good as today I will scale up size.... Good luck on your journey

If you use the MACD i posted here and enter on second candle after a turn and a signal from the MACD with the pressure buy ore short you can take 10-30 pips easily in most cases 1-3 boxes (10 pips a box) ore more if you have the stumack for it i have been scalping for so long so i always close to early (Someting i am working on improving)This is just a tip i am sure you are a better trader than me so do your ting....If two legs have a string of boxes most times there will be a third string of boxes we can catch a move....


PM:You guys should trow this on Supp/ress lines very powerful as i have used it two days

You see here i closed the trade after 3 pips and could have boxed 40 pips ore more i really have to get better at holding and just trail the stop(In right of picture) also the two other lines you see reverse at the Powerline....Also pretty nice strings of boxes before the one with my trade in it...So very high propebility that you will get atleast two-tree boxes in a trade...On the two reversing i would wait for the pullback to the powerline before entering and take only one of them...Then you can put the stop 3-4 pips over the line and try bigger possision without risking to much...

You gotta place your trade and then put your mask and gloves on with bottle of hand sanitizer in your pocket and go for a McD take out including a Strawberry Sundae with extra sauce. Hopefully by the time you come back the trade has gone more than 3 pips and your food paid for.

Wich renko generator do you use? Playing at my ctrader account where it's standard... Trading away from those zones... BTW its GJ 5 pip brick

Trow this on M1 and open offline M2 with standard settings and you get 10 pips boxes that i have found is the best settings

Thanks will have a look

Remember to change from bars to Candlesticks if not it doesnt work..

Ok no signals today so only a small trade

I messed up Thursday and need to redeposit some to get where i was i am now trading DAX and DOW instead of EN and GU,but still trade GJ.....So here is a coupple of setups today that i didnt take because i am down 28 dollars from deposit and will wait until More in account...This is DAX one hour today from 15.46 to 16.54 give and take...I usually enter on second box and close trade if a box against me close so if done this in this bullish trend i would box 120 pips with one full loss and two closed manually at breake even so i wrote -3 pips on chart...As you can see no pullbacks on second boxes so stoploss not been hit...Other than the full loss(10 pips) Just showing that it should be proffiteble to trade it this way...Of course different to actually trade it with the human error,but if displined should look like this...And box size around 10 pips

PM:I wrote 2 hours on chart,but it was only a bit over 1 hour
PM:And the last trade where just 30 pips and second last just 30 and the first only 70 pips so a total of 120 pips (without counting big spreads 134)i forgot to take off the second last box after turn on thoose

Ok i redeposited so i have now 664 dollars in my account and did over 7% today,but i got into some choppy conditions so i took 11 losses in a row a 100 pips...So i waited for a nice string and opened 4 possisions 1 lot and recovered the 100 pips and then i took a single for 12 pips so ended nicely in profit,but way to many trades 50...i am up 12 dollars from first deposit so even i lost 350 dollars in one day last week most of that was profit...

PM:I need to set some max losses pr day ore session i think 5 would be good so if 5 losses in one session i will stop either to next session ore the day after.....

And for thoose that are trying Renkos on DAX ore DOW the best setting that gives the best strings are 600 point pr box ore 6 pips....atleast the last two days have been so then 9 pips SL should work fine if you dont end up in choppy conditionds like i did today so if move only one ore two boxes before another turn stay out until you get a nice string with atleast 4 boxes before turn and enter on second ore third box also see back to see where pressure is at...

I neede to start a new account to try and keep drawdown under 10% and today i ended at 9.87% after some losses in a row,but i have started to recover my losses on the other account and i have 200 dollars left before in profit all over...

Today i took it easy didnt have much confident to trade today will go at it Monday.....