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Renko Trading Discussion

GER30 +40, just closed. 10 pip (100 point) bricks makes it a bit easy to filter out the noise on the DAX 22 pip SL. Thats me done!
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Keep banging the rocks together
GER30 +34, 20 pip SL (yellow dash), just closed, should have let it run I guess
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Keep banging the rocks together
Quoting Davidh061
GER30 +34, 20 pip SL (yellow dash), just closed, should have let it run I guess {image}
Forgot to mention; 10 pip (100 point) bricks
Keep banging the rocks together
New to the forum and focus on RENKO CHARTS only, with a parallel candlestick chart running for alerts.
Attached are positions from this week 01-02/06 and a nice strategy to show how my setups and SL works.

It's a pity that TRADINGVIEW wont allow these charts on the 1M TF to be public, as they claim other members cant react quick enough.
Even though its moving as a range. 1M TF was used to print a more accurate chart.

As shown on chart I had one position which opened but the bar was not printed until SL was hit. But I re-entered when it finally formed.
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Quoting RenkoBuddy
New to the forum and focus on RENKO CHARTS only, with a parallel candlestick chart running for alerts. Attached are positions from this week 01-02/06 and a nice strategy to show how my setups and SL works. It's a pity that TRADINGVIEW wont allow these charts on the 1M TF to be public, as they claim other members cant react quick enough. Even though its moving as a range. 1M TF was used to print a more accurate chart. As shown on chart I had one position which opened but the bar was not printed until SL was hit. But I re-entered when it finally formed....
Hi Renkobuddy,

Welcome! I'm not familiar with Tradingview, are Renko charts a standard chart option on this platform? Cheers, dave
Keep banging the rocks together
Quoting Davidh061
{quote} Hi Renkobuddy, Welcome! I'm not familiar with Tradingview, are Renko charts a standard chart option on this platform? Cheers, dave
Hi David,

Yes Renko is a charting option in Tradingview with traditional or ATR setting (Cant stand ATR as it repaints the BRICKS constantly)
You have to subscribe to Pro+ if you want to chart in 1Min TF or max subscription for 1sec charting.

1M TF gives a pretty accurate Renko chart with the odd 1/100 brick that dosen't print, because price closes back within BRICK range before 1Min had finished. But as i explained i have that costed into my system and expect the odd extra trade that failed due to that issue. Eventually I will upgrade my sub for 1 sec charting but dont feel it currently needed
2nd attempt to get onto the GER30, first attempt stopped out at BE, a bit keen moving the SL. 10 pip bricks, SL at 24 pips:
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Keep banging the rocks together
GER30 +90, just closed.
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Keep banging the rocks together
Quoting RenkoBuddy
New to the forum and focus on RENKO CHARTS only, with a parallel candlestick chart running for alerts. Attached are positions from this week 01-02/06 and a nice strategy to show how my setups and SL works. It's a pity that TRADINGVIEW wont allow these charts on the 1M TF to be public, as they claim other members cant react quick enough. Even though its moving as a range. 1M TF was used to print a more accurate chart. As shown on chart I had one position which opened but the bar was not printed until SL was hit. But I re-entered when it finally formed....

Update from previous post.

Went off the rails a bit. struggled to contain my emotions and traded irrationally.
As shown on chart, had way too many positions that didn't follow my rules before a large loss Tuesday night.
This created a bad atmosphere for my decision making on Wednesday when I woke up, and just added to my losing streak.

Managed to recover the loss with a position held over night. But went against my rules. Im not not happy but glad it happened.

It's hard to have full support in a system when bad periods play out, which can cause revenge trades.
Trying to keep the emotions in check seems to be the next task on this trading list.

The system looks good just need to allow it time to play out and accept the losses until the winners show themselves.

https://www.tradingview.com/chart/GB...ENKO-02-04-06/
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GER30 +70 pips after a loss of -20 yesterday. This trade went to 12600 at which point I closed just below this level. 10 pip bricks, 22 pip SL.
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Keep banging the rocks together
GER30 +137, took trade at 12700
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Keep banging the rocks together
Nice to see the DAX and Renko combined. Im never going back to candles or Forex!
Quoting Bbqribs
Nice to see the DAX and Renko combined. Im never going back to candles or Forex!
Hi Bbqribs, The DAX does seem to work well with Renko, particualrly with larger bricks because of the size of the swings. I am only trading DAX at the moment, most days something comes along that is tradable. Yesterday was a slightly odd day, I had two +50 pip opportunities which I squandered for +1 and +4 BE stop-outs, I should of taken them which was really stupid!

good luck with it! Cheers, Dave
Keep banging the rocks together
GER30 +49 in afternoon session on the DAX after a slow morning and a BE+1
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Keep banging the rocks together
Quoting Davidh061
{quote} Hi Bbqribs, The DAX does seem to work well with Renko, particualrly with larger bricks because of the size of the swings. I am only trading DAX at the moment, most days something comes along that is tradable. Yesterday was a slightly odd day, I had two +50 pip opportunities which I squandered for +1 and +4 BE stop-outs, I should of taken them which was really stupid! good luck with it! Cheers, Dave
Amen to that my friend, I also trade the DOW, and the Nasdaq , but nothing flows quite a well as the DAX. Got into Renko a year back , now I wont go back,its a shame MT4 struggles with it really.
Whats really is interesting is that you use a 10 brick and I use 5 brick , so Ill be trying some backtesting to see if 10 brick fits my trading style/plan.
Just a silly question what is meant by "BE".
Thanks
Quoting Bbqribs
{quote} Amen to that my friend, I also trade the DOW, and the Nasdaq , but nothing flows quite a well as the DAX. Got into Renko a year back , now I wont go back,its a shame MT4 struggles with it really. Whats really is interesting is that you use a 10 brick and I use 5 brick , so Ill be trying some backtesting to see if 10 brick fits my trading style/plan. Just a silly question what is meant by "BE". Thanks
Hi Bbqribs, I moved to a larger brick with the DAX to help overcome some of the rapid movement and give me a bit more time to get onto trades, also to get more of the day onto the screen because at a smaller brick size the DAX prints so many bricks! I particularly like Math trader7's Renko EA that I am using, after trying others from FF and commercial Renko offerings I find this non gap suits me best, I am getting some really good results with it.

BE: Break even, ie my entry point to the trade, so no loss but a bit frustrating, however I would rather have a BE than a loss!

Have a great weekend, Dave
Keep banging the rocks together
Quoting Davidh061
{quote} Hi Bbqribs, I moved to a larger brick with the DAX to help overcome some of the rapid movement and give me a bit more time to get onto trades, also to get more of the day onto the screen because at a smaller brick size the DAX prints so many bricks! I particularly like Math trader7's Renko EA that I am using, after trying others from FF and commercial Renko offerings I find this non gap suits me best, I am getting some really good results with it. BE: Break even, ie my entry point to the trade, so no loss but a bit frustrating, however I...
Thanks Dave, excuse my brain fog for the "break even " question.
Looking forward to your next scalp of the DAX next week. Your using ATR lines and S & R or am I way off ?
Sorry for the questions, my friend , its hard to find a fellow trader who also trades DAX and Renko.
Good weekend to you and everyone here.
Quoting Bbqribs
{quote} Thanks Dave, excuse my brain fog for the "break even " question. Looking forward to your next scalp of the DAX next week. Your using ATR lines and S & R or am I way off ? Sorry for the questions, my friend , its hard to find a fellow trader who also trades DAX and Renko. Good weekend to you and everyone here.
Hi BBq,

I only trade the charts as I post them, I don't use ATR or any other inidcators, only S&R levels. This is my Ikea strategy - all Bauhaus and not much Gothic I have nothing against indicators, there are plenty of people on FF using them successfully. I've just come to the conclusion that with the right Renko format it is possible to trade without them, just a few horzontal lines to mark up certain levels/S&R. I find with the DAX there are frequent, repeatable areas of consolidation and short retracements. When I say short I am using 10 pip bricks (reversal brick is obviously 20 pip) - if you used bricks of this size on some currency pairs you could wait half a day for a retracement brick to complete, but on the DAX it is just a twitch in the market as I am sure you are aware.

I've just marked up a screen shot from last Friday showing areas that I look for to trade, I am sure there are other ways of doing it. One thing I have noticed is these patterns repeat frequently on the DAX, its just a case of recognising when to take them. The earlier of the two trade opportunities I didn't take, the second gave me +49 pips.

I think it can be intimidating at first to let go of an indicator "comfort blanket" and trade naked! My personal problem with the variety of indicators I have tried over the years is I end up trading the indicator, not the market. That is just my personal view, at the end of the day trading is a very personal thing, you have to own it.

I hope that is useful for you, cheers, Dave
Attached Image (click to enlarge)
Click to Enlarge Name: GER30(£)M314_06.png Size: 48 KB
Keep banging the rocks together
Quoting Davidh061
{quote} Hi BBq, I only trade the charts as I post them, I don't use ATR or any other inidcators, only S&R levels. This is my Ikea strategy - all Bauhaus and not much Gothic I have nothing against indicators, there are plenty of people on FF using them successfully. I've just come to the conclusion that with the right Renko format it is possible to trade without them, just a few horzontal lines to mark up certain levels/S&R. I find with the DAX there are frequent, repeatable areas of consolidation and short retracements. When I say short I...
Hi Dave ,

Couldnt agree more with the your take on the market , again with the stark differences between forex and indicies. Your "IKEA" strategy is something I'm also coming to terms with myself - functional aesthetics with clarity, the more I add the more muddy the picture becomes , hence less is more. I see youve also employed trend lines to compliment the Renko. I look at this style of trading and see that the value is tilted more towards you as a trader rather than the indies .

Many thanks for the +49 snapshot , Its useful for everyone here to see how Renko and Dax slot together and how your journey played out.
Im still in comfort blanket mode , however S+R /TL are still relied upon - they never go out of fashion in my opinion.

Owning your style is paramount , as you've pointed out. I was getting suckered into destructive ranging markets so I created a style/plan to avoid such pitfalls, naturally feels like I "own" this now.

Cheers Dave
Guys,
I have dig into this thread and learn each page to backtest on renko using script created by mathtrader7 (MT7_CSV2RenkoHST_SC).
I did export the csv from quantDataManager and put it on the MQL4/Files then i have successfully running the script above.
I did create .hst files, so what i confuse now is how to do backtest with this files? I tried to copy the file and paste it on tester/history folder but it didn't work.
Is there any missing part i left over?
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