Renko trading using proven strategy | Page 8 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

AUD/CHF, EUR/USD

Similar Threads

Daytrading/scalping with high leverage - my proven strategy 8,734 replies

RENKO Trading SYSTEM - RENKO Indicators 7 replies

A Proven Simple Strategy (2MAs, 1 RSI) 436 replies

Looking for proven scalping strategy to program 1 reply

New Renko Bar and Reversal Renko Bar Indicator Alert Help Please 5 replies

Attachments: Renko trading using proven strategy
Exit Attachments

Renko trading using proven strategy

  • #141
  • Jun 10, 2020 3:44pm Jun 10, 2020 3:44pm
Quoting Hutch
Strategies can be improved so I modified the strategy in post #40 as follows: 1. I will not initiate a buy until the halftrend indicator produces an arrow and/or the FxBay MACD histogram is above the zero line. {file} {image}
This brings do much clarity to Renko trading. Thanks for sharing.
I actually applied the template live today on EURUSD 2.5 bricks but found out that the half trend was horribly repainting.

The remedy was simply to use the regular half trend indicator but reduced to 1 instead of 2.
What I found was that everytime the MA 3 crosses 4, there's a close above or below the half trend sometimes the bars breach the half trend.
Attached Image (click to enlarge)
Click to Enlarge Name: FX BAY TPL.png Size: 69 KB


I had been working on the lower brick size approach before now so I applied a filter that I found so reliable, the OBO Trend bars and they smoothed out "fakeys" a bit.
Attached Image (click to enlarge)
Click to Enlarge Name: FX BAY TPL 1.png Size: 100 KB


It's not entirely loss free but it's the ideal for small brick size, if your daily target is 10 pips you only need to capture 4 bricks net of commissions.
My current template is more conservative ( filtering with default MACD settings) but not completely loss free. Losses should not exceed 7.5 pips that is 3 bricks which is a lot less than 30 if you trade with 10 pips
Attached Image (click to enlarge)
Click to Enlarge Name: FX BAY TPL 3.png Size: 73 KB
Let it turn and find your entry.
  • #142
  • Jun 10, 2020 3:47pm Jun 10, 2020 3:47pm
Here's the template let me know what you think.
Attached File(s)
File Type: rar RENKOTRD FINAL.rar   1.4 MB | 1,155 downloads
Let it turn and find your entry.
  • #143
  • Jun 11, 2020 2:57am Jun 11, 2020 2:57am
Quoting Intrepidpips
{quote} This brings do much clarity to Renko trading. Thanks for sharing. I actually applied the template live today on EURUSD 2.5 bricks but found out that the half trend was horribly repainting. The remedy was simply to use the regular half trend indicator but reduced to 1 instead of 2. What I found was that everytime the MA 3 crosses 4, there's a close above or below the half trend sometimes the bars breach the half trend.{image} I had been working on the lower brick size approach before now so I applied a filter that I found so reliable, the...
I woke up late missed the FO moves.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: FX BAY TPL 5.png Size: 68 KB
Click to Enlarge Name: FX BAY TPL 4.png Size: 87 KB
Let it turn and find your entry.
  • #144
  • Jun 11, 2020 3:37am Jun 11, 2020 3:37am
Looking like I'd take my chances with the ! 1 E template (the half trend) there will always be losses no matter how conservative filtering you apply but the wins more than cover the losses.
Let it turn and find your entry.
  • #145
  • Jun 11, 2020 3:56am Jun 11, 2020 3:56am
Okay some may not have win rar to unpack the files so here are the main files you need.
Attached File(s)
File Type: tpl ! 1 E.tpl   438 KB | 665 downloads
File Type: ex4 obo_trendbars-2.ex4   16 KB | 723 downloads
File Type: mq4 obo_trendbars-2.mq4   4 KB | 853 downloads
File Type: ex4 HalfTrend-1.02.ex4   18 KB | 657 downloads
File Type: mq4 HalfTrend-1.02.mq4   6 KB | 760 downloads
Let it turn and find your entry.
  • #146
  • Jun 11, 2020 4:00am Jun 11, 2020 4:00am
Quoting Intrepidpips
Okay some may not have win rar to unpack the files so here are the main files you need. {file} {file} {file} {file} {file}
The trend bars are not so stable so this is your guide to it.
Attached Image (click to enlarge)
Click to Enlarge Name: Custom Indicator - obo_trendbars-2.png Size: 90 KB
Let it turn and find your entry.
  • #147
  • Jun 11, 2020 5:21am Jun 11, 2020 5:21am
So sorry, I have been using my laptop which is Windows 7 Pro but for some reason it doesn't allow ForexFactory and a few sites so I have to transfer between my laptop and phone to post files.
That's how come the template was missing from the rar file.
If you guys need anything just let me know
Let it turn and find your entry.
  • #148
  • Jun 11, 2020 7:43am Jun 11, 2020 7:43am
Quoting Intrepidpips
So sorry, I have been using my laptop which is Windows 7 Pro but for some reason it doesn't allow ForexFactory and a few sites so I have to transfer between my laptop and phone to post files. That's how come the template was missing from the rar file. If you guys need anything just let me know


your commitment to trade is really great
if you're doing we all have results with all
  • #149
  • Jun 11, 2020 8:28am Jun 11, 2020 8:28am
Power was just restored and thought to answer a PM here with a screenshot, and a buy signal came, I went in but delayed data feed, caught me in deficit from entry.
I cut the trade the n -0.9 pips but it turned out the real position was -6.4 pips.

Some things are out of my control like ISPs
Attached Image(s) (click to enlarge)
Click to Enlarge Name: FX BAY TPL 6.png Size: 119 KB
Click to Enlarge Name: FX BAY TPL 7.png Size: 80 KB
Attached File(s)
File Type: rar RENKOTRD FINAL.rar   1.6 MB | 1,277 downloads
Let it turn and find your entry.
  • #150
  • Jun 11, 2020 9:14am Jun 11, 2020 9:14am
Quoting Intrepidpips
Power was just restored and thought to answer a PM here with a screenshot, and a buy signal came, I went in but delayed data feed, caught me in deficit from entry. I cut the trade the n -0.9 pips but it turned out the real position was -6.4 pips. Some things are out of my control like ISPs {file} {image} {image}
After all the sulking, I decided to at least get back what my ISP cost me.
Attached Image (click to enlarge)
Click to Enlarge Name: FX BAY TPL 8.png Size: 71 KB


I was a candle late but I held on beyond the Pivot line which was the nearest target.
There's no doubt about it, there are more wins than losses my confidence is at an all time high.
Let it turn and find your entry.
  • #151
  • Jun 11, 2020 9:22am Jun 11, 2020 9:22am
The pivot lines are great targets, though sometimes, the Market makers shift the goal post
It's all in the rar file. Grab a few and wait for the next signal.
Let it turn and find your entry.
  • #152
  • Jun 11, 2020 11:26am Jun 11, 2020 11:26am
Quoting Intrepidpips
{quote} This brings do much clarity to Renko trading. Thanks for sharing. I actually applied the template live today on EURUSD 2.5 bricks but found out that the half trend was horribly repainting. The remedy was simply to use the regular half trend indicator but reduced to 1 instead of 2. What I found was that everytime the MA 3 crosses 4, there's a close above or below the half trend sometimes the bars breach the half trend.{image} I had been working on the lower brick size approach before now so I applied a filter that I found so reliable, the...
Very nice job Now you also know why I don't trade low ATR pairs since to be effective you also need low brick sizes. The biggest advantage of trading EURUSD is the low spread and, if you can make 10 pips trading that pair every day, you can make a very good living after a trader has steadily grown his account. I know someone that trades only EURUSD using 35 lots at a time. He makes more money every day than an average worker makes in a month.
  • #153
  • Edited 12:03pm Jun 11, 2020 11:43am | Edited 12:03pm
Quoting Hutch
{quote} Me bad … I don't use a stop loss. There are two reasons why I don't use it. First if the trend changes the halftrend will give a signal at which time you must look at the FxBay MACD to see if the histogram changed direction (above or below the zero line). If it did close the trade and see if you should open a new trade. The other reason is that I never have many trades opened at the same time so I see what's happening. Normally the trade as represented by the FxBay MACD will not change direction when you have two consecutive opposite color...
My favorite is Point0. I use SL and BE, TP will correct the market. EA counts bricks, not pips, and secures transactions. I don't risk capital, only profit.

Attached Image (click to enlarge)
Click to Enlarge Name: 18.png Size: 41 KB


Correction. BE was hit. EA has opened a new transaction and secured BE.Real Trade here and now.

Attached Image (click to enlarge)
Click to Enlarge Name: 181.png Size: 40 KB
if you're doing we all have results with all
  • #154
  • Jun 11, 2020 12:21pm Jun 11, 2020 12:21pm
Quoting Intrepidpips
The pivot lines are great targets, though sometimes, the Market makers shift the goal post It's all in the rar file. Grab a few and wait for the next signal.
I got restless then got reckless.

Attached Image (click to enlarge)
Click to Enlarge Name: FX BAY TPL 9.png Size: 88 KB

The set-up is not to blame, blame the trader for the losses.

Moving forward will stick to my entry and 3 bricks SL rule, no multiple lots, no trying to make all the profits in one day.
I must purposefully prepare for FO every trading day.
Let it turn and find your entry.
  • #155
  • Jun 11, 2020 12:27pm Jun 11, 2020 12:27pm
Quoting Hutch
{quote} Very nice job Now you also know why I don't trade low ATR pairs since to be effective you also need low brick sizes. The biggest advantage of trading EURUSD is the low spread and, if you can make 10 pips trading that pair every day, you can make a very good living after a trader has steadily grown his account. I know someone that trades only EURUSD using 35 lots at a time. He makes more money every day than an average worker makes in a month.

I always wondered how much the market can take at anytime, does it mean that when my 0.01 lots are being filled, someone else's 70 lots too is being filled or at some times, certain volume of orders cannot be filled?

For now let me get a consistent approach then build to whatever can be accepted by the market.
Let it turn and find your entry.
  • #156
  • Jun 11, 2020 12:34pm Jun 11, 2020 12:34pm
For me it is not working. How do you make the renko bars? At me the renko bars not formed.
  • #157
  • Jun 11, 2020 12:46pm Jun 11, 2020 12:46pm
Quoting Intrepidpips
{quote} I got restless then got reckless. {image} The set-up is not to blame, blame the trader for the losses. Moving forward will stick to my entry and 3 bricks SL rule, no multiple lots, no trying to make all the profits in one day. I must purposefully prepare for FO every trading day.

When you lost the BUY signal, why didn't you open Sall? Scare?
if you're doing we all have results with all
  • #158
  • Jun 11, 2020 1:41pm Jun 11, 2020 1:41pm
Quoting Intrepidpips
{quote} I always wondered how much the market can take at anytime, does it mean that when my 0.01 lots are being filled, someone else's 70 lots too is being filled or at some times, certain volume of orders cannot be filled? For now let me get a consistent approach then build to whatever can be accepted by the market.
Actually the market is blind so I think that all orders will be filled at the prevailing price. On the other hand brokers are not. This is why they all impose a maximum number of lots that can be traded in one order as you can see below from my two brokers. Many traders don't realize that volume is meaningless when trading forex. Whether you trade 0.01 lot or 100,000 lots in one order the volume is 1.
Attached Images
  • #159
  • Jun 11, 2020 3:35pm Jun 11, 2020 3:35pm
Quoting jarfx05
{quote} When you lost the BUY signal, why didn't you open Sall? Scare?
I was too angry at myself, if I had taken only one lot on the buy, I'd have taken the sell when the buy went into deficit.
It's a n emotional error, instead of multiple lots just increase the lot size and scale out of the trade in profit or exit once in loss.
Let it turn and find your entry.
  • #160
  • Jun 11, 2020 3:36pm Jun 11, 2020 3:36pm
Quoting Hutch
{quote} Actually the market is blind so I think that all orders will be filled at the prevailing price. On the other hand brokers are not. This is why they all impose a maximum number of lots that can be traded in one order as you can see below from my two brokers. Many traders don't realize that volume is meaningless when trading forex. Whether you trade 0.01 lot or 100,000 lots in one order the volume is 1. {image} {image}
Hmmm so much I still need to know.
Let it turn and find your entry.
2 traders viewing now