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Renko trading using proven strategy

  • #241
  • Jul 31, 2020 9:07pm Jul 31, 2020 9:07pm
O.K mate I looked at your history so you do it your way and I will do it my way.....The Target is to win and many people take different paths.
Good Luck to you.
R
Ronnie Renko
  • #242
  • Jul 31, 2020 9:12pm Jul 31, 2020 9:12pm
Quoting Ced74
O.K mate I looked at your history so you do it your way and I will do it my way.....The Target is to win and many people take different paths. Good Luck to you. R
The question is legitimate though, what edge do wickless renko bars have over those with wicks ? Very simple question.
Anyway, good luck to you too.
  • #243
  • Aug 1, 2020 12:46am Aug 1, 2020 12:46am
Quoting metta87
{quote} The question is legitimate though, what edge do wickless renko bars have over those with wicks ? Very simple question. Anyway, good luck to you too.
Wicks are not a Renko standard. This is why most commercial Renko generators don't use them. The advantage of not using wicks is that it makes charts cleaner. Some traders say that the advantage of using wicks is that you see the total price action before the Renko brick closes. For example a 10 pips Renko brick might have had 9 1/2 pips above and below the body of the brick before it closed (29 pips). Does it matter? For me it doesn't because I trade the 10 pips Renko brick not the 29 pips price action candle. Ced74 is right stating: "The Target is to win and many people take different path". It's a matter of choice
  • #244
  • Aug 1, 2020 12:29pm Aug 1, 2020 12:29pm
Quoting Hutch
{quote} Wicks are not a Renko standard. This is why most commercial Renko generators don't use them. The advantage of not using wicks is that it makes charts cleaner. Some traders say that the advantage of using wicks is that you see the total price action before the Renko brick closes. For example a 10 pips Renko brick might have had 9 1/2 pips above and below the body of the brick before it closed (29 pips). Does it matter? For me it doesn't because I trade the 10 pips Renko brick not the 29 pips price action candle. Ced74 is right stating: "The...
For me it does matter, not everyone exit trades on reversals, some do exit way before and for this we need the wicks both for trading and for visual help. Except for looking clean and nice wickless candles just hide important information.
  • #245
  • Aug 1, 2020 1:53pm Aug 1, 2020 1:53pm
Quoting metta87
{quote} For me it does matter, not everyone exit trades on reversals, some do exit way before and for this we need the wicks both for trading and for visual help. Except for looking clean and nice wickless candles just hide important information.
I agree with you that a wickless candle hides information that could be important but we all trade the body of the Renko brick not the wick
  • #246
  • Aug 1, 2020 2:12pm Aug 1, 2020 2:12pm
Well everyone has their own way of trading. I've been using renko since before most people had even heard of them and I wouldn't use them without a wick.
  • #247
  • Aug 2, 2020 11:29pm Aug 2, 2020 11:29pm
Dear Mr @Hutch senpai <3

Thank you for your replying, it's seem that different renko generator result in different charts ( or may be @Ced74 advice is right but i have not checked other brokers ^^ ), i am totally new but love to analyze renko chart.

On the left is chart with STG renkochart and the right with renkolivechart 3.3x2.
Attached Image (click to enlarge)
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On my way!
  • #248
  • Aug 3, 2020 12:28am Aug 3, 2020 12:28am
Quoting Hutch
{quote} The half trend TT does repaint but only on the current candle not after it has closed. Also I don't use the MA crossover. Unless you have a VPS it is best to refresh he Renko chart by changing the candle size then go back to the size you want to trade with. Here is the result for EURJPY. {image}
Hello @hutch

Just wondering how you use the MACD while trading this system and also at what point do you exit?
In It To Win
  • #249
  • Aug 3, 2020 9:49am Aug 3, 2020 9:49am
Quoting CoolBuddy
Dear Mr @Hutch senpai <3 Thank you for your replying, it's seem that different renko generator result in different charts ( or may be @Ced74 advice is right but i have not checked other brokers ^^ ), i am totally new but love to analyze renko chart. On the left is chart with STG renkochart and the right with renkolivechart 3.3x2. {image}
I know that different price feed should always produce a different chart but I cannot explain why different Renko chart generators used with the same broker would produce slightly different charts. Maybe other traders have an explanation.
  • #250
  • Aug 3, 2020 10:45am Aug 3, 2020 10:45am
Quoting Waih
{quote} Hello @hutch Just wondering how you use the MACD while trading this system and also at what point do you exit?
The key to this strategy is to follow the half trend arrows and check if the Fx Bay MACD line is above or below zero. You can go long when you get a half trend arrow and the Fx Bay MACD line is above zero. The opposite is true for short trades. Entering into a trade is very easy but getting out of it is not. You can get out of the trade:
1. On the first opposite half trend arrow. This is the most conservative option;
2. Wait until the Fx Bay MACD crosses the zero line;
3. After a number of Renko bricks (I normally use 3), or a little more if I’m making a good profit as seen in the charts Below.
This is an aggressive option and it doesn't always work. As seen in the last chart.

Chart 1 Initial trade take profit not taken on reverse arrow I was hoping for more pips.
Chart 2 Stop loss almost hit.
Chart 3 Stop loss hit for 37 pips profit. I would have made 13 more pips if I had exited on the reverse arrow.

As you can see there are many options for closing trades.
Attached Images
  • #251
  • Aug 3, 2020 1:10pm Aug 3, 2020 1:10pm
Quoting Hutch
{quote} The key to this strategy is to follow the half trend arrows and check if the Fx Bay MACD line is above or below zero. You can go long when you get a half trend arrow and the Fx Bay MACD line is above zero. The opposite is true for short trades. Entering into a trade is very easy but getting out of it is not. You can get out of the trade: 1. On the first opposite half trend arrow. This is the most conservative option; 2. Wait until the Fx Bay MACD crosses the zero line; 3. After a number of Renko bricks (I normally use 3), or a little more...
Very well explained, i even see opportunities of re-entering with tight stoploss (10pips)once the halftrend colour is in line with MACD,

Thank you very much sir for your kind assistance
In It To Win
  • #252
  • Aug 4, 2020 1:02pm Aug 4, 2020 1:02pm
Quoting Hutch
{quote} The key to this strategy is to follow the half trend arrows and check if the Fx Bay MACD line is above or below zero. You can go long when you get a half trend arrow and the Fx Bay MACD line is above zero. The opposite is true for short trades. Entering into a trade is very easy but getting out of it is not. You can get out of the trade: 1. On the first opposite half trend arrow. This is the most conservative option; 2. Wait until the Fx Bay MACD crosses the zero line; 3. After a number of Renko bricks (I normally use 3), or a little more...
HI

one of the best trading decisions of the year was to hire a developer. Guy wrote EA according to my trading style. Now trading is like a video game.

Attached Image (click to enlarge)
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if you're doing we all have results with all
  • #253
  • Aug 4, 2020 6:20pm Aug 4, 2020 6:20pm
one of the best trading decisions of the year was to hire a developer. Guy wrote EA according to my trading style. Now trading is like a video game.
great.that you told us too.



great.that you told us too.
  • #254
  • Aug 5, 2020 3:25am Aug 5, 2020 3:25am
Quoting Remuli
one of the best trading decisions of the year was to hire a developer. Guy wrote EA according to my trading style. Now trading is like a video game. great.that you told us too. great.that you told us too.
I have something to share, and you?

Lesson number 1. Always watch the economic calendar.

Lesson number 2. Don't trade when you can't see the trend.

Good luck

Attached Image
if you're doing we all have results with all
  • #255
  • Aug 5, 2020 8:38am Aug 5, 2020 8:38am
Quoting jarfx05
{quote} HI one of the best trading decisions of the year was to hire a developer. Guy wrote EA according to my trading style. Now trading is like a video game. {image}
Hello jarfx05...thanks for the message....Any chance to have indi and template?Thanks in advance
  • #256
  • Aug 8, 2020 1:23am Aug 8, 2020 1:23am
Quoting howa61
{quote} Hello jarfx05...thanks for the message....Any chance to have indi and template?Thanks in advance
Attached File(s)
File Type: zip indis.zip   202 KB | 1,194 downloads
if you're doing we all have results with all
  • #257
  • Aug 8, 2020 2:01am Aug 8, 2020 2:01am
Quoting jarfx05
{quote} {file}
Thank you for your pack!
May I also ask for your template?
Just an opinion. Based on research
  • #258
  • Aug 8, 2020 2:29am Aug 8, 2020 2:29am
Quoting since80808
{quote} Thank you for your pack! May I also ask for your template?
Attached File(s)
File Type: tpl Solar wind.tpl   8 KB | 758 downloads
if you're doing we all have results with all
  • #259
  • Aug 8, 2020 2:41am Aug 8, 2020 2:41am
Quoting jarfx05
{quote} HI one of the best trading decisions of the year was to hire a developer. Guy wrote EA according to my trading style. Now trading is like a video game. {image}
not bad template jarfx05. Thanks ....

What is your RULE for Enter and Exit?
Stay hungry to be free...
  • #260
  • Edited 3:32am Aug 8, 2020 3:12am | Edited 3:32am
Quoting denya
{quote} not bad template jarfx05. Thanks .... What is your RULE for Enter and Exit?
Hi,

this is a very simple and effective strategy. You observe the price behavior at important price levels. For me, it's 100, 50 and 25
These are the natural resistance support zones for the price. You make swing deals. Whether you catch a of 5, 50 or 100 pips depends only on the market.

With Renko candles it is easy to enter into transactions and secure on BE. You are not risking your capital, but your profit

regards

Attached Image (click to enlarge)
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if you're doing we all have results with all
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chien.mac