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Renko trading using proven strategy

  • #341
  • Aug 18, 2020 4:03pm Aug 18, 2020 4:03pm
Quoting handy148
{quote} For heavens sake you can see what the the indicator is and even the settings.
Could you show me, pls.
  • #342
  • Aug 18, 2020 4:09pm Aug 18, 2020 4:09pm
Quoting Hutch
Choosing the right brick size for currency trading is quite easy but it's not exactly the same for CFDs. Here are examples for the DOW30. First chart Renko $5 bricks, second chart Renko $10 bricks and the last chart Renko $20 bricks. It's only a matter of choice and risk factors {image} {image} {image}

I have done the ATR valuation and the optimal it get is 556 for DAX @ 12863.4
when you say your first chart for 5$, second for 10$ and third for 20$ depend on appetise of risk, how can I convert the $ it back to pips/point for the renko setting?

If it is possible could you please use the renko_brick_size on those chart to show the brick size so that I got a feel how far I possibly went wrong on my setting
Attached File(s)
File Type: ex4 Renko_Brick_Size.ex4   12 KB | 522 downloads
  • #343
  • Aug 18, 2020 4:12pm Aug 18, 2020 4:12pm
Quoting ntk
{quote} I have done the ATR valuation and the optimal it get is 556 for DAX @ 12863.4 when you say your first chart for 5$, second for 10$ and third for 20$ depend on appetise of risk, how can I convert the $ it back to pips/point for the renko setting? If it is possible could you please use the renko_brick_size on those chart to show the brick size so that I got a feel how far I possibly went wrong on my setting {file}
in the Renko Remote window it says what size brick is being used on the far right, you can change it to whatever you want
  • #344
  • Aug 18, 2020 4:17pm Aug 18, 2020 4:17pm
Quoting ntk
{quote} I went through all your posts with and without attachment. before I asked. I saw you developed from using time based chart to renko now, but you have not mentioned the indicator you use in the low window of that post. it functions like STOCH, but not. Looks like a combined shaff ind. or a cycle indi , but not ... Apropos thank you to you all, loads of very invaluable insights and advises here to learn in one day, I am sure other traders after me will valuable your support and advise very much.
Sorry, i tought i posted it, nevermind: RMI
  • #345
  • Aug 18, 2020 4:30pm Aug 18, 2020 4:30pm
Quoting Mr.Tea
{quote} Sorry, i tought i posted it, nevermind: RMI
Thank you to clear it out of the way. I use different method, but interesting to know RMI can be used this way. I only know RMI from time based chart and from this thread "Giving Back! My Best Expert Advisor EA Free for Everyone"
  • #346
  • Aug 18, 2020 4:38pm Aug 18, 2020 4:38pm
What kind of method do you use?
  • #347
  • Aug 18, 2020 4:41pm Aug 18, 2020 4:41pm
Quoting Thebulldawg
{quote} in the Renko Remote window it says what size brick is being used on the far right, you can change it to whatever you want
You are entirely correct for currency trading but not for CFD trading. For example the source file for the DOW 30 $20 per Renko brick needs to be set to 200 to cater to the number after the period as seen in the picture. Changing the brick size on the remote indicator will not produce the desired result only changing the brick size on the source file will work as intended.
Attached Image
  • #348
  • Aug 18, 2020 4:41pm Aug 18, 2020 4:41pm
Quoting Thebulldawg
{quote} in the Renko Remote window it says what size brick is being used on the far right, you can change it to whatever you want

So using STG_Renko_remot 5pips setting is for 5$, 10 pips for 10$ for DAX renko, is the same rule for DOW, S%P500 why is this coincidence?
  • #349
  • Edited 5:55pm Aug 18, 2020 5:00pm | Edited 5:55pm
Quoting Mr.Tea
What kind of method do you use?
I use levels similar to half trend, but from FX_eagle ad nanotradersignal (possibly renamed and sold system from other author, but could not see orginal author)
For cycle I use MACD divergence, 88 indicator to show increasing buyers present (can not post it is partly decomopiled), renkoMaker_confirm (I guess decompiled and renamed too)

PS sorry spelling mistake, the 88 indictor is decomp and re-coded from Mr.X
  • #350
  • Aug 18, 2020 5:02pm Aug 18, 2020 5:02pm
Quoting ntk
{quote} I have done the ATR valuation and the optimal it get is 556 for DAX @ 12863.4 when you say your first chart for 5$, second for 10$ and third for 20$ depend on appetise of risk, how can I convert the $ it back to pips/point for the renko setting? If it is possible could you please use the renko_brick_size on those chart to show the brick size so that I got a feel how far I possibly went wrong on my setting {file}
I used your indicator and it shows brick size of 20. That 20 brick size is the same as 20 ticks/pips or $20 per brick. In any case it shows a price move of the DOW 30 by $20. I hope this helps.
Attached Image (click to enlarge)
Click to Enlarge Name: US30USDM67.png Size: 40 KB
  • #351
  • Aug 18, 2020 5:11pm Aug 18, 2020 5:11pm
Quoting ntk
{quote} So using STG_Renko_remot 5pips setting is for 5$, 10 pips for 10$ for DAX renko, is the same rule for DOW, S%P500 why is this coincidence?
The STG Remote indicator shows the number of pips but not the currency so 10 pips for the DOW and S&P 500 means $10 per brick but not for the DAX since the DAX is priced in EUR so 10 pips for the DAX is 10 EUR.
  • #352
  • Aug 18, 2020 5:20pm Aug 18, 2020 5:20pm
hey Hutch, just curious but I know you said you like to trade on D1 so why do you trade GBP with 10 renko charts? seems pretty involving since renko needs to be monitored. cheers
  • #353
  • Edited Aug 19, 2020 12:02pm Aug 18, 2020 6:16pm | Edited Aug 19, 2020 12:02pm
@Hutch,

I am finalizing my trading strategy with your system using hard rules so I can learn and test it more effectively. This is what I have so far.

- Only looking at a few GBP pairs over 100 ATR for now with $10 bricks, will probably change in the future.

Entry:
Only enter when all 3 are shown simultaneously
- arrow signal upon closure of a brick
- FXBay MACD crosses zero
- half trend indicator is appropriate color/changed

Exit:
- once an opposite arrow has been formed on the closure of a brick (for more conservative and consistent results)
- only thing I am still deciding on are the rules for the SL

For example, below I attached a screenshot that shows all entry requirements being fulfilled and am about to enter.

My only concern with this is how it will fair with consolidation. Any tips on how to fine tune the above rules to sit out on potential losses due to consolidation?
Also, is it wise to turn around and re-enter on every opposite arrow that you exited on? ... since its a new signal

Thanks again, anyone else feel free to add input and ideas, great things going on here.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 71 KB
  • #354
  • Aug 18, 2020 9:19pm Aug 18, 2020 9:19pm
Quoting Hutch
{quote} Thank you Intrepidpips for your Renko 5 pips system. You are entirely correct about using 3/4 cross with Renko 5 pips bricks along with the xb4d as filter. Attached is a GBPJPY 5 pips Renko chart using the full xb4 system and cross 3/4. With all the 3/4 crosses it's nearly un-tradable. However, if the trader only uses the xb4d filter as entry and exit there are only 2 trades. The first one between the red vertical line and the aqua vertical line generating 99 pips and the second trade from the aqua vertical line generating 85 pips. Please...
xb4 is a renamed repainting fisher transformer indicator
  • #355
  • Aug 19, 2020 12:59am Aug 19, 2020 12:59am
Quoting ntk
{quote} Very useful advise davidh061. I just subscribe. to check quickly Renko_brick_size I would recommend from FXGenial. What I found also helpful is use a renko with ATR for it to calculate the optimal brick size a few times, then I use that average down, to get close but not too granulate chart (what we dont want) .... again very subjective I need to ask you all experienced Renko users a question Reko , but in relation to time based chart, back there on TF chart to determine there is a continuation/BO, you can use EMA12, EMA24 so see a proper...
Hi ntk, thank you for subscribing, although my posting is a bit erratic, I haven't posted this much for a while! On my broker the DAX index is listed as GER30, can't comment on the DOW. Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
  • #356
  • Aug 19, 2020 3:14pm Aug 19, 2020 3:14pm
This is definitely an issue if you want to enter with confidence. I thought the arrows would not be removed if the brick they were indicating closed? Bottom is before
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 77 KB
Click to Enlarge Name: Screenshot3.png Size: 79 KB
  • #357
  • Aug 19, 2020 3:27pm Aug 19, 2020 3:27pm
Quoting Thebulldawg
hey Hutch, just curious but I know you said you like to trade on D1 so why do you trade GBP with 10 renko charts? seems pretty involving since renko needs to be monitored. cheers
There is nothing more boring than trading on D1 charts because even if you trade 20 currency pairs all you need is to spend 15 minutes a day to open a new trade, close a trade, see that a stop loss was hit or adjust the trailing stop. So when I'm not busy I trade with Renko during the day. I was busy yesterday morning here is the proof
Attached Image (click to enlarge)
Click to Enlarge Name: sunrise.jpeg Size: 121 KB
  • #358
  • Aug 20, 2020 4:09am Aug 20, 2020 4:09am
Quoting Hutch
{quote} There is nothing more boring than trading on D1 charts because even if you trade 20 currency pairs all you need is to spend 15 minutes a day to open a new trade, close a trade, see that a stop loss was hit or adjust the trailing stop. So when I'm not busy I trade with Renko during the day. I was busy yesterday morning here is the proof {image}
Hi Hutch!
As you saw on my screenshots I love your renko style and almost copy it
May I ask your strategy on D1? Maybe you already wrote about it somewhere on FF?
Thank you anyway
Just an opinion. Based on research
  • #359
  • Aug 20, 2020 8:44am Aug 20, 2020 8:44am
Quoting Thebulldawg
This is definitely an issue if you want to enter with confidence. I thought the arrows would not be removed if the brick they were indicating closed? Bottom is before {image} {image}
It repaints after candle close, repainting indicators are worthless. Now you got to wonder why would a pro trader since 2005 advise people to use one and pretends that he has never seen it repaint after close ? See post 289. I have my own answer.
  • #360
  • Aug 20, 2020 10:51am Aug 20, 2020 10:51am
Quoting metta87
{quote} It repaints after candle close, repainting indicators are worthless. Now you got to wonder why would a pro trader since 2005 advise people to use one and pretends that he has never seen it repaint after close ? See post 289. I have my own answer.
Im a trusting guy so I assume Hutch has a way around it, or maybe his setting are different. Not sure. Would be great to figure this out, its the only problem with this system and preventing it from being a very powerful tool that could also make for an excellent EA. It might be worth just using renko with fxbay Macd and trading with daily trend only. seems to produce good results
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