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Renko trading using proven strategy

  • #361
  • Aug 20, 2020 4:30pm Aug 20, 2020 4:30pm
Quoting since80808
{quote} 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
My D1 strategy is a simple EMA crossover 10/21. Please note that both SS2009 repaint. It's a good strategy but like all strategies it sometime fails as seen on the AUDNZD chart. You can use the FX Bay MACD to indicate the crossover 10/21 but it's not necessary. You can use a MA crossover alert instead of the FPM entry arrow.
Attached File(s)
File Type: zip D1 Trade.zip   186 KB | 842 downloads
  • #362
  • Aug 20, 2020 4:33pm Aug 20, 2020 4:33pm
Quoting Thebulldawg
@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) -...
Hutch could you please look over my strategy and also address how to deal with repainting halftrend and arrow during trading throughout the day? thank you
  • #363
  • Aug 20, 2020 4:43pm Aug 20, 2020 4:43pm
Quoting Thebulldawg
@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) -...
You are using the strategy correctly but don't forget that the HalfTrend TT repaints. I normally use a 3 bricks SL but sometime if I have a good trade I'm more aggressive. Consolidation periods are lousy for any strategy. Here is an example. Since I don't leave trades opened overnight it was lousy.
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  • #364
  • Aug 20, 2020 4:49pm Aug 20, 2020 4:49pm
Quoting Hutch
{quote} You are using the strategy correctly but don't forget that the HalfTrend TT repaints. I normally use a 3 bricks SL but sometime if I have a good trade I'm more aggressive. Consolidation periods are lousy for any strategy. Here is an example. Since I don't leave trades opened overnight it was lousy. {image}
thanks for the reply. Any tips on getting around the repainting though? for example, would it be best to wait to enter a few bricks after the arrow, because I dont think it repaints if a few bricks have past. Or why not just enter when macd crosses after a confirmation brick and trade with the daily trend? just throwing ideas out. That repainting would seem to mess with my hard set rules ya know
  • #365
  • Aug 20, 2020 5:19pm Aug 20, 2020 5:19pm
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.
Quoting Thebulldawg
{quote} 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
I now believe that the HalfTrend TT repaints but I'm not lying when I stated that I haven't seen it repaint on me after the close of a candle. In any case I prefer the HalfTrend TT indicator because it gives signals one or two candles earlier than HalfTrend indicators that don't repaint so repainting is a small price to pay to get better trades. Metta87, in my opinion you are entirely wrong stating that repainting indicators are worthless. I think you say that because you don't know how to handle repainting indicators and there are hundreds of them that traders use successfully every day. Since there are many non repainting HalfTrend indicators that have been posted in this thread please feel free to use the one that you feel is best. An alternative is to use the original strategy at post #40 that did not have the HalfTrend TT but you gain one brick by using the HalfTrend TT. Here is the chart at post #40.
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  • #366
  • Aug 20, 2020 5:33pm Aug 20, 2020 5:33pm
Quoting Hutch
{quote} {quote} I now believe that the HalfTrend TT repaints but I'm not lying when I stated that I haven't seen it repaint on me after the close of a candle. In any case I prefer the HalfTrend TT indicator because it gives signals one or two candles earlier than HalfTrend indicators that don't repaint so repainting is a small price to pay to get better trades. Metta87, in my opinion you are entirely wrong stating that repainting indicators are worthless. I think you say that because you don't know how to handle repainting indicators and there are...
looks good. Just curious but why do you prefer an early entry indi that repaints over a sound one that may get you in slightly later? it seems like the repainting indi would get you in unnecessary losses from time to time.
  • #367
  • Aug 21, 2020 2:20pm Aug 21, 2020 2:20pm
First of all, thank you!
Quoting Hutch
{quote} My D1 strategy is a simple EMA crossover 10/21. Please note that both SS2009 repaint. It's a good strategy but like all strategies it sometime fails as seen on the AUDNZD chart. You can use the FX Bay MACD to indicate the crossover 10/21 but it's not necessary. You can use a MA crossover alert instead of the FPM entry arrow. {file}
You wrote earlier, you spend 15 min a day to set trades and move SLs. Can you share your ideas?
+
How do you use repainting oscilators? Just look for the signals that 15 mins\day?
Just an opinion. Based on research
  • #368
  • Edited 5:07pm Aug 21, 2020 3:45pm | Edited 5:07pm
Quoting Hutch
{quote} {quote} I now believe that the HalfTrend TT repaints but I'm not lying when I stated that I haven't seen it repaint on me after the close of a candle. In any case I prefer the HalfTrend TT indicator because it gives signals one or two candles earlier than HalfTrend indicators that don't repaint so repainting is a small price to pay to get better trades. Metta87, in my opinion you are entirely wrong stating that repainting indicators are worthless. I think you say that because you don't know how to handle repainting indicators and there are...
Repainting indicators look good only in hindsight, all the bad signals are erased and only the good ones are kept. So which early signals are you talking about, when you have multiple late ones that just disappear and make the indi look more sexy than it really is ? It took me less than 20 minutes to see it repaints yet you pretend you never saw it do so, so how long have you been using it then? If you suggest a repainting indi, especially to new traders, just mention that it redraws and dont make it look like what it is not. That's not the 1st time you're at it.
  • #369
  • Aug 21, 2020 3:51pm Aug 21, 2020 3:51pm
Quoting metta87
{quote} Repainting indicators look good only in hindsight, all the bad signals are erased and only the good ones are kept. So which early signals are you talking about, when you have multiple late ones that just disappear and make the indi look more sexy than it really is ? It took me less than 20 minutes to see it repaints yet you pretend you never saw it do so, so how long have you been using it then? If you suggest a repainting indi, especially to new traders, just mention that it redraws and dont make it appear for what it is not. That's not...
Have you looked at the old strategy that does not repaint? I backtersted it with a few pairs and the results were still extraordinary. Sure there are some losses during consolidation but they are vastly offset with the huge wins. I just hope these arrows dont actually repaint but I will monitor, if they dont then this is a winner
  • #370
  • Edited Aug 22, 2020 7:44am Aug 21, 2020 5:08pm | Edited Aug 22, 2020 7:44am
Quoting Thebulldawg
{quote} Have you looked at the old strategy that does not repaint? I backtersted it with a few pairs and the results were still extraordinary. Sure there are some losses during consolidation but they are vastly offset with the huge wins. I just hope these arrows dont actually repaint but I will monitor, if they dont then this is a winner
Get rid of the repainting and you ll see that this it is just ordinary, test it for yourself and you'll see.
  • #371
  • Aug 21, 2020 7:12pm Aug 21, 2020 7:12pm
Quoting metta87
{quote} Get rid of the repainting and you ll see that this it is just ordinary, test it for yourself and you'll see.
I did. Assuming the old arrows dont in fact repaint as stated earlier, which i dont think they do. I backtested two GBP pairs over 1 weeks time with $10 bricks and they netted 800 pips in that one week collectively
  • #372
  • Aug 21, 2020 9:03pm Aug 21, 2020 9:03pm
Hutch, if you have the time please explain how to set up the renko charts like yours from MT4 time based charts. Do you have a step-by step? I have never used renko charts and they look interesting.
  • #373
  • Aug 22, 2020 12:40am Aug 22, 2020 12:40am
I feel sure that Hutch has already explained this, either in here or other renko threads, but if you use google or youtube you will surely find step by step instructions of how to set up the charts.
  • #374
  • Aug 22, 2020 12:55am Aug 22, 2020 12:55am
Quoting Chemistry102
Hutch, if you have the time please explain how to set up the renko charts like yours from MT4 time based charts. Do you have a step-by step? I have never used renko charts and they look interesting.
download his renko chart indicator, open a chart you want to turn into renko, go to the m1 timeframe, scroll back a couple weeks to load the history, insert the renko chart indicator, pick the pip amount per brick (usually 10) and remove wicks if you want, I also have to check box allow dll inputs, click ok, small window should appear on m1 chart, click the small box next to the pips per brick number (m67,68,etc), new renko chart will form, apply hutch’s template, keep original m1 chart running. You can add the renko remote indicator on the renko chart so you can change pip per brick on the fly
  • #375
  • Aug 22, 2020 3:58pm Aug 22, 2020 3:58pm
Quoting Thebulldawg
{quote} looks good. Just curious but why do you prefer an early entry indi that repaints over a sound one that may get you in slightly later? it seems like the repainting indi would get you in unnecessary losses from time to time.
Please take a look at post #206 Half Trend TT vs Half Trend 6 and post #297 Half Trend TT vs Half Trend 2. These two Half Trends don't repaint but sometimes gives signals when the trend has almost ended. Post #207 shows Half Trend NRP Mladen you might want to test it and show us the results. If Half Trend TT always repainted I would not use it since it probably would not produce substantial profits.
  • #376
  • Aug 26, 2020 11:44am Aug 26, 2020 11:44am
Quoting Intrepidpips
{quote} I found that the Fisher Yur4ik indicator to be a subtle repainter almost unnoticed if you don't mark your charts brick by brick. Good news is that I found another version which promises to be legit. You might want to try it out. {file}
He is more backward than the bollinger bands 10 with deviation 1.0, sometimes, does not give false signals because it is delayed, but BB I think they give more visual assistance.
I prefer BB.
Attached Image (click to enlarge)
Click to Enlarge Name: ppp.png Size: 71 KB
Attached File(s)
File Type: mq4 BB stops (renko) 1.3.mq4   20 KB | 529 downloads
  • #377
  • Aug 26, 2020 2:53pm Aug 26, 2020 2:53pm
Been messing around with some renko strategies and decided to keep it really simple. I went with 10 pip bricks and works best on higher ATR pairs. Super simple, basically just a 10 EMA with a 20 SMMA, sell when EMA crosses the 20 and buy when opposite. There are arrows to show and alert this cross as well. Exit strategy was annoying me so I decided to go with profit based exits. Noticed its rare for the chart to not go at least another brick after an alert, so decided a low RR could still work.

- SL is 30 pips but remove half position when 15 pip drawdown
- take 80% profit after 10 pip brick and SL at BE
- after 20 total pips use a trailing stop to capture bigger moves

I like to get in with a big lot and get out so this works for me. Please anyone let me know any input or if there are better settings, I don't have much experience with renko strategies.

My main concern is having a bad RR meaning one loss would hurt, but it seems like a very high win rate especially when I'm risk free after just 10 pips, and over 10 or more pairs, this could turn out to be profitable. Thanks
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  • #378
  • Aug 26, 2020 3:19pm Aug 26, 2020 3:19pm
Quoting Thebulldawg
Been messing around with some renko strategies and decided to keep it really simple. I went with 10 pip bricks and works best on higher ATR pairs. Super simple, basically just a 10 EMA with a 20 SMMA, sell when EMA crosses the 20 and buy when opposite. There are arrows to show and alert this cross as well. Exit strategy was annoying me so I decided to go with profit based exits. Noticed its rare for the chart to not go at least another brick after an alert, so decided a low RR could still work. - SL is 30 pips but remove half position when 15 pip...
Your money management is quite conservative so it is very sound. Trading 10 pairs at the same time is quite difficult so you need to be careful when you have something like half a dozen opened.
  • #379
  • Edited 3:38pm Aug 26, 2020 3:25pm | Edited 3:38pm
Quoting Hutch
{quote} Your money management is quite conservative so it is very sound. Trading 10 pairs at the same time is quite difficult so you need to be careful when you have something like half a dozen opened.
thanks and thanks for the advice. I thought that initially but noticed that there are really only 1 or 2 crosses per pair per day, and London open for me is 3am lol. Do you mean to be careful because it’s a lot to track that many crosses, or be careful to have potentially 10 trades open at one time.

Also do you see that RR becoming a problem long term?
  • #380
  • Aug 26, 2020 4:37pm Aug 26, 2020 4:37pm
Quoting Thebulldawg
{quote} thanks and thanks for the advice. I thought that initially but noticed that there are really only 1 or 2 crosses per pair per day, and London open for me is 3am lol. Do you mean to be careful because it’s a lot to track that many crosses, or be careful to have potentially 10 trades open at one time. Also do you see that RR becoming a problem long term?
Unless you trade on a daily chart monitoring 10 charts can be difficult and lack of attention can kill your account. Here is the kind of cross that I like. Only one EMA cross that occurred on May 5
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