the arrows show the new 3 candle rule....but look at the breakeven instead of a loss and winners compared to losers. full chart of goodies for the most part.
Made a killing on USDCAD. I may use this instead of the heiken scalping method. +30 pips.....A cool $1500 dollars.....take that any day of the week....especially to start the trading week. Cheers friends.
Can I ask what timeframe renko are you using it on? Your examples have both, m1 and m15. Also, if you are using it on different time frames, are you using the same renko settings? Same 5 pips?
Thanks
Can I ask what timeframe renko are you using it on? Your examples have both, m1 and m15. Also, if you are using it on different time frames, are you using the same renko settings?
here is an good and easy to install indicator. plus its free . Place in indicator folder. Open chart any timeframe. add ea to chart. change settings from 40 to 50. and it will open a new chart with renko automatically.
Tried to replicate your GBPJPY chart, tried different settings, but it's all wrong. Bricks are different, EMA is not same, totally confused....
Ignored
Hi Puccini, I use Renko all the time (non gap), for me the beauty of it is clarity, picking out the noise and the opportunities. Personally I think "less is more" - the cleaner the charts the better for spotting opportunities. Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
I go off price size for my renko blocks instead of pip size. That's how it works on tradingview. It is a paid option to have renko on tradingview. For example setting pips for me I have to set price differently......some pairs I use .0003 for 3 pips.....other pairs a three pip move would be .003 or .03......I change pip views from 3 to 10 to see what chart is following it's past movements and looks the cleanest with good up and down swings. This system is working fantastic.
My size always varies. I trade other things than currencies also. The key is looking at the renko and get an idea of how big the swings are. Four or five candles up is good but the more the better. Just look at these renko charts .They make it very easy to see patterns and how big price moves up and down.
Also if you do not want to monitor the chart. I set a stop loss at 4 blocks below the entry candle or above. But you may be cheating yourself out of more profit when you set a take profit.
And I do not recommend monitoring it with a phone. It is too small and everyone uses their phones for many things. Get yourself a tablet specifically for trading. To watch price only.
