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Easy Eyes Renko

  • #41
  • Dec 16, 2020 5:53am Dec 16, 2020 5:53am
Quoting philstodd
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.
I was wondering this. I am using trading view too, so everytime you change currency, you manually input the new block size? For USDJPY I see you are using a 5pip box size (0.05) on 1m chart but for other currencies you use something different - so you change it manually each time?
  • #42
  • Dec 16, 2020 6:04am Dec 16, 2020 6:04am
Also, I am little confused but wouldn't your trades be taken after the block closes as you don't know whether the box will close in your direction. (In on the red arrows).
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  • #43
  • Dec 16, 2020 7:15am Dec 16, 2020 7:15am
Just one question Phil why you choose MA 200 why not let say 100? Please advise.
  • #44
  • Dec 16, 2020 7:51am Dec 16, 2020 7:51am
You could also take very trade regardless of the MA...
  • #45
  • Dec 16, 2020 8:44am Dec 16, 2020 8:44am
Quoting Forexnub
Also, I am little confused but wouldn't your trades be taken after the block closes as you don't know whether the box will close in your direction. (In on the red arrows). {image}
Not sure exactly what you are saying but you will see the Box close. Then you enter that trade on the start of the next box. Not a full finished second box.
Make it as perfect as you can....
  • #46
  • Dec 16, 2020 9:27am Dec 16, 2020 9:27am
Quoting teapeak
Just one question Phil why you choose MA 200 why not let say 100? Please advise.
It wouldn't be too much of a difference but the 200 is a well-known average worldwide.
Make it as perfect as you can....
  • #47
  • Dec 16, 2020 10:32am Dec 16, 2020 10:32am
Quoting philstodd
{quote} Not sure exactly what you are saying but you will see the Box close. Then you enter that trade on the start of the next box. Not a full finished second box.
So looking at the image I posted above, would you get in on the box I marked or you marked? From what I understand, you're saying the one you marked, but how do you know that the block forming will end up red..it could start red and turn green(black), but you have already entered.

p.s. Can you check my post 42
  • #48
  • Dec 16, 2020 2:24pm Dec 16, 2020 2:24pm
Quoting Forexnub
{quote} So looking at the image I posted above, would you get in on the box I marked or you marked? From what I understand, you're saying the one you marked, but how do you know that the block forming will end up red..it could start red and turn green(black), but you have already entered. p.s. Can you check my post 42
Yes I manually change it it only takes a few seconds. Also some currencies can use the same setting so I would switch to those first. Also yes you enter on your candle the second one. You always have to wait till that first candle forms fully.
Make it as perfect as you can....
  • #49
  • Dec 17, 2020 1:18pm Dec 17, 2020 1:18pm
Quoting philstodd
{quote} Yes I manually change it it only takes a few seconds. Also some currencies can use the same setting so I would switch to those first. Also yes you enter on your candle the second one. You always have to wait till that first candle forms fully.
Got it thanks

One more thing, since you don't know the time of close, are you just constantly monitoring the charts?
Would you mind sharing some box sizes / currency ? Lastly, how are you setting your SL?
  • #50
  • Dec 17, 2020 5:13pm Dec 17, 2020 5:13pm
Quoting Forexnub
{quote} Got it thanks One more thing, since you don't know the time of close, are you just constantly monitoring the charts? Would you mind sharing some box sizes / currency ? Lastly, how are you setting your SL?
are

I been using this method simply to get more screen time. It's hard to say how I monitor exactly, but I try as much as I can. I do use a 4 box stop loss above or below the reversal candle sometimes if I am trading on 3 to 5 pip boxes. I normally always have an emergency stop loss just in case you get a spike. My emergency stop losses vary depending on box size. 20, 40, or 60 pip emergency stops . That is more or less just as you said...those will be in place when I'm not monitoring. This can be a long term system also I believe, but I use my modified TMS system for long term. I mainly use this system for 3 to 5 pip boxes, and if I'm feeling brave, I'll move it down to 2 pip boxes. Scalping. But 4 boxes below/above the reversal candle should be good enough to stay safe.
Make it as perfect as you can....
  • #51
  • Dec 17, 2020 5:25pm Dec 17, 2020 5:25pm
Renko boxes show the strength of a market....above or below the 200 exp.....play those pullbacks with 5 or more candles trading with the trend...4 once you get good and notice chart patterns.....anyone can look back and see how accurate the system is. Trading does not have to be hard as I said.....simple edges will win it. I never understood why people use regular candlesticks. I tried in the past and it was too complicated. Heiken ashi and renko are my money makers. It helps the psycological end in trading. But whatever works for people....trade it.
Make it as perfect as you can....
  • #52
  • Dec 17, 2020 5:33pm Dec 17, 2020 5:33pm
I try to give people a simple system that works well as long as you are cautious and come to understand how price is moving. Sometimes you have to take profit just to even out a loss, or watch it and trail it. Same goes for the 4 candle entries.....You have to notice small, medium, or large swings. Ask yourself...Does this look the same? Open your eyes and mind friends. See what's in front of you.
Make it as perfect as you can....
  • #53
  • Dec 17, 2020 5:40pm Dec 17, 2020 5:40pm
As an example of noticing things....When renko boxes range sideways....they are EXTREMELY EASY to see.....I don't recommend this to traders though.......I get in real heavy for a quick profit on those sometimes.
Make it as perfect as you can....
  • #54
  • Edited 6:08pm Dec 17, 2020 5:56pm | Edited 6:08pm
Watching 2 pip boxes right now (5:56pm central time) on AUD/USD....4 candles down now.....5 or more and a reversal would be entry. Keep an eye on it. Boxes been moving in 5 box swings....notice?........update 6:06pm IN for a buy!
Make it as perfect as you can....
  • #55
  • Dec 17, 2020 9:40pm Dec 17, 2020 9:40pm
Out with 10 pip stop out. Back in with a bounce off the 200 now.
Make it as perfect as you can....
  • #56
  • Dec 18, 2020 4:15am Dec 18, 2020 4:15am
2 in a row losses now I look to take profit to cancel them out. Trailing stop and constant monitoring on entries. Down 20 pips. Was trading 2 pip moves. More risky.....that's why i normally stick to 3 and 5 pip boxes.
Make it as perfect as you can....
  • #57
  • Dec 18, 2020 6:59am Dec 18, 2020 6:59am
Just wiped out both losses with a win on eurusd.
Make it as perfect as you can....
  • #58
  • Dec 22, 2020 5:43pm Dec 22, 2020 5:43pm
Been doing well with the system, but I am looking to update the system more. Stay tuned I have to do some more back testing.
Make it as perfect as you can....
  • #59
  • Dec 24, 2020 2:01am Dec 24, 2020 2:01am
Hello, to begin with, sorry if there are errors in the writing of the comment, but I am using Google translator.
I will be very aware of the system, I am a beginner trader and I am currently trading with a real account and a strategy based on renko candles at 5 pips.
I operate 30 minutes before the London opening and the first 30 minutes after the opening.
as I am new operating with real account I had a psychological bad streak. It's all due to the low volatility in December, the strategy was tested months before and it was going great.
now I'm more prudent recovering the losses of my mistake.
I add the template I use and the complete setup.
greetings and I'll be watching the thread

(the results of my account are in my profile)
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  • #60
  • Dec 26, 2020 3:49pm Dec 26, 2020 3:49pm
My new system I been testing requires you to desperately lower your lot size because of the potential for a big loss. I use something similar in my daily tms system but I wanted to incorporate it into the renko system. Here it is.

The rules are the same with trading on the pull backs 4 or 5 candles. The big adjustment (that many of you may not agree with) is an 11 box stop loss below or above your entry candle. From my considerable time on a manual backtest. This allows for about a 80 to 90% success rate so far. And the main reason I am testing this because this allows price to move back in your direction and also I noticed many of the wins are just as large or larger then the 11 box stop loss.

This has increased my win percentage consistently. Account risk management is key here, because you do not want to be one of those people who trade and you get that 10 to 20% odds out of your favor on your first few trades. Allow yourself to be able to make 10 trades with your account value and adjust your lots you are trading. Good day and I will be posting pictures in the near future.
Make it as perfect as you can....
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