Blind Renko

WARNING WARNING WARNING !!!
Before you proceed this strategy is still under testing don't take live trades. Work it on demo or manually backtest it.
This space will be updated frequently
I have posted another system on this forum but that style requires a lot of work. So I am presenting a new style which is simple but logical.

It is a very simple Renko system.
*** USE TIME BASED RENKO ONLY, NOT TICK DATA RENKO ***
Time based Renko is more smooth and removes a lot of noise.
*** USE ATR CALCULATION ONLY, SINCE WE ARE DEALING WITH MULTI TIME FRAME ***
Since we are dealing with multiple timeframes it will make our jobs easy.
*** I USE TRADINGVIEW BECAUSE THERE IS A PARTICULAR INDICATOR WHICH I USE ***
It will be good if someone made a mt4 or mt5 version of it (Indicator will be mentioned below)


INDICATOR HERE !!!!
This is the link to the indicator https://www.tradingview.com/script/j...Renko-Candles/
Thanks to the programmer it is available for free.
All it does is paint the candlestick as per the Renko colour, so you can trade Renko on regular time frames.
I would like to develop on this strategy.

CHART SETUP VIDEO :

I will be super active on this thread as it is my most important work from now on. I am really tired of my day job and living under huge family debt. I have lots of money to invest into the markets but I won't throw it before testing a system and its odds. I will be working with MS excel to backtest and find edge.
Also it might sound I am foolish but I need to be making some profits. I am in forex business for almost 2 years on and off and still am not consistent.
Please don't judge me, any positive guidance is very much required.
Cheers

just blindly trade Renko on multiple time frames.
I will enter trades on Daily, 4H & 1H candles.
Since I am doing a top down analysis I will be swing trading and day trading. Catching big and small moves.
Directional bias from Daily will influence 4H and 1H trades.

This is y personal handbook or note, There is more of preparation and "how to approach this trading style" information.
I will post more technical charts on this thread.
Cheers.

Leaving these from today, Renko sentiments for the 12 pairs I am watching,
It would have been easy if someone capable of making a mt4 dashboard with this Renko indicator would be awesome
Looking for respective directional trade signals on 4h and 1h
Cheers

Note to self and others :

Always remember to partial close based on smaller time frames reversals.

I have drawn lines on price levels where the next Renko brick will open. There are two lines one for the continuation candle and the other for a reversal candle.
This gives you much more edge regarding where the price is more likely heading to.
This also helps in money management, partial closes can be based on Renko Bars too.


Quick tip you can place an alert on these levels. But remember the Renko get confirmed only when candle closes.

Cheers

*** Enjoy the holiday folks! ***

I have made a video showing how i mark my charts from start to finish, I will lay down the concepts soon on my next few posts.
I will be adding this video link the main post too for easy access.

Posting visual backtest screenshots.
This is just a visual representation and does not have any concrete statistical values.
AUDUSD
Daily boxes and 4H boxes

Same boxes shown on the 4H time frame

Now 1H boxes 2 months data in each screenshot

JAN - FEB
MAR-APR

MAY-JUN

JUL-AUG

SEP-OCT

NOV-DEC

I will calculating all the statistical basis on every pair for the year 2020. I need more time.
I will be plotting all the statistic from each possible trade for the last year in a document. I am good with excel so thats what i will be using for finding even better edge.
Note: I cannot count scale downs in my manual backtests.
Note2: This is based on ATR renko values and it changes based on market volatility

Cheers

It would be awesome if some made a multi time frame dash for this
If anyone have any interest contact me.

In these trades, bases on the concept i am explaining for the past few days

Before screenshots
https://www.tradingview.com/x/CzEK0hXe/

https://www.tradingview.com/x/dXp2bUIA/

https://www.tradingview.com/x/Qn9bJPb5/

https://www.tradingview.com/x/FzHgr7vQ/

1 loss yesterday stopped out (After screenshot)
https://www.tradingview.com/x/mGBowjJK/

[quote=Backhoe;13329216,I will be working with MS excel to backtest and find edge. [/quote]

Intresting System Back...lemme know if i can contribute my excel skill for your thread...Good Luck

Sure will do.

Partial closed EURUSD.
Running trades : ENTERED usdchf on signal.

[quote = Backhoe; 13329235] chỉ giao dịch Renko một cách mù quáng trên nhiều khung thời gian. Tôi sẽ tham gia giao dịch trên nến Hàng ngày, 4H & 1H. Vì tôi đang thực hiện phân tích từ trên xuống nên tôi sẽ giao dịch swing và giao dịch trong ngày. Nắm bắt các động thái lớn nhỏ. Xu hướng định hướng từ Hàng ngày sẽ ảnh hưởng đến các giao dịch 4H và 1H. {image} [/ quote]
hello can you send the renko indicator, i can't find it, at the indicator link, thank you!

Hi that link redirects you to the indicator authors page.

you can search for the indicator on tradingview type "Renko Candles" and select the indicator shown in the image. Check for the author it should be "LonesomeTheBlue"
Cheers

UPDATE :

USDCAD : Partial profits closed in and the other partial stopped out at previous renko high.
Partial profits locked in all trades.
All other trades running until i get a reversal.
New trades taken today as per signal GBPUSD , USDJPY , EURJPY and another EURUSD on 1HR signal.

I will explain trades later as i have some work to do right now

I am really happy with NU
https://www.tradingview.com/x/sL7AplCJ/

UCHF https://www.tradingview.com/x/8ORRXNOh/
I will try to post screenshots of most trades i take. This week has been a little exhausting. I will be back with full force next week. In the mean time i am still in 3 trades EU UCHF GU

Visual backtest on EURGBP done : I dont have actual stats, but this pair is not tradable with this Blind Renko approach, Too much of randomness.
SKIPPING EURGBP

Going to do some digging into ATR calculations