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rocky reboot: revisiting rockypoint's renko HA with ema method

  • #41
  • Jun 30, 2023 3:22pm Jun 30, 2023 3:22pm
Quoting TheJube
{image} This is my chart using MT4 2.5 pip renko size. Pretty much identical to Vidvad's chart
Thank you TheJube!

Very slight differences but none that would effect the trade signals that I can see. There should be some slight differences, after all, I trade a contract that tracks the EURUSD, while you and others are trading the spot EURUSD. So we are trading similar markets, but not the SAME markets. We should therefore expect similar charts, but not necessarily IDENTICAL charts.

Thank you again for sharing this with us!

Attached Image (click to enlarge)
Click to Enlarge Name: TheJube.jpg Size: 314 KB
Life itself is a privilege, but to live life to the fullest is a choice
  • #42
  • Jun 30, 2023 3:26pm Jun 30, 2023 3:26pm
Quoting vidvad
{quote} Thank you TheJube! Very slight differences but none that would effect the trade signals that I can see. There should be some slight differences, after all, I trade a contract that tracks the EURUSD, while you and others are trading the spot EURUSD. So we are trading similar markets, but not the SAME markets. We should therefore expect similar charts, but not necessarily IDENTICAL charts. Thank you again for sharing this with us! {image}
Exactly, well said! Thank you for analysing the chart i posted

Great thread (also thanks to Rocky/other contributors of course), and a great helpful thread-starter i see. Thanks!
  • #43
  • Edited 7:10am Jul 1, 2023 1:00am | Edited 7:10am
Good work here , I was already in bed. Here is the current template and indicators for MT4. The chart in the attachment is generated from offline data and is still quite identical. When generated from live data it will be almost the same except for very small variations depending on the broker.
Enjoy it.

@vidvad enjoy your vacation, I am also in vacation mode since now 14 days.


​​​​​​
Edit: In the top right you can notice that I have a Renko 25 and not 2.5 as I've already written early. It also depends on the number of digits from the broker. Most of the time you will set the size to 2.5, that's how it is with most brokers.

Edit2: I forgot to add Renko counter indi, so now is there + right HA indi
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM68.png Size: 27 KB
Attached File(s)
File Type: tpl Vidvad_template_LC.tpl   41 KB | 604 downloads
File Type: ex4 MA - ribbon filled.ex4   10 KB | 611 downloads
File Type: ex4 MTF_HI_LOW_v1.ex4   48 KB | 595 downloads
File Type: ex4 daily_open_line.ex4   10 KB | 609 downloads
File Type: ex4 Heiken Ashi.ex4   12 KB | 584 downloads
File Type: ex4 FXkred_renko_counter_V1.05a.ex4   15 KB | 616 downloads
Don't think!
  • #44
  • Jul 1, 2023 1:30am Jul 1, 2023 1:30am
Hi LiboCop.
First of all, thank you very much for your contribution.
I am not familiar with futures and ticks. If Vidvad has a target of 25 ticks, how many pips would that be more or less in Forex?

Thanks in advance.
  • #45
  • Jul 1, 2023 1:40am Jul 1, 2023 1:40am
12.5 pips
Don't think!
  • #46
  • Jul 1, 2023 5:17am Jul 1, 2023 5:17am
yea, everythink working correct, thanks !
  • #47
  • Jul 1, 2023 10:31am Jul 1, 2023 10:31am
Everything works great! I like!
  • #48
  • Jul 1, 2023 1:51pm Jul 1, 2023 1:51pm
Quoting LiboCop
12.5 pips
Yes, my 25 tick target = 12.5 pips.

That target is too small for the long run, but is perfect for what I am trying to accomplish: To produce consistent results that can provide an consistent income I can rely on.

My goal for 2023 is to hone my discipline, eliminate trading errors based on fear (fear of losing, fear of missing out), and increase my trade size.

Once those missions are accomplished, then I can work on better trade management profit targets.

Trading futures, the smallest size is one contract, which = $6.25 USD/tick. That is because some time ago the CME cut the 6E contract in half - it used to be = $12.50/tick. This made position sizing more flexible for the retail trader while allowing the CME and the brokers to effectively double all commissions and fees.

In my mind, 1 contract currently = 1/2 of a unit.

2 contracts = 1 Unit.

My goal is to be trading 3 Units, or 6 contracts within the next three months (by the beginning of October 2023).

But discipline and consistnecy must come first.

It won't do me any good to increase my size if I am losing lol.
Life itself is a privilege, but to live life to the fullest is a choice
  • #49
  • Jul 2, 2023 2:24am Jul 2, 2023 2:24am
Maybe somebody have template or indicators for tradingview ? I want makeing back test
  • #50
  • Jul 2, 2023 3:23am Jul 2, 2023 3:23am
Quoting vidvad
I will soon provide an explanation of the various indicators on my chart and how I use them to help me trade the rocky method here. Here is my current rocky template with all the indicators I personally use with the exception of the swing indi, which is auto draws short term support and resistance. I often times turn it off as the chart can become very cluttered with lines. {image} The pivotal points I have marked are: The Daily Open Yesterday's High and Yesterday's Low Last Week's High and Last Week's Low The blue ema band is the 34 ema high-low,...
Hi Vidvad,
Very interesting thread.Quick question re Candles: Where you show 25 ticks long profit, did you take profit simply because you reached 25 or because the next candle had a tail that pointed downwards ?
every Saint has a past. Every Sinner has a Future
  • #51
  • Jul 2, 2023 5:39am Jul 2, 2023 5:39am
Quoting LiboCop
Good work here , I was already in bed. Here is the current template and indicators for MT4. The chart in the attachment is generated from offline data and is still quite identical. When generated from live data it will be almost the same except for very small variations depending on the broker. Enjoy it. @vidvad enjoy your vacation, I am also in vacation mode since now 14 days. Edit: In the top right you can notice that I have a Renko 25 and not 2.5 as I've already written early. It also depends on the number of digits from the broker....
Is the renko counter a script?
  • #52
  • Jul 2, 2023 6:19am Jul 2, 2023 6:19am
Quoting turnip15
{quote} Hi Vidvad, Very interesting thread.Quick question re Candles: Where you show 25 ticks long profit, did you take profit simply because you reached 25 or because the next candle had a tail that pointed downwards ?
Hi Turnip,
For now, I am doing a more or less fixed $2 reward per $1 risk as a discipline building exercise. I am taking a profit, for now, at 25 ticks. The reason is simply that my own experience with this method shows that my average risk is 12 ticks. The 25 tick profit target is a mechanical 2R +costs (in my case I incur both commissions and exchange fees as I am trading the futures contract).

There was no technical reason to take my profit where I did on Friday. If I were purely following price action as my version of this system, I would have manually closed the trade at the end of my trading window around 11:30 AM EDT, which is the London close. This would have been a profit of over 100 ticks. I would have been holding expecting to take profits at Thursday's high of day, and when price failed to reach that level by the London close, I'd exit at the market manually.

I am using my version of the rocky system for entries. In addition to his system, I monitor the recent pivotal points on an M15 traditional candlestick chart. You will see the influence of Stacey Burke here, no doubt:
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 50 KB

My goal is to grow my trade size to 6 contracts. Once I do, and once I am able to maintain consistency at that size for at least several weeks, then I plan to split my position as follows: Take 1/2 profit at +25 ticks and target a pivotal point to take profits on the remaining 1/2. I will employ a trailing stop as well as a time stop on that second half of the position.

When I enter a position, my trading platform automatically enters a stop loss at 12 ticks (6 pips) and a take profit at 25 ticks (12.5 pips). I use the M15 AND the swing indi on the Renko-Ha to adjust the stop if necessary (sometimes the stop might need to be 10 or even pips, other times it might reasonably be tightened to 4 pips - but over many, many trades my average loss is 6 pips, which is 12 ticks on the futures contract).

If you look at the M15 chart where I entered on Friday, I was able to make my stop 1 tick smaller, or 5.5 pips instead of 6 pips.

Here is the rocky reboot chart for comparison. Again, my trade signals come from this chart, and the M15 is a reference chart to track where price is comapred to its most recent weekly and daily ranges.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 75 KB


And here I put the two charts side by side for another way to compare and contrast the two views of the same market. Both charts show the 6E EURUSD futures from the Globex Open through Friday's closing tick:

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 100 KB
Life itself is a privilege, but to live life to the fullest is a choice
  • #53
  • Jul 2, 2023 6:25am Jul 2, 2023 6:25am
Quoting aelimian
{quote} Is the renko counter a script?
It is a script available for Ninjatrader from ninza.co and it is (or at least was) one of their free scripts. It was designed for use with thier NinzaRenko candles which are not what I use here.

I do not know if there is a similar script available for MT4 or MT5.

If you are using Ninjatrader, you can find the bar status indicator here:

Best FREE NinjaTrader Indicators for Download - ninZa.co
Life itself is a privilege, but to live life to the fullest is a choice
  • #54
  • Jul 2, 2023 7:31am Jul 2, 2023 7:31am
Quoting vidvad
{quote} Hi Turnip, For now, I am doing a more or less fixed $2 reward per $1 risk as a discipline building exercise. I am taking a profit, for now, at 25 ticks. The reason is simply that my own experience with this method shows that my average risk is 12 ticks. The 25 tick profit target is a mechanical 2R +costs (in my case I incur both commissions and exchange fees as I am trading the futures contract). There was no technical reason to take my profit where I did on Friday. If I were purely following price action as my version of this system, I...
Wow ! Thanks for such a detailed and well thought out reply. Much appreciated
every Saint has a past. Every Sinner has a Future
  • #55
  • Edited 11:50am Jul 2, 2023 9:10am | Edited 11:50am
Quoting vidvad
{quote} Hi Turnip, For now, I am doing a more or less fixed $2 reward per $1 risk as a discipline building exercise. I am taking a profit, for now, at 25 ticks. The reason is simply that my own experience with this method shows that my average risk is 12 ticks. The 25 tick profit target is a mechanical 2R +costs (in my case I incur both commissions and exchange fees as I am trading the futures contract). There was no technical reason to take my profit where I did on Friday. If I were purely following price action as my version of this system, I...
2 chart compresence is very good. I trade MA channels with my personal MA settings of HA/Low and also use session times, MM(SL, trailing, BE) plus other "technique helpers".

I do not use Renko. I will venture to say that "Renko" is not needed. For people who can not get Renko on their platform, regular HA candles maybe just enough to follow alone.

I also trade Index and Currency Futures on different TFs and find that 15 Min HA bars do a good job to capture directional move for Euro USD Futures.

As I said before, you can learn allot from this thread and the author.
  • #56
  • Jul 2, 2023 11:27am Jul 2, 2023 11:27am
Quoting aelimian
{quote} Is the renko counter a script?
Its an indicator showing Renko size and the level where the new briquette will start.

If you are looking for a Renko chart generator, you can find it e.g. HERE in my older post
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 18 KB
Don't think!
  • #57
  • Jul 2, 2023 12:20pm Jul 2, 2023 12:20pm
Quoting LiboCop
{quote} Its an indicator showing Renko size and the level where the new briquette will start. If you are looking for a Renko chart generator, you can find it e.g. HERE in my older post {image}
Thanks as always, Libocop!

I like the way you have your chart set up - it is a very nice look, imo.
Life itself is a privilege, but to live life to the fullest is a choice
  • #58
  • Jul 2, 2023 12:22pm Jul 2, 2023 12:22pm
Quoting driven18
{quote} As I said before, you can learn allot from this thread and the author.
Thank you for the kind words, driven. We are all here to learn from one another in a spirt of sharing and kindness!
Life itself is a privilege, but to live life to the fullest is a choice
  • #59
  • Jul 3, 2023 1:24am Jul 3, 2023 1:24am
My first step in this method. I think, that open position was can be better(first white directional candle after 3 red)
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 65 KB
  • #60
  • Jul 3, 2023 2:17am Jul 3, 2023 2:17am
Quoting pelagiusz
My first step in this method. I think, that open position was can be better(first white directional candle after 3 red) {image}
Attached Image (click to enlarge)
Click to Enlarge Name: ae67e057b3cbc37c657a4c863f6afe55.png Size: 33 KB
Thanks for sharing!

@Vidvad, correct me if im wrong, but i think we enter the trade on the 2nd or 3rd white bar counted from the last red bar (that would be the 1st or 2nd circled candle on this picture).

There is also resistance left that should be broken first i think. And the Heiken Ashi candle body you entered on did not close outside the 8EMA band (i think that is also needed in this case).

On the 2nd circled candle (3rd white bar): that candle broke resistance, and the 8EMA band starts going out of the 34EMA band on this candle as well.

But i see you made a profit, so congrats on that!
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