Hi Edge. Since I am not comfortable trading anything but the 1 HR time frames will the Renko bars Help me.
- #2,482
- Jul 24, 2009 9:02pm Jul 24, 2009 9:02pm
- | Joined Nov 2007 | Status: Trader | 1,186 Posts
I just took the plunge on the Renkos. Almost $50.00 smackers USD. A mere 5 pips at $10.00 per
They looked so good on other people's charts, I had to have them. They remind me of leggo blocks. The kind I'll build my new house with!
They looked so good on other people's charts, I had to have them. They remind me of leggo blocks. The kind I'll build my new house with!
I did a quick visual test. Results assume winners are worth 8 pips and losers are worth 22 pips. These trades all occurred within the 24th (according to my platform time), so this does also not take into account times where Edge does not trade.
22 Wins = +220 pips
7 Losses = -140 Pips
29 Total = +80 pips
Since the renko bar only paints after a full ten pips, I figured the maximum loss would be 20 pips + spread, since we would wait for a new bar to paint and a trix cross back over 0 to make a decision.
Of course we have to take into account the spread, which could really skew the results to the point where only 20 or so pips would be gained within the 29 total trades (accounting for 8 pip winners and 22 pip losers).
Obviously something else need to be done to get high win percentage Edge has, but I'm not sure what it is yet. I'll keep investigating.
Edge, if you feel so inclined, please post charts of your other pairs too (tradestation charts)
JJ
22 Wins = +220 pips
7 Losses = -140 Pips
29 Total = +80 pips
Since the renko bar only paints after a full ten pips, I figured the maximum loss would be 20 pips + spread, since we would wait for a new bar to paint and a trix cross back over 0 to make a decision.
Of course we have to take into account the spread, which could really skew the results to the point where only 20 or so pips would be gained within the 29 total trades (accounting for 8 pip winners and 22 pip losers).
Obviously something else need to be done to get high win percentage Edge has, but I'm not sure what it is yet. I'll keep investigating.
Edge, if you feel so inclined, please post charts of your other pairs too (tradestation charts)
JJ
Taking out the trades where the trix cross is not crystal clear leads to better results...
18 Wins = +180 pips
3 Losses = -60 pips
Total Pips = 120
Accounting for a 2 pip spread:
18 wins = +144 pips
3 losses = -66 pips
Total Pips = 78 pips
I could live with that
Still more work to be done, on a few of the trades there is a 1 renko bar draw down, which if I am thinking correctly could be a -29 pip draw down at max (if a 10 tic renko chart requires 10 pips in price movement to paint, that means if we get an opposite bar we would have covered not only the trigger bar for -10 pips, but also the next bar that painted for - 10 pips, and possible another -9 pips before price comes back).
18 Wins = +180 pips
3 Losses = -60 pips
Total Pips = 120
Accounting for a 2 pip spread:
18 wins = +144 pips
3 losses = -66 pips
Total Pips = 78 pips
I could live with that
Still more work to be done, on a few of the trades there is a 1 renko bar draw down, which if I am thinking correctly could be a -29 pip draw down at max (if a 10 tic renko chart requires 10 pips in price movement to paint, that means if we get an opposite bar we would have covered not only the trigger bar for -10 pips, but also the next bar that painted for - 10 pips, and possible another -9 pips before price comes back).
