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  • #3,221
  • Jul 28, 2009 2:01pm Jul 28, 2009 2:01pm
Edge,

Thank you for your responce.

The attached is an example of what i was saying.

Where the red circles are the next renko bar formed and the ma changed to blue (my rising colour) i entered the trade.

The price then droppes 20+ pips, opened a down renko bar and the ma wnet back to red.

On this example as well we can see what people have been debating about the SmingMan triangle.

My understanding on what the general agreement is that when a triange forms and there are 3 renko in a row you trade that direction. On both these occasions it would have been a looser would it not?

I know this is not in the right time frame but the trades i took were. Is it a case of just one of those loosers.... or am i misunderstanding?

Thanks,

Sorry for being a pain.
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  • #3,222
  • Jul 28, 2009 2:16pm Jul 28, 2009 2:16pm
Each day gets a little better. It is a matter of gaining confidence as much as anything else. I am working without a set SL because I am finding that trades that go against you, usually return to your favor at least for the 5-10 pips. It may seem silly to see -20 or more and then later to collect only 5 pips .. but at the end of the day my account is up and that is what counts. Also that this can happen consistently, day after day.
Before I would have good days and bad days .. the bad days usually wiped out the good days. Now using 'less is more' they are all good days even tho I may have to sit through some bad moments...
(OM mani padme hum....)

My real SL depends not on a number but what I see price doing. If the reason for entering the trade is completely invalidated, then I get out. If not, I try not to watch the actual number of pips I may be down (for the moment)

Trading multiple pairs is a must IMO ... for example today while waiting for a GU trade to play out, I took 3 trades with EU, AU, AJ and cashed in 30 pips .. worst case if I had had to close my GU at a loss, those others had already covered it.
By constantly watching several pair it keeps me from obsessing over a trade that may be underwater.

The hardest thing to master is 'less = more' and accepting the losses. It sounds like you will have to have 3-4 good trades to make up for one bad, and maybe you will. But I am finding, as I get better at this, that there are plenty of good trades to be had and at the end of the day they more than outweigh the bad ones.

I use the 3 ducks indicator to remind me of overall trend of the pair and try to only trade with it unless the signal is very strong. I also check the daily chart for each pair to remind me of the bigger picture.
And I check news each morning to avoid any major news events. If I get caught in one, I will usually just ride it out as trend normally returns after the momentary jumps in price.

I'm trading a real money micro account. I'm one of those who cannot do demo, I lose focus & end up not caring because in demo money is made so easily! I have just enough in micro account to care, but not enough to ruin my life if it blows up (which it used to ... frequently! )

Below is the chart I am using at present .. renko bricks colored with sm candles, both the hull and applied price ma for comparison purposes.. also to see what happens when they cross..
And trix histio back in again at bottom to test the 2 sloping bar theory on pairs other than EU. I removed the up & down arrows from the sm signal indicator and left just the ones on the bricks as from what I understand, those are the ones to watch, and when they signal, check the last 2 histiogram bars.

FWIW
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******************* I'd rather make money than be right.
  • #3,223
  • Jul 28, 2009 2:19pm Jul 28, 2009 2:19pm
Quoting waddij

My understanding on what the general agreement is that when a triange forms and there are 3 renko in a row you trade that direction.
Whenever the triangle appears, and there at least two TRIX histograms before the triangle in the same direction, it's a near certain 10 pip winner. This applies of course to long and short trades. The histogram is the Trix indicator. Look at those bars, not the Renko bars. Paradoxical explains it in the previous pages.
Q
The Only Constant Is Change!
  • #3,224
  • Jul 28, 2009 2:22pm Jul 28, 2009 2:22pm
Quoting waddij


My understanding on what the general agreement is that when a triange forms and there are 3 renko in a row you trade that direction. On both these occasions it would have been a looser would it not?
No, this is where we all got confused. You don't look at past renko bricks but at the past 2 histiogram bars, which means you need the histiogram (4 color) back in the bottom window. When you see the arrow appear on the newly closed brick, check last 2 histo bars to see if they confirm a long (upward slope, 2nd bar rising) or short (downward slope, 2nd bar lower)

I think I finally got it now .. or if not, SM can just shoot me...
******************* I'd rather make money than be right.
  • #3,225
  • Jul 28, 2009 2:24pm Jul 28, 2009 2:24pm
OK, Edge. Heres two of them. Both trades non conforming as there was no arrow signal. On one of them, saw the traiangle and it go past the line. Almost soon as I entered, it went the other way. I guess the second chart shows how just doing a visual of the renko blocks can be deceptive. If you look at the trade, you'd think it was a winner for sure had you made it yourself. But, with a 5 pip spread, it was a loser of 20 pips almost to the pip.
Quoting Edgetrader
Which plan were you working with? Got a chart shot of that?

Regards.
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  • #3,226
  • Jul 28, 2009 2:29pm Jul 28, 2009 2:29pm
Quoting waddij
Edge,

Thank you for your responce.

The attached is an example of what i was saying.

Where the red circles are the next renko bar formed and the ma changed to blue (my rising colour) i entered the trade.

The price then droppes 20+ pips, opened a down renko bar and the ma wnet back to red.

On this example as well we can see what people have been debating about the SmingMan triangle.

My understanding on what the general agreement is that when a triange forms and there are 3 renko in a row you trade that direction. On both these occasions...
Well, I too am not sure on this triangle stuff. Here we have a triangle formed but we do not have 3 consecutive Renko. Unless the triangle is supposed to identify a turn and is a early warning perhaps.

Am in the laboratory with everyone else throwing stuff together on this problem. Feel like we have a bunch of attorney's here complicating the simple. Not sure yet.

We have a 8,4,6 LWMA that already signaled short and I completed a whopping +10 on that. Bar finished and on the new bar the Hull turned red so am trading on that change also. Plus, I have another triangle popping up and an arrow to boot. We definately have Trix in short mode so am working that angle also.

Regards.
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  • #3,227
  • Jul 28, 2009 2:31pm Jul 28, 2009 2:31pm
Quoting 4xStar
No, this is where we all got confused. You don't look at past renko bricks but at the past 2 histiogram bars, which means you need the histiogram (4 color) back in the bottom window. When you see the arrow appear on the newly closed brick, check last 2 histo bars to see if they confirm a long (upward slope, 2nd bar rising) or short (downward slope, 2nd bar lower)

I think I finally got it now .. or if not, SM can just shoot me...
Then why not get rid of the triangles in order to simplify?
  • #3,228
  • Jul 28, 2009 2:42pm Jul 28, 2009 2:42pm
Quoting 4xStar
That free renko does not work. We are using a commercial version which does work. Click the paperclip above right to see 2 pdf files about renko and where to find it. Also read through the last 80 pages or so where we start talking about renko. All the information is in there.
RENKO 2 free

I heve test it on the mt4 bake tester
and it semes the it work ok no problem no repainting
heve u test it befor?

do u know what was the problem white thise indy?
  • #3,229
  • Jul 28, 2009 2:43pm Jul 28, 2009 2:43pm
I have been entering on the renko brick after a triangle and it seems to be effective as long as the next trix histo is still lit up. The nitro strategy works with the yen crosses, the other pairs have much more losses. Check it out on the backtest. Once a brick closes with the triangle it never goes away.

Quoting Edgetrader
Well, I too am not sure on this triangle stuff. Here we have a triangle formed but we do not have 3 consecutive Renko. Unless the triangle is supposed to identify a turn and is a early warning perhaps.

Am in the laboratory with everyone else throwing stuff together on this problem. Feel like we have a bunch of attorney's here complicating the simple. Not sure yet.

We have a 8,4,6 LWMA that already signaled short and I completed a whopping +10 on that. Bar finished and on the new bar the Hull turned red so am trading on that change also. Plus,...
  • #3,230
  • Jul 28, 2009 2:51pm Jul 28, 2009 2:51pm
I have come to the same conclusion. The trades I posted earlier were examples of trades NOT to take, but which I took anyway. With small money, I guess I have the luxury of doing that, and this is a mindset I have to get rid of. I've also found as you have that stops of twenty can be taken out, and I'm just not setting them anymore. In two cases, hit on th nose, and in another, hit because of a spike.
Also, no more going for 10 pips. I'll take 5 -7 until I really have the hang of it, and after I do, will consider taking half at 5-7 and letting the rest ride for awhile.
Not having been a scalper, difficult to go for 5 pips only, but I'll have to force myself.
Quoting 4xStar
Each day gets a little better. It is a matter of gaining confidence as much as anything else. I am working without a set SL because I am finding that trades that go against you, usually return to your favor at least for the 5-10 pips. It may seem silly to see -20 or more and then later to collect only 5 pips .. but at the end of the day my account is up and that is what counts. Also that this can happen consistently, day after day.
Before I would have good days and bad days .. the bad days usually wiped out the good days. Now using 'less is more'...
  • #3,231
  • Jul 28, 2009 2:53pm Jul 28, 2009 2:53pm
Thanks guys,

Will put the trix 4 col back on and see if it makes any more sence.
  • #3,232
  • Jul 28, 2009 2:54pm Jul 28, 2009 2:54pm
Quoting paradoxical
I have come to the same conclusion. The trades I posted earlier were examples of trades NOT to take, but which I took anyway. With small money, I guess I have the luxury of doing that, and this is a mindset I have to get rid of. I've also found as you have that stops of twenty can be taken out, and I'm just not setting them anymore. In two cases, hit on th nose, and in another, hit because of a spike.
Also, no more going for 10 pips. I'll take 5 -7 until I really have the hang of it, and after I do, will consider taking half at 5-7 and letting...
im goin for 3-4 trades a day at 5-7 pips each,,on eurjpy with right setup 3 trades like that are typically available during 2-3 hour period...i havent been setting hard stops and will def. get out if im in -30 and things turning around,,,

gotta get proficient and gain complete confidence in this,,,trade multiple lots at +20 pips a day ,,,and you'll be golden,,,diminishes your market exposure drastically,,,trading after that to get 40-60 pips a day while feasible entirely however exposure runs great. increase lots,less is more...
  • #3,233
  • Jul 28, 2009 2:57pm Jul 28, 2009 2:57pm
Quoting paradoxical
OK, Edge. Heres two of them. Both trades non conforming as there was no arrow signal. On one of them, saw the traiangle and it go past the line. Almost soon as I entered, it went the other way. I guess the second chart shows how just doing a visual of the renko blocks can be deceptive. If you look at the trade, you'd think it was a winner for sure had you made it yourself. But, with a 5 pip spread, it was a loser of 20 pips almost to the pip.

I think it best to show another shot of Nitro so you can ascertain the differences in the MT4 operation. We need to work with SM to get ARROWS only, no triangles. The trix thing is easy. Also, AU, like EU, is not on the list for true Nitro. Both of those only run at around 77% overall. In addition, those that have issue with the 'beast' in Nitro can substitue it with UY. Slower PA yes, but a top performer.

And you are using a HARD 20 pip SL on a yen cross? Correct?

Regards.
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  • #3,234
  • Jul 28, 2009 3:08pm Jul 28, 2009 3:08pm
Quoting Superscalper
RENKO 2 free

I heve test it on the mt4 bake tester
and it semes the it work ok no problem no repainting
heve u test it befor?

do u know what was the problem white thise indy?
As a late-comer I can appreciate your position with that freebie you are playing with.

First of all, how many trades did you take with it in your backtesting? Can you show us any of those? Secondly, it has already been established that Renko does not repaint, so not sure why you are checking that aspect.

As a group, we have been at this pretty hot and heavy for a good bit of time now. I would think it best just to go get the Renko that was recommended to you by others, install it, and go from page 155 in the thread and you can get up to speed on what is going on.

I am personally not in the habit of presenting trading plans that need testing. All we need here is to ascertain the best indi for the MT4 version of Renko. That will be completed soon I hope.

You do need to uninstall that 40 point renko thing you are trying to get by with. It will not do you justice. If you would like to trade this methodology, you will most assuredly need the appropriate tools to do so.

Regards.
  • #3,235
  • Jul 28, 2009 3:11pm Jul 28, 2009 3:11pm
Quoting paradoxical
I have come to the same conclusion. The trades I posted earlier were examples of trades NOT to take, but which I took anyway. With small money, I guess I have the luxury of doing that, and this is a mindset I have to get rid of. I've also found as you have that stops of twenty can be taken out, and I'm just not setting them anymore. In two cases, hit on th nose, and in another, hit because of a spike.
Also, no more going for 10 pips. I'll take 5 -7 until I really have the hang of it, and after I do, will consider taking half at 5-7 and letting...
Good man!!!

In one hand, you have an almost sure thing.

In the other, you have only a possibility.

Easy choice for a trader to make.

regards.
  • #3,236
  • Jul 28, 2009 3:18pm Jul 28, 2009 3:18pm
Quoting 4xStar
Each day gets a little better. It is a matter of gaining confidence as much as anything else. I am working without a set SL because I am finding that trades that go against you, usually return to your favor at least for the 5-10 pips. It may seem silly to see -20 or more and then later to collect only 5 pips ..
Quoting paradoxical
After several losing trades, the last three were winners. Finally getting the hang of it. On two of the trades, was stopped to the pip even at a 25 SL
Edge, you really are teaching great money management skills. Now we're at an expectancy of -5 or worse. I'm not criticizing the members who's quotes I'm using, just the "MASTER".

Quoting Edgetrader
I think it best to show another shot of Nitro so you can ascertain the differences in the MT4 operation. We need to work with SM to get ARROWS only, no triangles. The trix thing is easy. Also, AU, like EU, is not on the list for true Nitro. Both of those only run at around 77% overall. In addition, those that have issue with the 'beast' in Nitro can substitue it with UY. Slower PA yes, but a top performer.

And you are using a HARD 20 pip SL on a yen cross? Correct?

Regards.
Nice charts, I guess you have to keep everyone motivated when you're selling crap.
By the way, what does generate those buy and sell signals. And just telling us doesn't really cut it.

The best will be the snappy reply I get about living in a tree house and working as a janitor and some other fabricated blah blah blah.

Have I traded this? No. Would I buy a car with a busted engine? No.
  • #3,237
  • Jul 28, 2009 3:25pm Jul 28, 2009 3:25pm
hi is there a pdf where the system is explained with all detail's?
  • #3,238
  • Jul 28, 2009 3:31pm Jul 28, 2009 3:31pm
Edge, I've seen these nitro charts previously, and thought they were of some other system you use, as I don't remember seeing a post of yours as to the setup, or from anyone else with a chart that resembles yours. This is OK, because I'm comfortable with the renko chart I have, waiting for an arrow and pulling the trigger. I have switched to the hull MA because I don't like the repaint of the LWA. To each his own.
BTW, I can't wait for the response to the person who has a grand total of one post here. It should be another classic.
Quoting Edgetrader
I think it best to show another shot of Nitro so you can ascertain the differences in the MT4 operation. We need to work with SM to get ARROWS only, no triangles. The trix thing is easy. Also, AU, like EU, is not on the list for true Nitro. Both of those only run at around 77% overall. In addition, those that have issue with the 'beast' in Nitro can substitue it with UY. Slower PA yes, but a top performer.

And you are using a HARD 20 pip SL on a yen cross? Correct?

Regards.
  • #3,239
  • Jul 28, 2009 3:33pm Jul 28, 2009 3:33pm
Downloaded Ninja trader and learning how to use it a bit.
Any comments from experienced Ninja trader users in regards to Nitro would be appreciated.
Don't see all the setting options that are available with Swingman's indis so I might need a little help setting it up properly before I blow stuff up.
Range bars are set at 10, HMA @ Period 7, price type close, auto scale true, calculate on bar close true.
Think you can see most other settings in the screen shot.


Broker is AMP I think, if that makes any difference.
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  • #3,240
  • Jul 28, 2009 3:34pm Jul 28, 2009 3:34pm
Yab, check the paper clip thingy & afterwards take some time to read as many posts as you can.
Quoting yab
hi is there a pdf where the system is explained with all detail's?
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