MTF Trix system

Another example of Renko vs ordinary. Now there is a good match regarding the entry point.

hi, could you please tell me how can i manage to get those renko charts^?
i have mt4 with whc and alpari

thanks

You have to buy the Renko script. If you google it I am sure you find the right place.

This is now third comparison of Renko and ordinary chart. I took a very suspicious trade today couple of hours before NFP news and if you look at it on ordinary chart, it was really a very tough and painful waiting... At the same time, according to Renko chart it was just a smooth ride towards profit...
I bet that everybody would prefer to follow the trade on Renko chart

What I will do on Monday if I have time for that - I will trade only two pairs and monitor both chart versions for both pairs. I just got an idea that maybe we could use Renko for confirmation when trading ordinary charts and vice versa. It may be a very stupid idea but worth trying, I think.
My choice would be GU and EU. Who is in with different pairs?

Indrek ....... I know that you're a swing trader at heart ( I think I might be too!), so I thought that you might be interested in valdjas's recent post on Paulus's EURGBP M5 thread ..... (just in case scalping isn't your preferred method, after all) ....

http://www.forexfactory.com/showpost...postcount=4451

Good Pips!

I have heard on the "other thread" that there is now available an upgrade to the Renko script that gives the user the option to select to display the tails with the hidden price movement above and below the body. I assume that this is from the original vendor. I looked on the website but saw no mention, so later today I will email the purveyor to check on this status.
The inclusion of the tails will allow backtest that has not been possible and will also allow visual backtest to see if the profit targets could have been hit during a bar, where the body shown impies that it could not be hit. Also, the tails may show pattern, that show them distributed on one side of the high or low and then shifting, emphasizing the increase or decrease of trendiness and maybe foreshadowing a potential swing termination of change of trend before manifested in a reversal Renko bar.
Any patterns will be specific to the constraints of Renko construction, where the body is always the same size as specified by user as the bar size. The tails will be limited within the domain such as the 28 pips possible with a 10 pip Renko bar. So, a doji from candlestick charts, that may signal a trend termination, will not be possible. But other useful patterns may be evident. I can't wait to get my hands on them rather than just surmise.
The distribution of tails may highlight non-arbitrary setting of stops based on the adverse excursion of these tails from the bar body extreme agains the entry of a position. With Renko, if the close of a bar triggers an entry and the entry is several pips less favorable than this close, then setting a stop that was meant to trigger on a new bar closing agains the position will get triggered in that say 9 pip no-man's land, as measured from the entry. The information to be gotten from visual or mechanical backtesting is much more meaningful for evaluation than just seeng what seems to be happening in forward test or real time trading. It takes a long time of experience to draw conclusions; nd then they are still suspect and anecdotal.

Renko in standard form offers severe filtering and in return we pay the cost of the loss of important information. Price action is discarded that falls outside of the extremes of the bar bodies. This is a very different thing than discarding the price action that chatters between the known highs and lows presented by Constant Range Bars. This is true noise being discarded and losing the info gives much fitering benefit, reducing irrelevant bars, removing time from the equation as well with no detriment such as renko imposes. I have worked with Range Bars extensively in Ninjatrader platform and now Tradestation offers them but calls them Momentum bars--it only took them 6 years to honor the request of the users for this data type. Both CRB and Renko close the bar at the extreme and often they alternate from one extreme to another. This favors a system that provides entries counter to the trend, buying down bars and selling up closing bars. Te construction of Renko demands that bars in the prevailing direction close the bar size amount from the previous close and twice the bar size amount in the event of a reversal bar. Range bars, due to their construction rules, only need to vary by 1 pip in the same direction and 1 pip plus the bar size amount for a reversal bar. However, much of the time, reversals will close 2 times the bar size amount plus 1 from the previous close.

I think the Renko with tails will offer an improvement but will not cure the deficiencies of the extremem data handling of its type of filtering. The range bar data type should be examined and worked with to see if it enhances our analysis ability and results and offers either an equivalent or even a superior alternative to the Renko...or not. I believe that determining this is done effectively by many individuals working concurrently with their own flavor of approach.

Offering up something that is completely tested and "proved up" is nonsense. This would deter the introduction of many potentially valuable and creative ideas. Maybe the person introducing it doesn't even see the potential uses that another member can illuminate by taking it for a ride in a new direction. If something proves to be not valuable, you discard it or relegate it to the waste bin. This search for indicators of value and competence requires a large and full waste-basket. My friend, a solar physicist always said, "Ve Vill Look at ze Data and see Vat ve Get."

I believe that pigeonholing progress into narrow and rigid channels stultifies creativity. Totalitarian leadership and its yes-men, brown nosing, *** kissing, not real insightful devotees will always be met with those who entertain "other", maybe less popular ideas with flashlights illuminating the banned books under the covers. I want to solute Indrek's thread, its committment to freedom of expression, and it has, so far, an easygoing "feel" to it. And I don't like racing to keep up with 20 new pages a day, especially when it leaves me soiled by the vitriol, mostly unintelligent posts and the dictatorial flavor, nepotistic standards applied differentially to various members, ie; are you going for 5 pips or is it 20 pips? I don't find the claims of many credible. There, I am done with presenting my personal take but I think it needed to be expressed, both for myself and for the benefit of the many who are manipulated by unsavory agendas. Now back to the topics at hand.

Swingman, I am enjoying that you are mixing a really funny sense of good humor with our serious subject matter. I am using your indicators daily and am hoping that you will code a version of the Renko Signals, etc. that will support the Constant Range Bar data type so we may examine whether this will offer us any improvement for our developing methods. After working with tick, CRB and Renko data types that remove time from the equation; I have no desire to utilize purely time-based charts. They just look like a mess and chaotic. Certainly, noise and irraticism of data are no help to indicators in trying to cope with the data. As in all things, there are trade-offs; each alternative data type has its strengths and weaknesses.

Swingman, I don't know if you are willing to do this for us, but I would be eternally greatful if you would code as an option in the RenkoSignal Indy the ability to filter the signal arrows and/or triangles by the requirement that you mentioned previously of the slope of the 2 previous trix histogram bars to be in agreement with the signal. Thanks for at least considerng this. And thank you again for your contributions.

Hi Phil, a very informative, great post, congrats.

Every good thing has a bad part as well, same with Renko as you wrote.

I'm still trying to get advantage of the pros of Renko but I am a confessed candlestick trader and this (my take of Renko) will be an experimental purpose, I'm not sure if I'm going to trade it during my "work session", the London session.

Time will tell.

I'll NOT go only for 5M (but it will be the min.), the Risk/Reward is a very important factor in trading, no matter what you trade.

We will take in account pivots and S&R and mabe a TP indicator.

We want to press as much juice out of the citrone to cover "bad" trades.

Let me work a little on this project before I tell something wrong but I see a certain potential till here.

Have a great weekend all.

Well said!

Thanks I am very familiar with the indicator that Valdjas is speaking about. I even made strong efforts to build a system around this indicator. My idea was that it should serve as a primer for Trix. While I worked with it, I always had a feeling that I have to find one more confirming indicator as the signals stayed unstable. Tested many different indicators and at some moment my chart was quite messy. Then I started to delete indy by indy and final result was that also Vorticity was thrown away and I came to conclusion that Edge's setup works very well on every TF.
Yes, I really think that it does with maybe some modifications and, of course, clever MM.
By the way, our friend SwingMan has his own version of Vorticity and I do not think that according to his knowledge the indy has been made by some executed Queen of England who is now working as an astronaut.
But Vorticity is not absolutely worthless and hereby I refer to my post # 233 here: http://www.forexfactory.com/showpost...&postcount=233.

Yes, I understand so ...... !!

Here an example for profit taking with ICCE.

http://www.forexfactory.com/showpost...&postcount=738

Phil, nice to see you here
The renko script was upgrade from michal, if you purchased it, you simply go to your account login page, my orders, click view the renko order you made and click the download link. It's pretty vague if you don't know it's been updated, but he did send out an email to buyers stating that it was.
I own both his renko (recently) and the CRB for quite awhile. I really like working with range bars, and dislike working with renko for the same reason you stated. I don't like hidden pa that I can't see. This new wick version might allow me to give renko another chance.

Indrek: thanks for your thread. I have been playing with c4 on crb bars since inception and like the fact that others are trying to improve the RR and profitability of trades entered with this method. Will continue to observe!

I have now been watching two charts in parallel for some time - Renko and the ordinary one. Very interesting experience and I think that they can really be used to confirm each other's signals and avoid false entries.
So, I have already prepared my setup for Monday

Will you please post here?

Brian

PS I really like my snake, if anyone likes the 3 ducks I just adjusted
it to a short timeframe version, ie since we are looking for a version
of scalping here and other thread too... if anyone likes cool
if not, its here anyway. LOL

Brian

Ok found what looks like the latest revised version from Miss Pips
will check it out now

thanks

Brian

Brian, I didn't post that screenshot and comment here because I'm sure that not many folks know what is ICCE and there they get the information from first hand.

I'm with Icce since the very beginning and it took me more than 2 month until the coin flipped and I'm not a newbee in FX technics.

Further charts on Renko I'll post here of course.

Oh, you ment the ICCE indicator, sorry, didn't come out clear.

I have now used and watched your lovely snake for a while It somehow seems to me that the first 3-4 bricks change their colour too often? If the third one is M15 and fourth is M30 then - how can the trend change so often on those TFs?

You definitely need to take the first four together and
treat them as one on renko I think... all agree or all
disagree to enter for sure, but also on slow price action
they are more sensitive, ie Asian trading will be more
hyper reactive than london, in my experience.

Brian

Right now, I have the snake on my ordinary chart not Renko. But: I noticed that it shows exactly the same on both chart versions!
I think, entry when 4 snake bricks match is good. But I am not sure how to use the snake for exits. Your version with 2 first bricks changing to the opposite colour seems too early and even 3 may be too early on some occasions.