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MTF Trix system

  • #481
  • Aug 11, 2009 2:16am Aug 11, 2009 2:16am
Quoting ukcool
Irathi , do u see any advantage in the mom indy.
Momentum is important in scalping when the aim is to get few pips as quickly as possible. But at the same time, it is quite easy to notice that Trix 2,1,1,1 and Mom(4) give the same signals in 99 % of cases. So, it is just using two indicators that show the same thing.
  • #482
  • Aug 11, 2009 2:27am Aug 11, 2009 2:27am
I tried to trade while market was ranging and got punished quickly.
This is to show what we have to take into account when using Renko. I took the trade from M5 chart and at that moment Trix on Renko chart was also pointing down and HMA was read. Later, as you see, it changed.
What I am speaking about is not repainting. It is just the Renko forming its bricks so slowly when there is low volatility that anything can happen during one brick.
The previous 10-pip brick before my entry lasted for 2 hours 55 minutes! And the brick during which I entered lasted for 56 minutes...
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  • #483
  • Aug 11, 2009 2:47am Aug 11, 2009 2:47am
The same kind of example as previous but with a different result. Right after my entry, the situation on Renko chart changed. As GU had a good volatility already, it did not last for long (new brick formed after 15 min) and I got my lost pips back soon
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  • #484
  • Aug 11, 2009 2:56am Aug 11, 2009 2:56am
That is an interesting use of ATR to get stops and targets, Indrek. What criteria did you use to close the EURUSD trade once you decided it was going the wrong way?
  • #485
  • Aug 11, 2009 2:59am Aug 11, 2009 2:59am
Quoting Royston
That is an interesting use of ATR to get stops and targets, Indrek. What criteria did you use to close the EURUSD trade once you decided it was going the wrong way?
Three first bricks of Snake changed their colour to green.
  • #486
  • Aug 11, 2009 8:16am Aug 11, 2009 8:16am
What an eventful trading day it has been, at least for me... I traded for some 3 hours and after taking 6 trades I was still only a bit over breakeven (+31 pips). The main reason why I did not manage better is my weak nerves. I just lost control over myself at some point and manually closed a winning position when it was heading towards my stop loss. It missed the SL by 6 pips and would give to me 27+27 pips later...
What is the lesson from it? If to use almost 1:1 risk-reward ratio with this system, it is better to set hard stop and forget the position after it has been opened

I have now taken one more trade and it added +11 pips, so I improved my result a bit. And I promised to myself not to trade any more today
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  • #487
  • Aug 11, 2009 8:44am Aug 11, 2009 8:44am
Hi Swingman,

Thanks for your great contribution for the excellent indy!http://www.forexfactory.com/images/icons/icon14.gif

Sorry to trouble you but I can't seem to get the Alert working. It has been changed to "true" but it doesn't come on when there is a signal.

Anyone has similar issue?

I would appreciate if you could have a look at it when you have the time.

Many thks.

dngfx
  • #488
  • Aug 11, 2009 11:28am Aug 11, 2009 11:28am
According to today's experience I would doubt if Renko can be used as a confirmation for candlesticks (CS) trades. Vice versa could be reasonable - to take trades on Renko only if the CS chart confirms (same direction of Trix, LWMA).
I would still prefer to choose either one and trade only CS or Renko as almost the same setup works on both (with small modifications) but in a slightly different way.
Higher timeframe confirmation is a must if to try to have some decent result. (Sorry, when speaking about Renko, it is "higher dimension" not TF )
It seems to me that when trading from Renko chart, it could be good idea to use 5-pip bricks. Then we can catch more retracements, i.e have more entries. (To trade using higher TF confirmation is the same as to trade retracements.)
NB! These are only impressions not proved facts.
  • #489
  • Aug 11, 2009 11:35am Aug 11, 2009 11:35am
Well today was almost a non event. I could not trade for interuptions all day!

My trading day was nearly over (18:00) CET, when I recognized the chance of a small C wave trade.

In terms of the guidelines of this thread I jumped the gun, not waiting for the 5 Min Trix to cross.

Even so I would have been better to wait until the PA pulled back for the minor 2 Wave of the C wave.

Also if it had been earlier in the day I would have hung onto the trade a little longer. But I did not want what I knew was going to be my only trade going wrong.

Result about 13 pips at 0.10 lot size. About $13.

This is a live account in GBP.

Sorry if anyone thinks that this trade is off topic.

Good Trades to All,
Anthony
Glanfx
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  • #490
  • Aug 11, 2009 11:49am Aug 11, 2009 11:49am
Quoting glanfx
Well today was almost a non event. I could not trade for interuptions all day!

My trading day was nearly over (18:00) CET, when I recognized the chance of a small C wave trade.

In terms of the guidelines of this thread I jumped the gun, not waiting for the 5 Min Trix to cross.

Even so I would have been better to wait until the PA pulled back for the minor 2 Wave of the C wave.

Also if it had been earlier in the day I would have hung onto the trade a little longer. But I did not want what I knew was going to be my only trade going wrong.

Result...
It is not off topic because your setup is basically the same as we use here. Modifications are absolutely normal as we try also to understand what we do and to think how to do better. That is what this thread is meant for.
Only question that I would ask you about your setup is - what value can you see or how you use the "Renko" that is not Renko? Looking at your charts it seems to me that it does not match with real PA at all?
(There is a free Renko version available in one other thread that basically matches with real Renko. But I do not know if it is legal as the real one is commercial only.)
  • #491
  • Aug 11, 2009 12:08pm Aug 11, 2009 12:08pm
Hi Indrek,

The answer is very simple.

If we use the chart just posted:-

Totally ignore the relationship of the Renko to the Candles.

Just be interested in the last minor pivot on both methods.

On my posted chart the last minor pivot was at 17:25 CET according to the candles.

Although they will not match now, at that time the Renko and the Candles made their respective lows at the same time.

So once a new candle rally is in place we can then use the Renko to keep us in this move cutting out the chance of a whipsaw. Just as you would with the true Renco.

This is the benifit I gain from their presence on my chart.

Use the Candles for taking the trade, use the Renco to manage it.

Good trades to All,
Anthony
Glanfx
  • #492
  • Aug 11, 2009 12:12pm Aug 11, 2009 12:12pm
One further thought.

If you count the Renko bars in the last rally on my chart you will see that they match the true price movement. Renko = 4 pips per brick.

Anthony
Glanfx
  • #493
  • Aug 11, 2009 12:14pm Aug 11, 2009 12:14pm
Quoting glanfx
Hi Indrek,

The answer is very simple.

If we use the chart just posted:-

Totally ignore the relationship of the Renko to the Candles.

Just be interested in the last minor pivot on both methods.

On my posted chart the last minor pivot was at 17:25 CET according to the candles.

Although they will not match now, at that time the Renko and the Candles made their respective lows at the same time.

So once a new candle rally is in place we can then use the Renko to keep us in this move cutting out the chance of a whipsaw. Just as you would...
If you have used it and find it useful then it is OK, of course. I have just had an impression that this indicator shows absolutely nothing and the bricks are there just in some random order that is not connected to PA anyhow. Hope, I am wrong about it
Have you compared it to real Renko candles?
  • #494
  • Edited 12:27pm Aug 11, 2009 12:16pm | Edited 12:27pm
Quoting glanfx
One further thought.

If you count the Renko bars in the last rally on my chart you will see that they match the true price movement. Renko = 4 pips per brick.

Anthony
Glanfx
This is now the real Renko 4-pip chart for today. I am afraid, the pattern is quite different.
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  • #495
  • Aug 11, 2009 12:31pm Aug 11, 2009 12:31pm
I do not have access to "real" Renko charts.

But surely when you place the real Renko and candles on the same window they also can not appear to be in the same time scale? Or maybe you can as they are not on the same chart scale. In other words "stretch" the Renkos to fit the pivots of the candles.

If I were to go back, as I have done, over a period of time with many rallys and falls in the price action, these pivots would all appear in the same sequence. That is both the Renko and candles. But not in the same time time scale.

If you get the time check todays Renko rallys and falls on your chart against mine. 4 Pips = 1 rnko Brick.

Anthony
Glanfx
  • #496
  • Aug 11, 2009 12:39pm Aug 11, 2009 12:39pm
Quoting glanfx
I do not have access to "real" Renko charts.

But surely when you place the real Renko and candles on the same window they also can not appear to be in the same time scale? Or maybe you can as they are not on the same chart scale. In other words "stretch" the Renkos to fit the pivots of the candles.

If I were to go back, as I have done, over a period of time with many rallys and falls in the price action, these pivots would all appear in the same sequence. That is both the Renko and candles. But not in the same time time scale.

If you get...
As Renko has nothing to do with time (it works only on PA) then certainly, we cannot put it to the same chart with candlesticks. But what we can do if we want - we may have the two chart types open side by side when trading. That is what I have done yesterday and today.
Please, do not take it like I would want to argue with you. Whatever works for you or anybody, is fine. I just wanted to specify why and how you use the indicator that I have had a look before and could not find useful.
  • #497
  • Aug 11, 2009 1:26pm Aug 11, 2009 1:26pm
OK, First, thank you for the PM. I will act upon it for my own interest.

Not much chance of dispute here. Only want to open up as much information as possible for the benefit of all.

I can of course see the difference in our two charts. However, I think that most of the difference is in the brick size.

I am no computer wiz, but I have put together your chart and mine but with a 2 pip brick. They now look much closer in form.

I believe that the starting time for a Renko chart detrmines the pattern to some extent. If we take that and the difference in br*ker feeds, this could even make the difference up.

I do think that the 4 brick version I am using is perhaps smoother than the Renko one.

Must now go for a walk along the beach. See what tomorrow brings.

Good Trades to All,
Anthony
Glanfx
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  • #498
  • Aug 11, 2009 1:44pm Aug 11, 2009 1:44pm
Quoting glanfx
OK, First, thank you for the PM. I will act upon it for my own interest.

Not much chance of dispute here. Only want to open up as much information as possible for the benefit of all.

I can of course see the difference in our two charts. However, I think that most of the difference is in the brick size.

I am no computer wiz, but I have put together your chart and mine but with a 2 pip brick. They now look much closer in form.

I believe that the starting time for a Renko chart detrmines the pattern to some extent. If we take that and the difference...
The chart I made consists also of 4-pip bricks but you are right, of course, that the pattern depends on starting time, data feed etc.
Have a nice walk and see you tomorrow
  • #499
  • Aug 11, 2009 3:02pm Aug 11, 2009 3:02pm
Hi Indrek,

Originally you were trading on 15M and I recall you once posted you made over 200 pips in a couple days. Of course this is very good.

Did you feel this could not continue to be profitable over the long term due to losses to from ranging periods?

I was wondering if this was your reason to try Renko bars and 5M. I think the benefit to Renko is also it's weakness. It hides smaller price movements to show larger trend which is good. But this also makes it difficult to see price action strength and weakness that you would normally see with candlesticks or HA candles. Renko is like digital (the whole bar paints or not) and candles are like analog that can show a gradual change.
  • #500
  • Aug 11, 2009 3:18pm Aug 11, 2009 3:18pm
Indrek requested me to put my chart on this thread because it is a borderline MTF trading style. I use my adapted version of Edge's C4 along with two other systems. Anyway here it is. Normal C4 setup with dx trade c4 alert. I have trix 3-1-1, 6-1-1, and just added 12-1-1. The dx trade alert and 3-1-1 is redundant but I like to see how the trix is behaving. There are 4 lines on this chart from about 1030am to 3 pm. The three green lines were trades and the blue was a trade you would not have taken. The reason for not taking the blue is because the 12-1-1 trix was below the zero line and not lit up. If it was above the zero linr trending down it would have been a trade. On the trigger candle all three of th dx arrows must be your way. If it moves your way after a couple pips into the candle it is not a valid signal. The fourth green line was a trade I took, the bar on 311 trix was lit up when I entered. I go for 10 pips and only trade eur/usd, gbp/usd. I trade between 8am to 3 pm eastern and 8pm to 10pm when I have the chance. If you have any questions I hope I can answer them......
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