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  • #121
  • Aug 27, 2009 11:49am Aug 27, 2009 11:49am
Quoting DarkDays
It is called renko. There are a few free indis out there but the commercial one is recommended. A quick google search will lead you there.

http://www.investopedia.com/terms/r/renkochart.asp
So i have to buy that indi?
  • #122
  • Aug 27, 2009 11:54am Aug 27, 2009 11:54am
If you want to use the commercial one yes. I have seen a couple of free versions out there but from reading the various threads it seems they do not match the quality of the commercial indi. But you don't have to buy anything to experiment with Nitro.

Quoting Trader100
So i have to buy that indi?
  • #123
  • Aug 27, 2009 12:19pm Aug 27, 2009 12:19pm
Would someone post a renko WITH wicks chart ?
Thanks.krly
  • #124
  • Aug 27, 2009 12:35pm Aug 27, 2009 12:35pm
Quoting Cbh123
I think this is a question many people have. Renko charts are useful because they take time out of the equation. The forex markets have slow periods and ranging periods, which effect indicators such as moving averages (the price stays at the same price so it flattens out). With Renko bars, you get to see the movement, and remove the time element. Indicators look different when applied to renko charts because it focuses only on the movement.

Watching the price with 10 pip lines can have a similar effect, but only if you aren't using indicators...
So instead of looking at a regular charts' up/down movements, you're looking for a new brick to form. So it could be seconds, minutes or hours before you see anything happen at all because a new brick only appears after price has moved a predetermined amount? Bricks mean movement up or down, and sideways fluctuations are not visible.

Thanks. That clears things up a little.

Will reserve judgement until I've tried it out.

Nobody has PM'ed me recommending a free script as I requested, so I'll consider purchasing the commercial one.

...

  • #125
  • Aug 27, 2009 12:44pm Aug 27, 2009 12:44pm
You can find one of the free ones in this thread:
http://www.forexfactory.com/showthread.php?t=189584

I have not used it.

Quoting takingthepip

Nobody has PM'ed me recommending a free script as I requested, so I'll consider purchasing the commercial one.

...

  • #126
  • Aug 27, 2009 12:50pm Aug 27, 2009 12:50pm
Here is a 10 tic chart with wicks:


Quoting krly
Would someone post a renko WITH wicks chart ?
Thanks.krly
Attached Image (click to enlarge)
Click to Enlarge Name: With Wicks.JPG Size: 81 KB
  • #127
  • Aug 27, 2009 1:39pm Aug 27, 2009 1:39pm
3 +5 trades entering after de retracements + momentum + correlations

I just wanna become a master of PA! It's definitely all there!

I like it!
Attached Image
  • #128
  • Aug 27, 2009 2:17pm Aug 27, 2009 2:17pm
hi bali,can you post template please and talk about your trading rules,thanks mate.
  • #129
  • Edited 4:44pm Aug 27, 2009 2:26pm | Edited 4:44pm
Hi folks.....

Here is Heiken Ashi overlaid on renko 5-tic script....

Easier to detect a trend...


Cheers !
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 22 KB
  • #130
  • Aug 27, 2009 2:31pm Aug 27, 2009 2:31pm
I've spent another few hours this morning studying a Renko chart for EURJPY. I've tried several momentum indicators to try to filter trades with no luck.

I also had a 1 min chart on my other screen so that I could go back and look at PA when a signal would come up in the Renko chart.

Have not been able to see any consistent way to filter that way, either.

I have to admit that I am a little cross eyed at the moment from looking at charts, so I am going to take a break from this.

I hope that the group can continue to work on different ideas. I can't think of anything else to do at this point.

Doc
  • #131
  • Edited 4:43pm Aug 27, 2009 2:35pm | Edited 4:43pm
EURJPY...
Attached Image (click to enlarge)
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  • #132
  • Aug 27, 2009 2:45pm Aug 27, 2009 2:45pm
Well I'm just beginning so don't take my word.

I'm basically waiting till all 4 pairs (EY UY AY ChY) are correlated, the ma is aligned with the candles, and momentum is high in the direction of the trade.
then if all the bombs get green... KABOOM!!

I'm also using basic PA strategy like the ones outlined by asdf here:
http://www.forexfactory.com/showpost...3&postcount=21


Necesarily VERY FEW TRADES per day, but I prefer to be on the conservative side since I'm a newbee.

The hardest part seems to be to tie the horses and don't go with the emotions...



Quoting alexander
hi bali,can you post template please and talk about your trading rules,thanks mate.
  • #133
  • Aug 27, 2009 2:55pm Aug 27, 2009 2:55pm
Quoting bali2002
I'm basically waiting till all 4 pairs (EY UY AY ChY) are correlated, the ma is aligned with the candles, and momentum is high in the direction of the trade.
then if all the bombs get green... KABOOM!!
So far it sounds like you have a firm grasp of the essence of this .. it is very very simple and just requires a ton of practice!

Quote
The hardest part seems to be to tie the horses and don't go with the emotions...

Ain't that the truth!!!
******************* I'd rather make money than be right.
  • #134
  • Aug 27, 2009 2:58pm Aug 27, 2009 2:58pm
Quoting DocPMD
I've spent another few hours this morning studying a Renko chart for EURJPY. I've tried several momentum indicators to try to filter trades with no luck.
....
I hope that the group can continue to work on different ideas. I can't think of anything else to do at this point.

Doc
I think the 'filter' you are looking for is just your own recognition of price action and that will come only with a lot of practice .. it is what we all had to go through. Took me about 3 weeks of constant trading and I am still not as good as some others in here, although consistently in profit.

You just have to decide on your primer, trigger (see post above by bali) and take the trade .. and do it again & again. At a certain point you will begin to 'see' the PA and that will be the filter you are looking for.

At least that's the way I see it
******************* I'd rather make money than be right.
  • #135
  • Aug 27, 2009 3:02pm Aug 27, 2009 3:02pm
Quoting Syahmi
Hi folks.....

Here is Heiken Ashi overlaid on renko 5-tic script....

Easier to detect a trend...


Cheers !
Beautiful charts .. lookis like something out of Arabian Nights but maybe a bit too complicated for here .. we are trying to keep this very very very simple.... naked PA .. ok, maybe a bikini strap, but nothing more!
******************* I'd rather make money than be right.
  • #136
  • Aug 27, 2009 3:02pm Aug 27, 2009 3:02pm
I really hate to ask ya this but could/would one of you show me a screen shot of the AUDJPY with renko-wicks , showing the time period of today at (chart time) 17:04. It was the swing low that went down to about 77.50ish.Theres a screen shot attached to help ya locate the point-in-time I'm looking at .
Thanks.....(above and beyond)
krly
Attached File(s)
File Type: doc AJ-check.doc   19 KB | 465 downloads
  • #137
  • Aug 27, 2009 3:03pm Aug 27, 2009 3:03pm
5 tic Renko (top) vs. 10 tic Renko (botton)

Any conclusions from our local geniuses?
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  • #138
  • Aug 27, 2009 3:05pm Aug 27, 2009 3:05pm
Quoting krly
I really hate to ask ya this but could/would one of you show me a screen shot of the AUDJPY with renko-wicks , showing the time period of today at (chart time) 17:04. It was the swing low that went down to about 77.50ish.Theres a screen shot attached to help ya locate the point-in-time I'm looking at .
Thanks.....(above and beyond)
krly
Here ya go...
Attached Image (click to enlarge)
Click to Enlarge Name: ay.gif Size: 15 KB
******************* I'd rather make money than be right.
  • #139
  • Aug 27, 2009 3:07pm Aug 27, 2009 3:07pm
Here's an example....
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.gif Size: 42 KB
  • #140
  • Aug 27, 2009 3:08pm Aug 27, 2009 3:08pm
Quoting bali2002
5 tic Renko (top) vs. 10 tic Renko (botton)

Any conclusions from our local geniuses?
5 tic looks smoother & easier to see trend .. but I'd have to look at a lot of charts to be sure.. and with 5 tic, fingers have to be even faster and 2 bars have to complete to get any profit (factoring in spread).


I do like those Hi-Lo activator lines .. better than HMA, at least from today's experience.
******************* I'd rather make money than be right.
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