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NITRO Variations for Open-minded Traders

  • #41
  • Edited 12:05pm Aug 27, 2009 12:02pm | Edited 12:05pm
Quoting vasi
Hi ! I need an answer, please.

I know i will ask a stupid question, but i need an answer please!
I saw one order that you've done: "EURJPY; sell; 1 lot;price 133,69;
TP 133.65; Profit 42,63. There's a difference the only 6 pips. I saw that you have entered with 1 lots, but what is the leverage? Is there other aspect who affects this thing?

Thank you!
You are referring to the trade at 2009:08:27 16:08 Sell 1 lot eurjpy at 133.69 with a Take Profit at 133.63. I closed the trade at 133.65 for a 4 pip profit. The leverage is 100:1 with my broker and the spread is 3 pips. The spread doesn't show in the screenshot.
Hope that helps.
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4XTrader2
  • #42
  • Aug 27, 2009 1:02pm Aug 27, 2009 1:02pm
I posted this in the other thread but some of you might find it helpful.

"Hi guys and gals. I thought I would start with a contribution of how my charts are laid out as well as how I will be testing this method. Nothing groundbreaking, just more data for you all to analyze. I'm starting with 10 tic blocks as well as the HMA color line set at 8,3,3.

I'm going to be trying out a fixed TP of 10 and SL of 20 for the four pairs I'm using. (EJ, CJ, AJ, GJ)

My primer is a contrarian bar, my trigger is a change in color of the HMA.

I'm trading live, although my pip values will be low until I achieve the hit rate I am looking for. Oh and I'm using Oanda for now."
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  • #43
  • Aug 27, 2009 1:14pm Aug 27, 2009 1:14pm
Quoting DarkDays
I posted this in the other thread but some of you might find it helpful.

"Hi guys and gals. I thought I would start with a contribution of how my charts are laid out as well as how I will be testing this method. Nothing groundbreaking, just more data for you all to analyze. I'm starting with 10 tic blocks as well as the HMA color line set at 8,3,3.

I'm going to be trying out a fixed TP of 10 and SL of 20 for the four pairs I'm using. (EJ, CJ, AJ, GJ)

My primer is a contrarian bar, my trigger is a change in color of the HMA.

I'm trading...
Hi Dark

Your setup is clear and it's the same as what we have used in the original C4 thread...but remember that HMA can repaint during the current brick...so if you backtest visually this setup is very good...in realtime sometimes it fails (as all..)...
If traded in the prime time it will do well...

Just for clearify
Market is like a puzzle, YOU have to fit the pieces!!
  • #44
  • Aug 27, 2009 1:47pm Aug 27, 2009 1:47pm
Thanks for the clarification on that. Would this affect entries based on the close of a brick?

I examine my trading criteria the second a contrary brick (C-Brick) is painted. So can price action change the color of the MA for that closed brick or only the open brick? Hope that makes sense.
  • #45
  • Edited 6:43pm Aug 27, 2009 2:38pm | Edited 6:43pm
Hi folks.....

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

Easier to detect a trend...

1. AUDUSD

2. EURJPY

Cheers !
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  • #46
  • Aug 27, 2009 2:51pm Aug 27, 2009 2:51pm
Awsome!!

Could you point us to some documentation about how to determine probabilities, etc?

Quoting asdf
Tex,

I don't trade with renko. I use ohlc and candles on time and volume based bars. Those patterns were just ones that jumped out when I saw the chart, patterns that are found using ohlc bars but without the noise. I am not a pattern trader per se, I look at them in context of the big picture. My interest in the C4 thread was the use of renko because it seems there may be a real benefit in defining probabilities.

Take, for example, the box breakout in the upper left chart that I posted earlier. With renko you can define those with specificity....
  • #47
  • Aug 27, 2009 2:54pm Aug 27, 2009 2:54pm
Here is one more big picture look at the yuppie. Price never changes direction on a whim. There are always reasons for reversals. In order for buyers to overwhelm sellers or sellers to overwhelm buyers, they must congregate. Renko accentuates these areas. Hope this helps provide food for thought as to why price moves the way it does. If you understand this, then you understand price action.
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  • #48
  • Aug 27, 2009 3:14pm Aug 27, 2009 3:14pm
Quoting asdf
Here is one more big picture look at the yuppie. Price never changes direction on a whim. There are always reasons for reversals. In order for buyers to overwhelm sellers or sellers to overwhelm buyers, they must congregate. Renko accentuates these areas. Hope this helps provide food for thought as to why price moves the way it does. If you understand this, then you understand price action.
Very helpful asdf (I see how you chose your screen name .. very quick to type for those who do not hunt & peck ). I saved pic to desktop to study it more .. please also post in the other thread.
You have some very valuable information!
******************* I'd rather make money than be right.
  • #49
  • Aug 27, 2009 3:21pm Aug 27, 2009 3:21pm
So basically you're talking about 1-2-3 patterns and Resistance-Support lines? Or?

Quoting asdf
Here is one more big picture look at the yuppie. Price never changes direction on a whim. There are always reasons for reversals. In order for buyers to overwhelm sellers or sellers to overwhelm buyers, they must congregate. Renko accentuates these areas. Hope this helps provide food for thought as to why price moves the way it does. If you understand this, then you understand price action.
  • #50
  • Aug 27, 2009 4:15pm Aug 27, 2009 4:15pm
Quoting bali2002
So basically you're talking about 1-2-3 patterns and Resistance-Support lines? Or?
Absolutely. Support and resistance. Highs and lows. That is the crux of price action. However, I don't want to take away from the thread's Nitro scalping theme. My point with these posts is to illustrate that price action is much more than just watching currency pairs move in correlation. And that there is more in the formation of the renko blocks than meets the eye. If you have a working understanding of price action, that will allow you to stretch out your targets and tighten your stops, ultimately increasing your R:R and allowing you to stay in this game. Even Edgetrader sometimes takes +5s and sometimes takes +10s. When to do this and when not to can be enhanced greatly by understanding price action.

As for how to determine probabilities, I wish I had a shortcut. Ultimately, it's just hard work. Combing through charts. Looking for common formations and gathering the statistics. Lather, rinse, and repeat.
  • #51
  • Aug 27, 2009 5:32pm Aug 27, 2009 5:32pm
Quoting asdf
Absolutely. Support and resistance. Highs and lows. That is the crux of price action. However, I don't want to take away from the thread's Nitro scalping theme. My point with these posts is to illustrate that price action is much more than just watching currency pairs move in correlation. And that there is more in the formation of the renko blocks than meets the eye. If you have a working understanding of price action, that will allow you to stretch out your targets and tighten your stops, ultimately increasing your R:R and allowing you to stay...
Good posting.

Thread is getting really heated up or should be. Nice to see so many catching on. More every day. Those big pictures of correlation were helpful I thought as I did not think too many would grasp Renko's ability quite yet. Regardless, is a pretty simple trading vehicle.

Nitro should quickly become clear as to trading with the Renko charting package these folks have had for a bit. It is (imo) the easiest and quickest way to get a feel for observing PA a bit better. Was the logical step up for me, and maybe is making some sense to a few here day by day.

What you are quickly showing these folks is what I termed 'Chernobyl'. Learning to really read the Renko charts offers them some really vast opportunities other than the base set of +5.

Had them on a crawl, walk, run program of sorts but it was always somewhat self paced. Learn and earn was always the intent.

Hungry little beavers.

Enjoy and Regards.
  • #52
  • Aug 27, 2009 6:11pm Aug 27, 2009 6:11pm
A great plan.
Thanks for everything
  • #53
  • Aug 27, 2009 6:27pm Aug 27, 2009 6:27pm
Keith - Why don't you send us an email explaining what happened to the account?
  • #54
  • Aug 27, 2009 6:33pm Aug 27, 2009 6:33pm
oh please guys, c'mon!!
don't come poison this thread too!!
  • #55
  • Aug 27, 2009 6:48pm Aug 27, 2009 6:48pm
Quoting Edgetrader
Good posting.

What you are quickly showing these folks is what I termed 'Chernobyl'.
Do you really expect anyone to believe that this was the plan all along? Yea - take 10pips now take 5pips now forget all that and take 100pips...

Did you really charge those poor people 40% of their daily profit? 40pips in every 100 went in your pocket?

xx
  • #56
  • Aug 27, 2009 9:05pm Aug 27, 2009 9:05pm
I'm 4 for 5 today using my variation... This is seriously simple.

Enter upon creation of C-Bar (contrary brick) in conjunction with change in HMA color, take profit ten pips later.

Hope this helps. I wish you all the best.
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  • #57
  • Aug 27, 2009 9:27pm Aug 27, 2009 9:27pm
Since I thought this might help traders on both threads I'll post it here too:

"So as I'm looking over asdf's charts examining Renko price action along with the commentary (thank you by the way, they are most helpful) I was thinking about a couple of patterns and why they are relevant to future price action.

Here is something you might think about if you have not already. Since renko is not time sensitive like other methods of charting then head and shoulder patterns really have a different significance. Or possibly the same significance but for different reasons.

It is likely that speculative traders who use renko are in the minority. Therefore most traders do not see the same renko patterns and because of this, do not make trading decisions based off of said patterns.

Imagine this example: Using a 10 tic brick, one head and shoulders pattern could take 5 hours to form using renko. That same pattern could then repeat itself in 1 hour... or 30 minutes... The point is that realtime price action might not resemble a head and two shoulders at all. What IS significant is that despite the time it takes to form the renko pattern, support and resistance levels form. Historical S/R levels are not affected by time passing, but rather by recency bias. That is, the impact a particular price point, level, zone (whatever you want to call it) has on the collective trader's psyche.

My point is that unless renko traders start to become very common, it might be better to attribute a winning expectancy using a renko pattern to S/R rather than the pattern itself.

What do you all think?"
  • #58
  • Aug 27, 2009 10:28pm Aug 27, 2009 10:28pm
Great stuff DarkDays..another great angle for great trades. Like it!

Brian

Quoting DarkDays
I'm 4 for 5 today using my variation... This is seriously simple.

Enter upon creation of C-Bar (contrary brick) in conjunction with change in HMA color, take profit ten pips later.

Hope this helps. I wish you all the best.
  • #59
  • Aug 28, 2009 12:02am Aug 28, 2009 12:02am
Here is the follow up to the earlier chart. My apologies to studbiol and any others who may have been confused. I did not intend to be cryptic or play the role of the riddler. I was merely trying to provoke some thought. Hopefully this does not add to the confusion. When looking at this chart, just look at it as is. I did not have the benefit of scrolling to the left. So I just started with the failed triple bottom. (LL = lower low, HH = higher high)
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  • #60
  • Aug 28, 2009 12:29am Aug 28, 2009 12:29am
Quoting DarkDays
Since I thought this might help traders on both threads I'll post it here too:

"So as I'm looking over asdf's charts examining Renko price action along with the commentary (thank you by the way, they are most helpful) I was thinking about a couple of patterns and why they are relevant to future price action.

Here is something you might think about if you have not already. Since renko is not time sensitive like other methods of charting then head and shoulder patterns really have a different significance. Or possibly the same significance but...
Support and resistance levels are definitely of utmost importance because everyone sees them. No question. But, any decent time-based trader will notice the head & shoulders formation. It may not be as obvious as it is on renko, or the time-based trader may not see it as a H&S formation per se. But what any trader will see--regardless of chart type--is that the right shoulder failed to make it up to the top of the head. Or in other words, price failed to make a higher high. These are stop signs in the middle of the highway! These are MAJOR, MAJOR, MAJOR indicators as to what price might do next (I cannot stress that enough). And immediately, the trader is put on heightened alert. Don't over think chart types. Everyone can see if price made it to point X or failed to make it to point Y. It's all about highs and lows. This is price action. (Do keep over thinking in general though. If there is one certainty in this profession, it is that you can't get something for nothing. Trading is not a get rich quick scheme. And your desire to learn and understand will take you far. Keep it up!)
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