NITRO Variations for Open-minded Traders

Are you putting the Renko overlay on top of your 'normal' Renko here? i.e. The Renko overlay is using the Renko as input.

Hi,

I compared blocks formed by the indy on 1-min, 5-min charts and the 'normal' Renko for the same period of time and didn't find any difference.

I think one more useful thing is that you can easily check how it works with a trading simulator.

Not sure that something can be 'better' absolutely I set it to 10 and it's OK for me. Everyone is free to experiment and to find his own 'best settings'.

Good luck!

Thanks Man.

When dropping script to a chart set 'Anchor price' to 1.0, it should be OK.

P.S. and get wicks enabled... I noticed w/o wicks indy didn't work properly.

Below is 'normal' Renko set to 3 pips, wicks enabled, anchor price=1.0 overlaid with indy set to 10 pips

Walb99 - I am as tick as a brick (no pun intended!) but I cannot work out what the indi does. On 1 on your posts you have the indi over a renko plot and the other you have the indi over a standard candle chart. I would be very grateful if some one could help me understand what is being sought/achieved here.

Obviously the renko bricks are extended over the time it takes for each brick to form and the candles which were formed in that period are shown in the plot. How does this help us?

Thanks Karl

You can use it on your C4 charts to show what is happening with Renko over the same period. Useful for detecting the trend, support and resistance and pull backs etc. It is a visual tool to help open trades in the right direction - or that was the idea.

Cheers,
John.

Hi,
I thought about this too and my conclusion is that since the back tests have been performed on TS8 that was possible to test renko at all and the data tested was just closed 10pip blocks without consideration to PA before closing a block (inside a block). With some optimization wasn't probably hard to come up with 100% score. The thing is that this is probably a false outcome. The same settings taken for forward testing might give quite diferent results.

Thanks Guys - I will have a more detailed look to see if I think it will help.
Regards Karl

Hi, for those who asked attached is the kenko template from a few days ago. Aplogies for the delay on posting. The "joys" of using vista as an operating system are never ending.


rgds

Peter

I like the Nitro strategy because of its simplicity and the correlation factor. I am a very visual person and sometimes watching 4-6 pair can be very tiring to the eyes. I have found an price action indicator that may be useful to some of you. Check it out here http://www.forexfactory.com/showthread.php?t=167416
Now if I only had a brick timer that could show how long it took to form the past couple of bricks as well as timing the formation of the current brick. I think that it would identify building momentum. Volume is always a factor I just don't know how to use it with Renko.
I am profitable scalping with real money but I put in many screen hours and play around on demo mode a lot when I just can't stay out of the market. Regardless of what many may say there is great value to demo trading as long as you stick to the same rules.
Q

Jazzman:

That's an invalid link

try this
http://www.forexfactory.com/showthread.php?t=167416
Q

Appreciations with gratitude for your kind hearted sharing goodwork from a new born in fx learning . Request pl post all the indi or link which u are using . Goodluck .

OK boys and girls here is my minor contribution to this thread. When You see a Renko reversal brick there is no way of knowing if it is going to reverse for 1-brick or 2-bricks or many more. So here is my entry technique when I'm fishing for larger moves while trying to not get killed by the whipsaws. This example is for an up move reversing to a down move:

As I watch the 1st reversal brick forming I place a Pending Sell Stop Order at the projected brick Close price with a 10 pip + spread SL. If the next or 2nd brick continues in the reversal direction I move the SL to breakeven. If the 3rd brick continues in the reversal direction I change to a different Exit strategy. Here are the possible outcomes:

If the 1st reversal brick is reversed you will be stopped out at a loss of 10+ pips.

If the 2nd brick is reversed you will be stopped out at breakeven.

At the Close of the 3rd brick change to some other Exit strategy of your own choosing and try to ride the move as far as possible.

In real trading I experience few 10+ pip losses and a few more breakeven trades but this is a price I am willing to pay as I go fishing for the larger price moves. BTW I'm not scalping for 5 or 10 pips and I only trade the London/NY overlap.

Good fishing,
Joe SDF

I just wanted to post my setup. I am using the 5 pip renko
and made the important adjustment that MOM6 works
better for me and must cross my filter level after the
signal bar. I get the trix signal, then watch MOM 6 cross
the filter level, and just check my trend indicators
before entering. Very good start so far and will be
using this setup all week

Brian

Last piece of indicator advice.

The preference would be to lose them altogether, because then it is easy to follow price and only price without distractions--which is a great way to learn for those just starting out. It is evident, though, that many still want to use them. I hope this will add some perspective.

If your plan is to get to the point where you can trade for a living, then your charts will literally become the tools of your profession. With that in mind, the faster you become proficient at using your tools, the faster you can trade for a living. Continually tweaking, changing, switching, altering, replacing your charts, indicators, timeframes, trading methods, etc. postpones proficiency. Each change of a chart requires a new adjustment period before you become proficient at using the new change. The more changes, the more adjustment periods. Simple as that.

For anyone who is proficient in a sport that uses "tools," such as golf, tennis, hockey, archery, shooting, etc., knows the importance of picking a "tool" and then sticking with it and learning how to use it. Same goes with occupations such as surgeons, dentists, etc. Imagine Tiger Woods showing up at a tournament with a new set of clubs, week after week after week. Or Roger Federer switching racquets. Or going into brain surgery only to have the surgeon tell you, "I've been working on a few tweaks to this procedure!"

In the end, it is not the indicator that will make a trader successful, it is the trader's ability to use the indicator that makes her successful. But that success will not come overnight, no matter what kind of indicator it is. And that success will definitely not come if a trader is looking at new indicator after new indicator after new indicator, with one setting one week and another setting another week. And therein lies the rub. Most new traders will search and tweak and switch and change for hours upon hours, looking for the "perfect" chart setup, thinking it is the chart that makes the money rather then the trader's ability to use the chart that makes the money. In all actuality, every change of the chart and every new indicator could have been used to make money, as long as the trader would have taken the time to become proficient in its use.

So why not pick a set of tools, establish them as "your tools," eliminate the option of changing or tweaking, and instead, spend the hours upon hours learning how to become proficient in using them. That's what's required for success. Unfortunately, that's not what most new traders want to hear.

Hope that helps.

I see that Twee has band Edge - thank god! You can see Twee's comments on the C4 thread.

I only hope that any alias he was using (if any) will stay away as well.

This is a lesson to me that no one is to be trusted on this kind of site. Read and digest all the information and above all prove it for yourself. On no account part with your money.

Personally, I can loose my money very well on my own and I don't need anyone else to do it for me!! At least then, at the end of the day, I can only blame myself.

Cheers,
John.

I think Edgetrader lives yet again.
I may be wrong.

Yeah, we are professional of HOW TO LOOSE money

TC,

GrZack