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  • #601
  • Edited 3:42am Sep 17, 2009 3:19am | Edited 3:42am
Just looking at your chart I can see that's not true. There's a candle with wick every time there's a direction change, the only time what you point seems to work is the example that you point at.

Actually in my experience (at least with the paid renkos) the wicks are not very trustworthy, sometimes it renders some weird wick formations.


Quoting 45Fxguy
Still new to using Renko charts with wicks, so just noticed with the wick-o-gram indi on a renko charts that the brick with wicks may have better odds of the next brick continuing in the same direction as the last. Or maybe I'm just seeing things. Will have to try keeping an eye on this a while.
Has anyone else noticed this? Maybe this could also be used in a renko prob meter of some kind.
Or just use the visual info as is?
I know we'll have to proof up any new indi's 100 trades or more, but if it doesn't take a lot of space & can leave on chart...
  • #602
  • Sep 17, 2009 3:26am Sep 17, 2009 3:26am
Quoting mandel
Not exactly what you're looking for, but this one is pretty accurate predicting changes in trend direction.

Numbers 6 & 7 are main trend changes (7 being main changes), 5 is like trend changes within trends.

Try it out.

Sorry to say your indi repaints. see following screen shots
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  • #603
  • Edited 3:45am Sep 17, 2009 3:29am | Edited 3:45am
I don't have the mq4 file. Do a search on the forum and you may find it.

I haven't tested it live for I haven't gone live yet. But it has given me pretty accurate signals (not always of course, is there any indi that's 100% proficient?), i.e. I wouldn't open a position if there's a 7 (or even 6) sign on a candle.

Anyway please be aware that my main method continues to be PA action. I would never put my life in the hands of an indi.
But it complements ok with PA analysis, since the only way (I know) to predict direction change with PA are s/r and double+ tops/bottoms. Sometimes direction changes happen inadvertedly. So I use it more like a warning sign rahter than a trading sign.

Quoting golden1
Do you have the mq4 of that file? I would love to take a look at it mandel.

Also did you have this on live to see its not redrawing these?

thanks!


Brian
  • #604
  • Sep 17, 2009 3:30am Sep 17, 2009 3:30am
Was slow of the mark and was unable to close it at +7 so was obliged to take +11.5. Will try better next time.

Nothing doing at Frankfurt
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  • #605
  • Edited 8:36am Sep 17, 2009 7:24am | Edited 8:36am
Quoting mandel
Just looking at your chart I can see that's not true. There's a candle with wick every time there's a direction change, the only time what you point seems to work is the example that you point at.

Actually in my experience (at least with the paid renkos) the wicks are not very trustworthy, sometimes it renders some weird wick formations.
mandel,

I was looking a lot further back than just what you can see in that one screen shot.
Was just a possible idea, &/or question.
Like I said it was my first time using renko charts with the wicks turned on.
Thanks to Lou's new free renko ea.
By look of the 4hr charts looks like we may soon see more northerly moment today. What do you think?
  • #606
  • Sep 17, 2009 7:48am Sep 17, 2009 7:48am
Anybody can help me to test this thing?

I've spent some hours watching the PA moving and watching renko with wicks....

I know...wicks can be wrong...but real time PA no...

As someone else have noticed here...when there is a GOOD reversal...there is a first reversal brick and then a second brick (the one that we have to trade) that has no wick (or very little)...so there is not a retracement...

When there is a retracement (more than 10 pips) the reversal is not so GOOD...yes...it can win...but it can lose...

Now...we know that Nitro has a poor r/r ratio (5/30)...

I was wondering if you agree with me that there is no need to wait and lose 30 pips in the bad reversals...

My idea is: ONLY IN PRIME TIME...entry at the very beginning of the 3rd brick...all or nothing, 5 pips TP or 10 pips SL... the r/r ratio becomes 5/10

Yes...I know...the hit rate is lower...but watching the market during prime time...it seems that the hit rate remains high...anyway with this modification you need only 2 winnings to cover a loss (instead of 6)

The problem in live trading can only be the broker honesty...

I'm not sure of this...but if we make sone test in real time for some day...maybe we can have a "real" hit rate %...
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Market is like a puzzle, YOU have to fit the pieces!!
  • #607
  • Edited 8:29am Sep 17, 2009 8:18am | Edited 8:29am
Yes, renko wicks seem much less reliable when things are consolidation.
Lou's RenkoAm indi makes this much easier to see. If it's taking more than 5 mins for a 5 pip brick to form, somethings going on...
Amazing how the yen pairs move together even consolidate at the same time around the ema 45 etc...

Quoting Chris_B
Anybody can help me to test this thing?

I've spent some hours watching the PA moving and watching renko with wicks....

I know...wicks can be wrong...but real time PA no...

As someone else have noticed here...when there is a GOOD reversal...there is a first reversal brick and then a second brick (the one that we have to trade) that has no wick (or very little)...so there is not a retracement...

When there is a retracement (more than 10 pips) the reversal is not so GOOD...yes...it can win...but it can lose...

Now...we know that...
  • #608
  • Sep 17, 2009 8:19am Sep 17, 2009 8:19am
I agree with you Chris. I rarely let the losers run to -30 . Just there as an emergency hard stop.

will also look at the wick idea in my forward trading and see if it has any validity for better entries

Greg
  • #609
  • Sep 17, 2009 8:27am Sep 17, 2009 8:27am
An interesting concept, but depending on the pair -10 pips is a risky trade, some pairs tend to be more 'jumpy'.

Also, in my observations second candles without wicks are no guarantee of trend.. I prefer to wait for second retracements and/or other PA action formations. And my SL is always set at 20

Quoting Chris_B
Anybody can help me to test this thing?

I've spent some hours watching the PA moving and watching renko with wicks....

I know...wicks can be wrong...but real time PA no...

As someone else have noticed here...when there is a GOOD reversal...there is a first reversal brick and then a second brick (the one that we have to trade) that has no wick (or very little)...so there is not a retracement...

When there is a retracement (more than 10 pips) the reversal is not so GOOD...yes...it can win...but it can lose...

Now...we know that Nitro has...
  • #610
  • Sep 17, 2009 8:31am Sep 17, 2009 8:31am
Well, except for Chris, we seem to be in danger of falling back into the Indy-Envy Swamp of Deception again and if Edge were around he would probably give us all a good thrashing (except for Chris...)
However most are saying that raw PA is still the best way to go .. and I am actually attaching a chart! .. what I am finding is raw PA, plenty of practice and some S/R levels may be all that is needed.
I have 2 indys on my chart, the MI (momentum index, you can find it under the paperclip) seems pretty good when red line crosses the white & it doesn't repaint.
The other one is the latest Fish indy and although it does repaint like crazy, GrZack says to just watch what it is doing at the moment & I will say it can serve as confirmation when PA indicates a new move. Twice I took a trade on EY when the Fish was showing weak buying PA and although it eventually went my way, I experienced some major downtime. Now I do not trade against it, but I also do not use it as any kind of trigger.
On the AY chart you will see a purple arrow .. that is where I marked the first appearance of the '7' in the indy that mandle provided (which I only have on that chart as a test) .. the actual trend change occurred one bar later. Not bad, but as he said, it looks like just something to make note of --that maybe something is about to change .. but not to trade off of.

But ...note on EY and GY how price bounces off the Daily Pivot .. go back in time & you will see numerous reversals or mini-reverals at daily/weekly even monthly S/R levels.
The MA's I have on the chart are 50 and 200 .. for big picture direction only, I don't may much attention to them for trading, however often price will bounce from them as well.
Indys can be helpful .. and I think we are gradually locating the ones that are most helpful .. but what I have found is nothing beats PRACTICE PRACTICE PRACTICE using pure PA as the primary trigger, with confirmation from S/R levels and chart patterns.
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******************* I'd rather make money than be right.
  • #611
  • Sep 17, 2009 8:36am Sep 17, 2009 8:36am
Chart not showing .. ?? Trying again...

EDIT: this is wierd .. pic not showing up on my computer .. it says it has uploaded, it's not too big and in gif format.
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******************* I'd rather make money than be right.
  • #612
  • Sep 17, 2009 8:48am Sep 17, 2009 8:48am
Think the wicks are part of the PA, just trying help take Nitro to the next level.
Don't need edge here, 4star your "da Woman!", with the big Texas bull-whip, aka igi. Whatever you say here goes, your thread.

Quoting 4xStar
Well, except for Chris, we seem to be in danger of falling back into the Indy-Envy Swamp of Deception again and if Edge were around he would probably give us all a good thrashing (except for Chris...)
However most are saying that raw PA is still the best way to go .. and I am actually attaching a chart! .. what I am finding is raw PA, plenty of practice and some S/R levels may be all that is needed.
I have 2 indys on my chart, the MI (momentum index, you can find it under the paperclip) seems pretty good when red line crosses the white...
  • #613
  • Sep 17, 2009 8:58am Sep 17, 2009 8:58am
Quoting 45Fxguy
Don't need edge here, 4star your "da Woman!", with the big Texas bull-whip, aka igi.
And don't forget the thigh-high leather boots ...

Back to trading ... Just got +5 on AY, the EY was leading upwards but also approaching the Daily R1 .. AY was strong enough and the Daily R1 was still a long way away. So took that one.
EY cleared the DR1 easily enough .. now I am waiting for a re-test from above, then will probably trade it.
******************* I'd rather make money than be right.
  • #614
  • Sep 17, 2009 9:03am Sep 17, 2009 9:03am
+7 and so to bed.
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  • #615
  • Sep 17, 2009 9:14am Sep 17, 2009 9:14am
A better image of what i'm studing...

it's EURJPY...these are the reversal during prime time (green arrows)...

all GOOD reversal...there is no brick with a wick bigger than 10 pips...
I was watching in real time...wicks are the real market movements...no hidden movements

Took a +7 some minutes ago...my SL was -10 (max drawdown during the trade -5 pips)

I will watch also GBPJPY that is more volatile...but with EURJPY it seems to work..

EDIT: sorry for my spelling "weak" error in the image :-D

EDIT2: On my chart also GBPJPY seems to work at the same way...
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Market is like a puzzle, YOU have to fit the pieces!!
  • #616
  • Sep 17, 2009 9:30am Sep 17, 2009 9:30am
Quoting Chris_B
A better image of what i'm studing...

it's EURJPY...these are the reversal during prime time (green arrows)...

all GOOD reversal...there is no brick with a wick bigger than 10 pips...
I was watching in real time...wicks are the real market movements...no hidden movements

Took a +7 some minutes ago...my SL was -10 (max drawdown during the trade -5 pips)

I will watch also GBPJPY that is more volatile...but with EURJPY it seems to work..

EDIT: sorry for my spelling "weak" error in the image :-D

EDIT2: On my chart also GBPJPY...
Still don't see your charts yet, think maybe FF servers are still overloaded.
Have you noticed if you see that "servers overloaded", screen & just keep hitting refresh it will never take you back to where you were trying to go in the first place, it just keeps showing the FF servers overload message. Guess that's how they temporarily reduce the traffic.
  • #617
  • Sep 17, 2009 9:38am Sep 17, 2009 9:38am
Another fast +5 on GBPJPY...

very little wick...

GBPJPY may need a little bit larger stop due to higher spread...but mine was -10...max drawdown during the trade... -5
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Market is like a puzzle, YOU have to fit the pieces!!
  • #618
  • Sep 17, 2009 9:41am Sep 17, 2009 9:41am
I'm not getting this Chris, not sure where or why you are taking the trade... I see no pattern between no wicks, little wicks & reversals... maybe a close up of the few bars involved with more explanation on the chart..
Sorry ... maybe it's just me.


Quoting Chris_B
A better image of what i'm studing...

it's EURJPY...these are the reversal during prime time (green arrows)...

all GOOD reversal...there is no brick with a wick bigger than 10 pips...
I was watching in real time...wicks are the real market movements...no hidden movements

Took a +7 some minutes ago...my SL was -10 (max drawdown during the trade -5 pips)

I will watch also GBPJPY that is more volatile...but with EURJPY it seems to work..

EDIT: sorry for my spelling "weak" error in the image :-D

EDIT2: On my chart also GBPJPY seems to...
******************* I'd rather make money than be right.
  • #619
  • Sep 17, 2009 9:42am Sep 17, 2009 9:42am
Quoting 4xStar
And don't forget the thigh-high leather boots ...

Back to trading ... Just got +5 on AY, the EY was leading upwards but also approaching the Daily R1 .. AY was strong enough and the Daily R1 was still a long way away. So took that one.
EY cleared the DR1 easily enough .. now I am waiting for a re-test from above, then will probably trade it.
Sorry forgot about those cowboy boots, just remember, don't use them when you go crawfishing. Ok, must be getting close to lunch time here, that sounds too good right now.
  • #620
  • Sep 17, 2009 9:46am Sep 17, 2009 9:46am
Quoting 4xStar
I'm not getting this Chris, not sure where or why you are taking the trade... I see no pattern between no wicks, little wicks & reversals... maybe a close up of the few bars involved with more explanation on the chart..
Sorry ... maybe it's just me.
I'm taking the trades with the original Nitro rules...nothing different...

I take the trade when there is a brick reversal...at the start of the third brick...nothing different...

I'm just saying that SL can be simply -10 and not -30...because (for me) if after a reversal the price retraces more than 10 pips...it's not a good momentum trade...and there is no need to have a SL more than 10...

That's all

Wicks are not involved in my trades...I put them in my chart only to "verify" what i'm saying about SL...
Market is like a puzzle, YOU have to fit the pieces!!
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