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Trading Renko

  • #1
  • First Post: Edited 12:34pm Sep 30, 2009 12:32pm | Edited 12:34pm
This thread is an offshoot of a thread started in the Programming Discussion Forum that gradually changed focus from "how to write a Renko script" to "how to trade Renko" so it seems more appropriate here.

I'll get the ball rolling with an example of what I'm trading right now and, at some point further along if there is interest in this topic, I'll post the indicators, etc. that I'm using and direct those new to Renko to the necessary educational materials.

If you are already trading Renko, this is the place to share with others who may not be doing what you are doing and would like to share.

Here's what I'm up to these days:

The horizontal lines on the chart are standard Pivot Points - I'll post the indi I'm using soon (or you can find/use one of your choice).
Attached Image (click to enlarge)
Click to Enlarge Name: renko20pip.gif Size: 12 KB
Old Benjamin was right
  • #2
  • Sep 30, 2009 12:45pm Sep 30, 2009 12:45pm
For those who do not know what Renko is, there is a good explanation here:

http://stockcharts.com/help/doku.php...analysis:renko

and a basic explanation of Pivot Points here;

http://www.tradejuice.com/forex/pivo...trading-mm.htm
Old Benjamin was right
  • #3
  • Sep 30, 2009 1:09pm Sep 30, 2009 1:09pm
Quoting Lou G
This thread is an offshoot of a thread started in the Programming Discussion Forum that gradually changed focus from "how to write a Renko script" to "how to trade Renko" so it seems more appropriate here.

I'll get the ball rolling with an example of what I'm trading right now and, at some point further along if there is interest in this topic, I'll post the indicators, etc. that I'm using and direct those new to Renko to the necessary educational materials.

If you are already trading Renko, this is the place to share with others who may not...
i do know how to trade with renko but there is no option of using it in metatrader so can u pls post the indicator...
  • #4
  • Sep 30, 2009 1:13pm Sep 30, 2009 1:13pm
Quoting bksujal
i do know how to trade with renko but there is no option of using it in metatrader so can u pls post the indicator...
I was planning to post it later today but you can find the indicator (actually, it's an EA) at Forums/Programming Discussion/Renko Block Charts/post #225

There are installation instructions there as well. If you get stuck, someone here will help you.
Old Benjamin was right
  • #5
  • Sep 30, 2009 1:17pm Sep 30, 2009 1:17pm
Simple set up is best
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Sep. 30 19.15.gif Size: 32 KB
It never gets easier, you just get better
  • #6
  • Sep 30, 2009 1:22pm Sep 30, 2009 1:22pm
Quoting walb99
Hi Lou

My contrbution to your new thread: Renko with channel:
Okay, I'll bite. What indicators are in your setup?
Old Benjamin was right
  • #7
  • Sep 30, 2009 1:24pm Sep 30, 2009 1:24pm
Quoting Shabs19
Simple set up is best
Sweet...

I like simple setups, too.
Old Benjamin was right
  • #8
  • Edited 3:22pm Sep 30, 2009 1:30pm | Edited 3:22pm
Quoting Lou G
Okay, I'll bite. What indicators are in your setup?
3 pips Renko with channel
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-09-30 20.35.gif Size: 10 KB
Attached File(s)
File Type: mq4 Silver-channels+.mq4   5 KB | 4,488 downloads
/ ... clarifying decisions ... /
  • #9
  • Sep 30, 2009 2:36pm Sep 30, 2009 2:36pm
Glad there is a Renko thread , I was feeling alone here trading it. I do love it, I have scalped and traded all sorts of things but in terms of waiting and adjusting stop losses i wasnt very disciplined, but actually trading Renko has helped me with that. I use a 5 pip renko, look for Price Action, I.E. hh's hl' lhs'lls etc. And then I threw in a bollinger band where the midline is set to 20, which I think most are but on Ninja it was set at 14. I trade going along with the price action but also using that in conjuction with a nice bounce off the midline of the bb as you an see in the chart with the blue vertical lines. I keep the rr at 1-1. Well I go for one to one, but sometimes in profit I scale out some at 8 pips then 12 and then shoot for a runner with the last few.
Attached Image (click to enlarge)
Click to Enlarge Name: $AUDUSD 9_30_2009 (Renko 5 Ticks).jpg Size: 109 KB
  • #10
  • Sep 30, 2009 2:39pm Sep 30, 2009 2:39pm
Oh and I use 2 sets of stochs ,no real reason , I set one fast at 8,3,3 and the other slower at 12,3,3 and just like to see them line up together that helps the odds sort of a double confirmation for myself. I dont use fancy indicators or EA. Just trade with stochs renko and bb.
  • #11
  • Edited 4:44pm Sep 30, 2009 3:31pm | Edited 4:44pm
Go to this link:

http://www.forexfactory.com/showpost...&postcount=225

and follow the simple instructions.

I use it with no problems (and also had a VERY small part in the programming). The only known bug occurs when the user attempts to use 1 pip blocks with ShowWicks = true. If you want 1 pip blocks, be sure to set the user variable ShowWicks to false.

There is also a commercial Renko script which costs 30 Euros for the executable. You can Google this and find it.

I've also attached the bare-bones Pivot Point indi (one of thousands downloadable on the Internet). Let me know if you find any problems.
Attached File(s)
File Type: mq4 PivotPoints_v1.0.mq4   7 KB | 3,503 downloads
Old Benjamin was right
  • #12
  • Sep 30, 2009 3:36pm Sep 30, 2009 3:36pm
Quoting ranger
Oh and I use 2 sets of stochs ,no real reason , I set one fast at 8,3,3 and the other slower at 12,3,3 and just like to see them line up together that helps the odds sort of a double confirmation for myself. I dont use fancy indicators or EA. Just trade with stochs renko and bb.
That doesn't appear to be Metatrader. I like your setup. I prefer 10-20 pip blocks but whatever floats the boat...
Old Benjamin was right
  • #13
  • Sep 30, 2009 3:40pm Sep 30, 2009 3:40pm
I wasnt a fan of meta so I use Ninja Trader, its free for charting and GFT for execution. I have used 10-20 pip renko before but for me personally I dont have the paitence. My personality is better suited for the 5 pip renko. I would love to share and contribute with those in your thread as we go if thats alright with you Lou. I am not sure if you want this strictly higher renko ranges or whatever works for some so we can all learn and discuss, just let me know
  • #14
  • Sep 30, 2009 3:53pm Sep 30, 2009 3:53pm
Here is a chart the way I trade with 3 trades using 10 pip renko Lou, not bad! 1 or 2 trades a day on a few pairs does the trick! This is the EJ
Attached Image (click to enlarge)
Click to Enlarge Name: $EURJPY 9_30_2009 (Renko 10 Ticks).jpg Size: 105 KB
  • #15
  • Sep 30, 2009 4:39pm Sep 30, 2009 4:39pm
Quoting ranger
I wasnt a fan of meta so I use Ninja Trader, its free for charting and GFT for execution. I have used 10-20 pip renko before but for me personally I dont have the paitence. My personality is better suited for the 5 pip renko. I would love to share and contribute with those in your thread as we go if thats alright with you Lou. I am not sure if you want this strictly higher renko ranges or whatever works for some so we can all learn and discuss, just let me know
Please feel free to post whatever you use successfully. That's what the thread is here for.
Old Benjamin was right
  • #16
  • Sep 30, 2009 9:33pm Sep 30, 2009 9:33pm
I first came across renko charts from c4 and nitro. Their simplicity and ability to take away directional confusion was fantastic.

I am glad there is an independant thread for renko trading. I have been trying to trade pure renko, without most of the indicators from the other threads, but quite often the price goes against me too much for my comfort level regarding the sl/tp.

The only thing I can think of is that for less volatile pairs eg eu, au, uchf etc, a 5 pip renko is needed, and for volatile pairs like ej, gj, gu, a 10pip renko is needed.

I have always been a fan of stochastics from the times of spudfyre, but didn't have much luck getting them to corespond with renko. Maybe just had wrong settings. Might try the settings up here.

I am look forward to the contributions made here and hopefully can make some of my own.

Regards,
K.
  • #17
  • Sep 30, 2009 9:47pm Sep 30, 2009 9:47pm
Here is my Renko chart.
I use 5 sma ( or xpMA 4) and 21 sma (or Laguerre filter) crossover for trend direction. CCI 14 is optional or STOCH 14,3, 3. Not many indicators are required once we get use the movement.
Attached Image (click to enlarge)
Click to Enlarge Name: renkochart.gif Size: 19 KB
"Put all your efforts in becoming effortless"
  • #18
  • Sep 30, 2009 10:42pm Sep 30, 2009 10:42pm
Quoting kermut
I first came across renko charts from c4 and nitro. Their simplicity and ability to take away directional confusion was fantastic.

I am glad there is an independant thread for renko trading. I have been trying to trade pure renko, without most of the indicators from the other threads, but quite often the price goes against me too much for my comfort level regarding the sl/tp.

The only thing I can think of is that for less volatile pairs eg eu, au, uchf etc, a 5 pip renko is needed, and for volatile pairs like ej, gj, gu, a 10pip renko is needed....
I use the stochs i mentioned in this thread the 12 3 3 and the 8 3 3 and have them line up ob/os , its been working for me to keep me out of crap. As for tp and sl thats a hard one after seeing c4 nitro, the rr is not great there. But I guess if you have a high win rate its ok. But I hate having 1 loser wipe out 4 winners. What I do is tend to ste inital stop loss 3 bars from where i entered which is 15 pips( I use a 5 pip renko for all pairs) except eg there it is 3 pip renko. So I use a 15 pip tp as well to make it one to one and thats all initial. The stop loss of 15 is just in case it tanks an immediate 15 pips on me as soon as I get in the trade. Other wise as the trade moves my favor for every 5 pips in my favor i move the stop up. I trade multiple lots so I tend to scale out in 3rds. So the first one is out 8-10 pips then second a few more and then as soon as stop comes to break even i let the last third run to gain the bigger moves. But generally the way I manage it keeps the rr 1-1 or sometimes better. Since I rarely ever get stopped immediatly. If I get out at my first 10 pip target and am still holding some and the price action looks to sour i might just get out of all of it. Just a feeling, sometimes right sometimes wrong but any profit is a good profit. This way it keeps me in a good trade gets me out of a potentially bad trade, and the ones i let run make up for it. But thats how I structured my s/l tp
  • #19
  • Sep 30, 2009 11:07pm Sep 30, 2009 11:07pm
Hi

Anybody using renko for daily time frame ? Any feedback on no. pips per block ?

Currently I use 125 pips for GBP/USD
  • #20
  • Oct 1, 2009 7:16am Oct 1, 2009 7:16am
Quoting Shabs19
Simple set up is best
Hi Shabs19,

Mind to share your setup & what indicator you using??
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