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Trading Renko

  • #201
  • Oct 14, 2009 4:05pm Oct 14, 2009 4:05pm
Quoting altoronto
Good article, but I think there is problem with volume, cause it's your broker volume not the global market one.
No problem. It is all relative. You will find that broker / global will be pretty close in propotion. The propoganda of forex volume is overhyped.
  • #202
  • Edited 4:24pm Oct 14, 2009 4:09pm | Edited 4:24pm
Quoting 45Fxguy
Had that question before too, first time I seen ha on renko charts was when Syahmi introduced it pretty early on after nitro was first introduced in original c4 thread, guess I still do. Wondering if he has the wicks turned on for the doji star's to work in ha?
Maybe that's the main reason for using it, but not 100% sure.
Hopefully xBweNx will come back & explain, sounds like he has been using it for a while now.
try to answer and clarify best as i can.

I never turned the wick feature on HA indicator or EA for renko. The HA i post earlier is the original one that came with MT4 IBFX program. it only has feature to change the color of the bars. I like HA because the bars are not all generally one size so you can get a little better idea of the PA.

I am using renko 10pip. i completely remove the renko bar though by making them the same color as the background so only HA is present to show where the PA is going. Hope this clarifies thing a little better. I think this is a good way to trade Renko all day. I dont recommend this because i think best time to trade is as followed. My best days i have made 800+pip from asain open(7pm central) to 10am-12pm central time US
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  • #203
  • Oct 14, 2009 5:46pm Oct 14, 2009 5:46pm
Quoting Nagpada
I thought V3 is a EA and V2 is an indicator ?
Doesn't matter, does it? V3 has additional features, a couple of minor bug fixes and is installed/used just as the indicator would be.

Your choice, of course.
Old Benjamin was right
  • #204
  • Oct 14, 2009 5:53pm Oct 14, 2009 5:53pm
Quoting xBweNx
try to answer and clarify best as i can.

I never turned the wick feature on HA indicator or EA for renko. The HA i post earlier is the original one that came with MT4 IBFX program. it only has feature to change the color of the bars. I like HA because the bars are not all generally one size so you can get a little better idea of the PA....
Having the wicks enabled in Renko would change your HA bars quite a bit because the HA indicator uses bar highs/lows in its calculation. If Renko wicks are turned off, bar high/low is the same as open/close - something to think about, maybe?
Old Benjamin was right
  • #205
  • Oct 14, 2009 6:07pm Oct 14, 2009 6:07pm
Quoting Lou G
Having the wicks enabled in Renko would change your HA bars quite a bit because the HA indicator uses bar highs/lows in its calculation. If Renko wicks are turned off, bar high/low is the same as open/close - something to think about, maybe?
very interesting it surely does change the HA quite a bit. ill have to see with one i like better
  • #206
  • Oct 14, 2009 9:57pm Oct 14, 2009 9:57pm
Quoting xBweNx
very interesting it surely does change the HA quite a bit. ill have to see with one i like better
Good that this subject has been raised.

For some time I've been trading the Synergy method which was developed by Dean Malone. It uses HA bars with a price channel made up of a 5 smoothed MA on price high and the other on price low. The idea is that if the bar body closes above or below the channel it's a good entry. There is also an indicator called the Traders Dynamic Index.

I had opened an offline renko chart and instead of putting the brick template on it I accidently selected the Synergy template. Hmm. That's interesting I thought. Synergy applied to Renko.

Look at the brick chart yesterday on the Euro as it breaks above R1. This was a difficult trade. Very messy. Although the overall trend was up, there was a lot of congestion around the pivot. Not clear at all.

But look at the HA bars version. Clearly the trend is up. At no time did any bar close below the lower price channel. I went long on a break of R1 up to M4 for 16 pips.

Make sure renko wicks are turned on.

The TDI indicator however does not work well with renko.

I've compared synergy renko alongside normal synergy with M30 and H1 charts and it seems to me that when combined, they show a clearer direction in terms of what I would call "market flow".
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  • #207
  • Oct 14, 2009 10:02pm Oct 14, 2009 10:02pm
I you want a greater understanding of HA as used in the synergy method, here's a doc.
Attached File(s)
File Type: pdf SYNERGY_Basic.pdf   1.8 MB | 1,207 downloads
  • #208
  • Edited Oct 15, 2009 12:08am Oct 14, 2009 11:52pm | Edited Oct 15, 2009 12:08am
Quoting SlushFund
I you want a greater understanding of HA as used in the synergy method, here's a doc.
I put together a template as shown in the presentation. It requires the custom indicator, both are attached if anybody wants to look at their own charts while reading the article on the Synergy method.

By the way, the red line in the TDI seems to be simply a 14-period exponential moving average of the 14-period RSI, but I could not emulate the yellow line or the blue volatility band with the standard indicators bundled with MT4.

jesper
Attached File(s)
File Type: tpl synergy.tpl   2 KB | 738 downloads
File Type: mq4 Traders_Dynamic_Index.mq4   9 KB | 765 downloads
  • #209
  • Oct 15, 2009 12:53am Oct 15, 2009 12:53am
Quoting SlushFund
Good that this subject has been raised.

For some time I've been trading the Synergy method which was developed by Dean Malone. It uses HA bars with a price channel made up of a 5 smoothed MA on price high and the other on price low. The idea is that if the bar body closes above or below the channel it's a good entry..........
very interesting i applied the 5 smoothed MA high/low seem to help filter out some bad trade and help with exit more. i play around with this some more with my current setup
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  • #210
  • Oct 15, 2009 1:10am Oct 15, 2009 1:10am
Quoting xBweNx
very interesting i applied the 5 smoothed MA high/low seem to help filter out some bad trade and help with exit more. i play around with this some more with my current setup
Try putting your stop loss just above/below the PAC (Price Action Channel).
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  • #211
  • Oct 15, 2009 1:12am Oct 15, 2009 1:12am
Quoting SlushFund
Try putting your stop loss just above/below the PAC (Price Action Channel).
Or you could try the ultra scalper 3000 method (jks), if price comes back over the top line (if your going long) then close the trade and take an expense. this will limit losses like no tomorrow.
  • #212
  • Oct 15, 2009 1:30am Oct 15, 2009 1:30am
Quoting Ferrari
Or you could try the ultra scalper 3000 method (jks), if price comes back over the top line (if your going long) then close the trade and take an expense. this will limit losses like no tomorrow.
Interesting approach but very conservative. My fear is that you would be missing a lot of winners. Sometimes you need to ride out the retracements.

Never heard of 3000 method. Do you have more info?
  • #213
  • Oct 15, 2009 1:38am Oct 15, 2009 1:38am
Quoting SlushFund
Try putting your stop loss just above/below the PAC (Price Action Channel).
putting a SL at High for sell and Low for buy not bad idea gives you about 30SL with is good amount and what is needed for renko 10pip.
  • #214
  • Oct 15, 2009 1:48am Oct 15, 2009 1:48am
Quoting SlushFund
Interesting approach but very conservative. My fear is that you would be missing a lot of winners. Sometimes you need to ride out the retracements.

Never heard of 3000 method. Do you have more info?
no i was only joking... i wanted to sell it as some super dooper proprietery method... lol

well you don't really loose out, you reenter if price starts to go in your direction. so you dont allow yourself to drawdown more than 2-3 pips (plus spread). real scalping.
  • #215
  • Oct 15, 2009 1:48am Oct 15, 2009 1:48am
i did manage to get 60 pip on GU

EUR/GBP for short. did enter little late but still in + side. ignore TL on chart serves no purpose

EUR/JPY is ranging right now but may break long and continue trend or possible short only time will tell.
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  • #216
  • Oct 15, 2009 1:50am Oct 15, 2009 1:50am
Quoting xBweNx
i did manage to get 60 pip on GU

EUR/GBP for short. did enter little late but still in + side

EUR/JPY is ranging right now but may break long and continue trend or possible short only time will tell.
man it sounds like your killing it out there...
  • #217
  • Oct 15, 2009 1:53am Oct 15, 2009 1:53am
http://www.forexfactory.com/showpost...postcount=3990

Syahmi was probably way ahead of most of us on this one, guess I should have paid it more attention.
I'll pm her, maybe she'll visit this thread & let us know how it's been working out for her since.
  • #218
  • Oct 15, 2009 1:54am Oct 15, 2009 1:54am
Quoting Ferrari
no i was only joking... i wanted to sell it as some super dooper proprietery method... lol
I'm glad you mentioned that. I was just about to send you $99 for the e-book. lol.

I'll test your SL idea though.
  • #219
  • Oct 15, 2009 1:55am Oct 15, 2009 1:55am
Quoting Ferrari
man it sounds like your killing it out there...
the power of RSI(10) with 55 and 45 line to filter and MACD(12,26,9) is amazing. to be honest the top indicator or more else pointless compared to other 2 but they do help. EUR/GBP curently at +20 and may exit at around 40-60 pip. If i enter in that the right time on EUR/GBP i would be probably at +30 right now

Give my setup a try and see for yourself
  • #220
  • Oct 15, 2009 2:00am Oct 15, 2009 2:00am
Quoting 45Fxguy
http://www.forexfactory.com/showpost...postcount=3990

Syahmi was probably way ahead of most of us on this one, guess I should have paid it more attention.
I'll pm her, maybe she'll visit this thread & let us know how it's been working out for her since.
i not to sure when i started using HA for Renko but when Edge first introduced it on C4 thread i went on my own and literally went through EVERY indicator on MT4 that i had with is probably an additional 75-100 indicator and played with it. after about month my system is what i decided on.

I am not much for posting but i thought i give it a try since i thought i had something and Renko is starting to boom
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