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Trading Renko

  • #441
  • Oct 22, 2009 1:21pm Oct 22, 2009 1:21pm
Quoting Derrickt389
Hi,

Can someone tell me where to download a renko chart from and how to set it up?

Thanks
Go to " renko block charts " read that thread it is not very long. you will find renko V 2.2 which is an ndicator. Download and install in MT 4 experts, indicator section. Page 1 post 1 of that thread gives installation instructions. Hope this helps.
  • #442
  • Oct 22, 2009 5:02pm Oct 22, 2009 5:02pm
Bali
I am not a big pivot fan but interested in your approach. In the chart just posted, if you took the trade shown would you have set your TP at the M3 line? Where would you set your SL - just below the lower pivot line?

These are only lines on the chart which work unless they don't work! At what stage do you accept that PA is not going to reach a pivot line and revise the TP or pull the plug on the trade?
  • #443
  • Oct 22, 2009 5:20pm Oct 22, 2009 5:20pm
Yes, with this system I normally set the TP at the next Pivot line and initially the sl at the other pivot.


But before entering any trade I check the PA for s/r, trend direction, momentum/speed, retracements, etc. The typical PA analysis.
Check: http://www.forexfactory.com/showpost...&postcount=736

I pull the plug on the trade when PA starts really moving against me. It rarely happens. I'd rather not win 20pips than lose 30. You have to watch the PA movement and make your decisions. If you get in the trade when PA is really accelerating then most of the times you'll reach the PL soon. If PA is slow or sluggish I don't take the trade, the risk for a reversal is too big. Same if the trend is not defined, or reaching reaching a double/triple top/bottom, etc.



Quoting scartree
Bali
I am not a big pivot fan but interested in your approach. In the chart just posted, if you took the trade shown would you have set your TP at the M3 line? Where would you set your SL - just below the lower pivot line?

These are only lines on the chart which work unless they don't work! At what stage do you accept that PA is not going to reach a pivot line and revise the TP or pull the plug on the trade?
  • #444
  • Oct 22, 2009 10:16pm Oct 22, 2009 10:16pm
Quoting Nagpada
Go to " renko block charts " read that thread it is not very long. you will find renko V 2.2 which is an ndicator. Download and install in MT 4 experts, indicator section. Page 1 post 1 of that thread gives installation instructions. Hope this helps.
I use FXCM Micro which doesnt have a MT4 platform, but I use the MT4 demo chart software to follow the prices and i place my trade with FXCM. Is it possible to get something like the MT4 demo for renko?
  • #445
  • Oct 22, 2009 11:03pm Oct 22, 2009 11:03pm
Im going to marry GU and trade it on 5pip renko and see how it goes. im using same setup. wish me luck
Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 111 KB
  • #446
  • Oct 22, 2009 11:30pm Oct 22, 2009 11:30pm
Quoting Derrickt389
I use FXCM Micro which doesnt have a MT4 platform, but I use the MT4 demo chart software to follow the prices and i place my trade with FXCM. Is it possible to get something like the MT4 demo for renko?

You can use MT4 demo or MT4 live for displaying Renko chart.


Do these step for displaying Renko chart :

1. download RenkoLiveChart_v3.2.mq4 and put it into program files/metatrader/experts folder

2. download renko.zip and extract it

3. put all EX4 and MQ4 files from renko.zip into program files/metatrader/experts/indicators folder

4. put RENKO.TPL from renko.zip into program files/metatrader/templates folder

5. run MT4 and open a new chart

6. change time frame of the new chart to M1

7. press CTRL and HOME key until the date on bottom of the chart displaying the date a month ago

8. click TOOLS then OPTIONS from MT4 menu

9. click EXPERT ADVISORS tab

10. make sure ENABLE EXPERTS ADVISOR, ALLOW LIVE TRADING, ALLOW DLL IMPORT, and ALLOW EXTERNAL EXPERTS IMPORTS boxes are mark and the other boxes are empty

11. click OK

12. double click RenkoLiveChart_v3.2 from EXPERT ADVISORS folder on NAVIGATOR WINDOW

13. click FILE then OPEN OFFLINE from MT4 menu

14. select M2 chart then click OPEN

15. right click on M2 offline chart

16. select TEMPLATE then RENKO

17. your M2 offline chart will looks like this #239 (Thank you xBweNx)



Hope this helps
  • #447
  • Oct 22, 2009 11:33pm Oct 22, 2009 11:33pm
Thanks for that Bali. I also found those graphics from asdf very interesting and useful.
K
  • #448
  • Oct 23, 2009 2:59am Oct 23, 2009 2:59am
Quoting bali2002
Yes, with this system I normally set the TP at the next Pivot line and initially the sl at the other pivot...
Bali, thx again for your help!

I wanted to ask you do you calculate your own pivot lines or do you use some indicator for it and if yes then could you please tell me which ones or better yet put them here as attachments?

Thx again!
  • #449
  • Oct 23, 2009 4:46am Oct 23, 2009 4:46am
good setups on friday

GBP USD and EUR GBP 2 hours before news....


Now i can go to play Strarcraft


Cheers
Attached Images
"Buy on fear, sell on greed !!!
  • #450
  • Edited Oct 24, 2009 7:23am Oct 23, 2009 10:15pm | Edited Oct 24, 2009 7:23am
This ones for you Petar_Serbia, since it looks like an alien in starcraft.
See any resemblance?
Ready to start that "Renko Starcraft team", thread?
Attached Image (click to enlarge)
Click to Enlarge Name: a starcraft alien.gif Size: 18 KB
  • #451
  • Oct 24, 2009 3:35am Oct 24, 2009 3:35am
Quoting Petar_Serbia
good setups on friday

GBP USD and EUR GBP 2 hours before news....


Now i can go to play Strarcraft


Cheers
Hi Petar, what currency pairs do you trade? It seams that you are taking some serious pip's.
  • #452
  • Oct 24, 2009 7:26am Oct 24, 2009 7:26am
Quoting Dragokin
Hi Petar, what currency pairs do you trade? It seams that you are taking some serious pip's.
I didn't see much pa going on Friday am est so stayed out, were you playing that one with the news Petar?
  • #453
  • Oct 25, 2009 5:02pm Oct 25, 2009 5:02pm
Quoting 45Fxguy
This ones for you Petar_Serbia, since it looks like an alien in starcraft.
See any resemblance?
Ready to start that "Renko Starcraft team", thread?
Sorry for late answer i was to busy with Starcraft haha

Wow your chart looks so good

Yea 45Fxguy my friend we must establish Starcraft renko team

PM me to make a deal
"Buy on fear, sell on greed !!!
  • #454
  • Oct 25, 2009 6:21pm Oct 25, 2009 6:21pm
Quoting Dragokin
Hi Petar, what currency pairs do you trade? It seams that you are taking some serious pip's.
i trade the same pairs as Xbens EUR USD GBP USD EUR GBP and EUR JPY ....

Just be discipline trader and dont trade for a lot of pips and NEVER RISK MORE THEN 3 % and you must test strategy before live.Test test and test....



The work has created man


Cheers zergs
"Buy on fear, sell on greed !!!
  • #455
  • Oct 26, 2009 2:12am Oct 26, 2009 2:12am
Thank you Petar!

Also, I have a problem. My offline charts are stuck on the last week. They don't refresh and they do not draw the new graphs. How can I refresh them? And will I have to do that something all the time?
  • #456
  • Oct 26, 2009 4:59am Oct 26, 2009 4:59am
Quoting Dragokin
Thank you Petar!

Also, I have a problem. My offline charts are stuck on the last week. They don't refresh and they do not draw the new graphs. How can I refresh them? And will I have to do that something all the time?

Found the problem, the EA button was off.
  • #457
  • Oct 26, 2009 6:04am Oct 26, 2009 6:04am
I opened buy on GBPUSD (posible zerg rush ) i put 30 TP and 30 SL and now i must go i cant falow my trade





Cheers
Attached Image
"Buy on fear, sell on greed !!!
  • #458
  • Edited 9:36am Oct 26, 2009 9:35am | Edited 9:36am
Quoting Petar_Serbia
I opened buy on GBPUSD (posible zerg rush ) i put 30 TP and 30 SL and now i must go i cant falow my trade





Cheers
TP hit but i wasnt be at home as i say ... Current 50+ but its ok 30 is 30 ...Good zerg rush



Cheers
Attached Image
"Buy on fear, sell on greed !!!
  • #459
  • Oct 26, 2009 11:51am Oct 26, 2009 11:51am
Quoting Petar_Serbia
TP hit but i wasnt be at home as i say ... Current 50+ but its ok 30 is 30 ...Good zerg rush



Cheers

How come you didn't enter two candles before or one, it seams that there is a possible entry there as well. Where you waiting for something else? Sorry if I am boring but I just want to get this and I still seam to be struggling with this strategy.
  • #460
  • Oct 26, 2009 1:02pm Oct 26, 2009 1:02pm
Quoting Dragokin
How come you didn't enter two candles before or one, it seams that there is a possible entry there as well. Where you waiting for something else? Sorry if I am boring but I just want to get this and I still seam to be struggling with this strategy.
that was a valid entry but to early since the market is in range. He enter after it broke out of that range. you got to take in consideration the size of MACD bar also they were very small and momentum was not on his side till than.

last night was fun night. got 200+. petar hoped you got crazy pip yesterday also! oh yeah....UsEast
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