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  • #441
  • Nov 11, 2009 10:52am Nov 11, 2009 10:52am
Quoting Lou G
No offense intended (and I hope none taken). I did not intend to insult anyone (you are the only member thus far to even suggest that I did). I'm a pragmatist and have no problem with anyone's approach to trading. I think that everyone who participated in that thread benefited from seeing the ideas of others.

Yes, I confess to being a bit suspicious of the idea that there is an indicator somewhere out there that will solve all our trading insecurities. As far as I know there is not one that will predict the future. If I tend to believe that more...
No offense taken.....
After trading on renko charts more than a few months now I completely agree with all that you said above, no indi can predict the future. Indicators are just another way of seeing things from a bit of a different angle is all. Renko charts with three or less indicators is enough, unless of course you are using some others too to see trends on other time frames &/or correlation.
  • #442
  • Nov 11, 2009 11:45am Nov 11, 2009 11:45am
Quoting 45Fxguy
No offense taken.....
Good. I really didn't abandon the thread. It just seemed that the approach with the H/A candles, the RSI, the MACD, etc. caught the interest of a lot of people and, since I had no preconception of the direction the thread should go, I should just get out of the way and let it be whatever it was going to be.
Old Benjamin was right
  • #443
  • Nov 11, 2009 12:22pm Nov 11, 2009 12:22pm
Quoting Lou G
Good. I really didn't abandon the thread. It just seemed that the approach with the H/A candles, the RSI, the MACD, etc. caught the interest of a lot of people and, since I had no preconception of the direction the thread should go, I should just get out of the way and let it be whatever it was going to be.
Lou,
I didn't really think you had, but would be nice if you would revisit & maybe post your win loss ratio, risk reward, tp & sl, etc of your s/r & pivots renko trading system then maybe others could compare what they are doing against your method.
Also we might find out which is the best overall strategy to use on renko charts.
But know we'll have to compare apples to apples etc, on same renko pip block sizes & brokers too, which is probably the hardest thing to get people organized & to do especially on an open forum.
Maybe a lot easier to do in Petar's skype RTFG instant message trading room, but don't think he's quite ready to open it all the way yet.
  • #444
  • Nov 11, 2009 5:14pm Nov 11, 2009 5:14pm
I would like to thank Lou & Viking for all there help in setting up Renko in the offline. I was a TRadestation member until I criticised too much and got booted out 6 weeks ago. I was missing the renko charts which they just started in june. I realize that Renko is price based but either the time element is having some strange affect or the overall Renko calculation in Mt4 is different whatever it is having it is an excellant effect on most of my currencies.

You should note that running more then ONE 1m chart for the same currency of on the same chart tends to wonder off of real time . Its funny the first chart 2m-GJ keeps real time but the second char 5m-GJ and third chart 15m-GJ stopped real time yet 2 other charts of different currencies are OK. I should mention that when I built the 2nd & 3rd chart, the off line charts both of them were missing the Renko "info size, time". I guess that should have been the first clue.

Great job you guys!!!

Lou I am presently working a tradeable EA. I've read all the discussions about Running EAs in the offline charts. The indicator in the picture is Heiken Ashi (HA) which smooths out the renko pricing even further. I will attach the Chart picture that I just discussed. You can see the headers in the right and left corners. Separatly HA & Renko try to accomplish the same thing but in different ways. Together they Click.

Thanks again for reviving my Renko which when I joined MT4 I thought was a dead issue. By the way does anyone know if MT5 will make Renko charts available????
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-11-11_174515-Renko-mix.png Size: 79 KB
  • #445
  • Nov 12, 2009 3:52am Nov 12, 2009 3:52am
Hi Lou,

As I sad before, i'm now trying to play with the Renko charts adding 1 or 2 indicators helping my orders decisions.
I need your help, with the fractal support/resistance indicator, that you show in this Post. In fact i tried to use it but i can't get the lines as you show in your chart. My new support/resistance lines always start from a High or a Low Bar, but yours from the Close Level. Because of that my new lines are always 1 bar offseted (1 bar later).
I suppose your indicator is the fractal channel. So can you explain me why is that? What i am doing wrong? Can you share yours?

Thanks in advance.
JSM



Quoting Lou G
Yes, you can use v3.2 to trade manually - I do it every day (see the attached screenshot from a minute ago). You can also use v2.1 if you are willing to tolerate the fact that it does not have optional wicks and has startup problems (if MT4 has been off for a while, it may need to be restarted more than once for the current data to "catch up").

As far as the AU goes, your attachment is no help - show me your AU M1 chart and we'll go from there...
  • #446
  • Edited 7:47am Nov 12, 2009 7:46am | Edited 7:47am
Quoting JSMemphis
Hi Lou,

As I sad before, i'm now trying to play with the Renko charts adding 1 or 2 indicators helping my orders decisions.
I need your help, with the fractal support/resistance indicator, that you show in this Post. In fact i tried to use it but i can't get the lines as you show in your chart. My new support/resistance lines always start from a High or a Low Bar, but yours from the Close Level. Because of that my new lines are always 1 bar offseted (1 bar later).
I suppose your indicator is the fractal channel. So can you explain me why is that?...
Actually the indicator shown is one I wrote. The high (or low), as with all fractals, is not confirmed until the subsequent bar closes but I have offset it in the code deliberately to make it more logical and visible.

A Renko signal is not valid until the second or third bar of the new direction (depending on who you listen to) so this offset does not interfere with the trading value of the signal.

The indicator is posted on the TradingDiscussion/Trading Renko thread near the end of the thread along with some info on how to use it. I'm too lazy to create a link right now but you'll find it.
Old Benjamin was right
  • #447
  • Nov 12, 2009 7:53am Nov 12, 2009 7:53am
Quoting 45Fxguy
Lou,
I didn't really think you had, but would be nice if you would revisit & maybe post your win loss ratio, risk reward, tp & sl, etc of your s/r & pivots renko trading system then maybe others could compare what they are doing against your method.
Also we might find out which is the best overall strategy to use on renko charts.
But know we'll have to compare apples to apples etc, on same renko pip block sizes & brokers too, which is probably the hardest thing to get people organized & to do especially on an open forum.
Maybe a lot easier to do...
I did as you suggested - I have no valid statistics on my approach at this time since I have not been trading Renko long enough to compile any but I do have a larger account balance than I did a few weeks ago

I'm not sure it's possible to compare approaches to trading - the best method for you is the one you understand, trust and are able to profit with. What I'm doing meets those criteria - for me.
Old Benjamin was right
  • #448
  • Edited 8:31am Nov 12, 2009 8:00am | Edited 8:31am
Quoting Lou G
I did as you suggested - I have no valid statistics on my approach at this time since I have not been trading Renko long enough to compile any but I do have a larger account balance than I did a few weeks ago

I'm not sure it's possible to compare approaches to trading - the best method for you is the one you understand, trust and are able to profit with. What I'm doing meets those criteria - for me.
Thank you Lou,
I saw thats, I really like your approach, simple clean & to the point.
Thanks very much for the update on your current trading method.
I'll test & probably be recommending it to others soon.

I also came up with a one indi renko trading method that uses three different settings on psar.
I added a third one because it really shows off the longer trends.
Both post can be found here in Petar's RTFG thread.
http://www.forexfactory.com/showpost...&postcount=114
& second post shows how charts look with all three psar.
http://www.forexfactory.com/showpost...&postcount=114
If we used your S&R in with the psar setup that would still only be a two indi system, if you can count the three psar's as one indi. I haven't forward tested it that much yet, but like what I see & feel of it so far.
  • #449
  • Nov 12, 2009 9:44am Nov 12, 2009 9:44am
Hi Lou and all,

Here is how I am trading with Renko (v 3.2) manually:

If you look at the chart I am basically trading the System II(with irony) thread except I am smoothing pa out with the Renko as well as my mm and risk factors.

Renko Bar= 5pips

The red line is support.... green is resistance

Entry: a new bar above or below

Stop loss: two bars above or below entry bar

Take profit: one bar above or below after two bars are showing above/below my entry bar
or
Sometimes if the RenkoAM v 2.0 bar pertaining to the last finished bar takes longer than 5-10 minutes (up to one's discretion)

That is basically what I have been doing... maybe some refining as I go along plus dealing with the mental aspect of trading.

Thanks again for your help and the contribution of LV and Ellis...etc.
Attached Image (click to enlarge)
Click to Enlarge Name: renko.gif Size: 12 KB
Unus pro omnibus, omnes pro uno
  • #450
  • Nov 12, 2009 10:28am Nov 12, 2009 10:28am
Thanks once more Lou,

I'll try to check it.
Cheers.



Quoting Lou G
Actually the indicator shown is one I wrote. The high (or low), as with all fractals, is not confirmed until the subsequent bar closes but I have offset it in the code deliberately to make it more logical and visible.

A Renko signal is not valid until the second or third bar of the new direction (depending on who you listen to) so this offset does not interfere with the trading value of the signal.

The indicator is posted on the TradingDiscussion/Trading Renko thread near the end of the thread along with some info on how to use it. I'm too...
  • #451
  • Nov 12, 2009 11:15am Nov 12, 2009 11:15am
Quoting moneda
Hi Lou and all,

Here is how I am trading with Renko (v 3.2) manually:

If you look at the chart I am basically trading the System II(with irony) thread except I am smoothing pa out with the Renko as well as my mm and risk factors.

Renko Bar= 5pips

The red line is support.... green is resistance

Entry: a new bar above or below

Stop loss: two bars above or below entry bar

Take profit: one bar above or below after two bars are showing above/below my entry bar...
What you are doing is very good - very similar to what I (and many others) are doing and in tune with price action.

Make sure risk/reward ratio is 1:1 or better and you're there. The System II thread is excellent and one I've recommended to quite a few members - a great way to learn the fundamentals of PA and Forex trading in general.
Old Benjamin was right
  • #452
  • Nov 16, 2009 7:21am Nov 16, 2009 7:21am
Quoting mezarashii
this is a true gift to experienced traders. I have been using constant range bars and these beat the pants off of that script. Nothing shows the existence of a trend better than renko, I am a convert. Thanks to both posters with their efforts.

settings on my chart are 20. Happy pips to all.
My apologies to all of those who thought I posted a stand alone indicator a few months back--sorry I don't check these forums so often anymore as I am too busy actually trading rather than looking for a way to trade.

The only indicator not obvious in my chart is called "volatility pivot"

It is easily obtained on this forum and others.

Best of luck with your trading one and all.
  • #453
  • Nov 16, 2009 11:15am Nov 16, 2009 11:15am
I think i'm going out of argument here but I would like to kno if someone here could be interested in this interesting method and could help, if is possible, modifying the renko script to plots like the in the method above, and would like to partecipate to that thread.

Thanks.

Lubo.
If I know how, I tell You!! Few but Good!!
  • #454
  • Nov 17, 2009 2:58am Nov 17, 2009 2:58am
why not just set a renko chart ot 50pts? Obviously the only difference is that It won't show the 50 point ranges as a series of bars it will be just one bar.
Trading is my life
  • #455
  • Nov 18, 2009 1:18am Nov 18, 2009 1:18am
Quoting LuboLabo
I think i'm going out of argument here but I would like to kno if someone here could be interested in this interesting method and could help, if is possible, modifying the renko script to plots like the in the method above, and would like to partecipate to that thread.

Thanks.

Lubo.
For this method Constant Range Bars of 50 pips would be more suitable.
  • #456
  • Edited 1:34am Nov 18, 2009 1:28am | Edited 1:34am
is there a way to make some modification with the renko chart or does this kind of chart already exist?

you know a counterblock have to travel twice the way to form. i would like to see only travel the same way. so if a 10 pip upblock is formed and the price goes 10 pip down a downblock have to form beneath the upblock. you know what i mean? i can't find the codesnippet for this. maybe for you Lou G this is simple.

this would helped me alot with my statistical calculations i'd like to make and if i'm ready you will see results you can't believe.

thanks in advanced

der stratege
Attached Image (click to enlarge)
Click to Enlarge Name: ModRenko.gif Size: 3 KB
  • #457
  • Nov 19, 2009 2:23am Nov 19, 2009 2:23am
Quoting der stratege
is there a way to make some modification with the renko chart or does this kind of chart already exist?
Renko's are renkos. Modified renkos are no renkos anymore. What you need are constant range bars, ant these charts exist too. In fact they are older than renkos and I've sold more of them than renkos. Personally I prefer trading from CRB's more than from renkos. But this is more personal I think.

As usual, there is a free version of CRB's (it is called wlas as I can recall) and my commercial version which was made fore some people which were not happy with the free bars performance.
  • #458
  • Edited 4:08am Nov 19, 2009 2:31am | Edited 4:08am
thanks aktur, i saw your post. but they do not have the same high/lows like renkos. they should be similar like renkos only the trendreversal should be 1:1 not 1:2.

should looks like in my picture i attached in previous post
  • #459
  • Nov 19, 2009 4:09pm Nov 19, 2009 4:09pm
I think too much emphasis has been place here on the development of the EA with all it's limitations. The supreme use of an EA is if it a trading EA.

For multi block size trading with multi pairs EA's eats up screen space especially with these offline charts. Many traders trade this way. Trading this more expanded way requires the use of indicators. Indicator permit the use of multi charts to one base 1M control chart.

Since the indicator available here have some ( not many ) short commings it would be tremendous if the brilliant programmers who have already given so much could go the extra step and bring either V 2.1 or V 3.0 up to the flawless workings and capabilities of V3.2 EA.

Thanks.
  • #460
  • Nov 19, 2009 4:18pm Nov 19, 2009 4:18pm
Quoting Nagpada
I think too much emphasis has been place here on the development of the EA with all it's limitations. The supreme use of an EA is if it a trading EA.

For multi block size trading with multi pairs EA's eats up screen space especially with these offline charts. Many traders trade this way. Trading this more expanded way requires the use of indicators. Indicator permit the use of multi charts to one base 1M control chart.

Since the indicator available here have some ( not many ) short commings it would be...
i put it in the indicator folder and works perfect as an indicator. only added two lines in the beginning of the code. but i could give you a modified version 2.3 to use as an indicator. one setting more is 'Sym' here you can put your Pair which you like to convert to renko.
Attached File(s)
File Type: mq4 RenkoLiveChart_v2.3.mq4   12 KB | 1,074 downloads
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