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Trading Renko

  • #501
  • Edited 7:48am Nov 12, 2009 7:40am | Edited 7:48am
Quoting Lou G
See the attachment. You could have traded this in either direction successfully.

The Renko bar that opened shortly after midnight GMT (up arrow) was a continuation of an up move that eventually turned out to be a retracement. Still, 30 pips (26 net) was there for the taking.

Those more cautious could have entered short at the down arrow. After a period of congestion or consolidation, whatever you want to call it, 30 pips was also available there.
A little more depth on last night's Midnight Special:

Note the inside bounce off major support a few Renko blocks before midnight. Is it a reversal or a retracement? We don't know for sure, but tend to think retracement because most trends finish with a period of congestion and that is not seen here. Still, taking a long here for 30 pips turns out okay.

I didn't take that trade, choosing to wait for a better signal which came a few blocks later. Note the bounce off minor (dotted) resistance and the subsequent break through minor support. Short at the down arrow gets it done.

Now if I could only spell "analysis" correctly...
Old Benjamin was right
  • #502
  • Nov 12, 2009 2:55pm Nov 12, 2009 2:55pm
Quoting xBweNx
Im going to marry GU and trade it on 5pip renko and see how it goes. im using same setup. wish me luck
Hi xBweNx...

What do you see as the advantage of having the Heiken Ashi candles on the chart rather than just showing the Renko blocks? I see you black out the renko blocks. Doesn't this just negate the renko blocks since it appears the HA candles are not 10 or 5 pips in length depending on which you used. I guess I'm just trying to understand your choice of display and what you see as the advantage?
  • #503
  • Edited 11:49pm Nov 12, 2009 5:30pm | Edited 11:49pm
Any reason why you chose midnight GMT?

Have you tried letting the winners run and putting your SL a little below S/R?

Quoting Lou G
See the attachment. You could have traded this in either direction successfully.

The Renko bar that opened shortly after midnight GMT (up arrow) was a continuation of an up move that eventually turned out to be a retracement. Still, 30 pips (26 net) was there for the taking.

Those more cautious could have entered short at the down arrow. After a period of congestion or consolidation, whatever you want to call it, 30 pips was also available there.
  • #504
  • Nov 13, 2009 3:32am Nov 13, 2009 3:32am
Hello,

There is no other place in FF to share ideas using Renko at its most basic form...so here is my perspective this morning (est).. Feel free to comment if your intention is to learn from eachother.

eu/usd:

An upswing and atm price is either going to brakeout and continue its upswing or pullback again at some point between the two levels and reverse...sitting on my hands until the market reveals its intention.

gbp/usd:

An upswing and atm a consolidation..again waiting for the market to convince me which way to go.


The RenkoAM can help by showing us how fast price is moving....bars below the 5 minute level shows us speed/momentum......above 15 minutes shows us a lack of it.
Attached Image (click to enlarge)
Click to Enlarge Name: renko.gif Size: 50 KB
Unus pro omnibus, omnes pro uno
  • #505
  • Nov 13, 2009 4:53am Nov 13, 2009 4:53am
Quoting bali2002
Any reason why you chose midnight GMT?
Yes, the Asian market opens then. Generally the market is pretty dead from 20:00 GMT until midnight.

Quoting bali2002
Have you tried letting the winners run and putting your SL a little below S/R?
Yes. My intent with the Midnight Special trade was to create a once-a-day strategy for noobs (and those too busy to trade the New York open) that can function as a "set it and forget it" way of making a few pips and introduce the concept of analyzing PA with few indicators.

When choosing a good place for SL with Renko, it's necessary to be a bit careful - actual PA can travel more pips than are shown by the Renko blocks. Most of my SL's are set with S/R in mind but as long as I keep a risk/reward of 1:1 or better I feel okay with it.
Old Benjamin was right
  • #506
  • Edited 6:13am Nov 13, 2009 5:12am | Edited 6:13am
Last night's (actually, today) Midnight Special.
Attached Image (click to enlarge)
Click to Enlarge Name: renko10pip.gif Size: 14 KB
Old Benjamin was right
  • #507
  • Nov 13, 2009 6:10am Nov 13, 2009 6:10am
Quoting moneda
Hello,

There is no other place in FF to share ideas using Renko at its most basic form...so here is my perspective this morning (est).. Feel free to comment if your intention is to learn from eachother.

eu/usd:

An upswing and atm price is either going to brakeout and continue its upswing or pullback again at some point between the two levels and reverse...sitting on my hands until the market reveals its intention.

gbp/usd:

An upswing and atm a consolidation..again waiting for the market to convince me which way to go.


The RenkoAM can help...
My hat is off to you - I have all I can do to trade one pair...

Someone pointed out the the RenkoAM indi really behaves a lot like volume - this is true and it points out an interesting fact. Large moves usually show lower volume rather than higher on a per-bar basis. The largest volumes are recorded when the market is undecided. Not always (nothing is "always" in a market as chaotic as Forex), but often this is the case.

Good stuff, moneda.
Old Benjamin was right
  • #508
  • Nov 13, 2009 6:55am Nov 13, 2009 6:55am
Quoting Lou G
My hat is off to you - I have all I can do to trade one pair...

Someone pointed out the the RenkoAM indi really behaves a lot like volume - this is true and it points out an interesting fact. Large moves usually show lower volume rather than higher on a per-bar basis. The largest volumes are recorded when the market is undecided. Not always (nothing is "always" in a market as chaotic as Forex), but often this is the case.

Good stuff, moneda.

Lou,

You can put your hat back on since I really have been focusing on eur/usd for a long time....however, I noticed that you stick to the cable and I am wondering if you ever tried the eur/usd and if so what made you go with the cable? The e/u has a lower spread (good if you are scalping) and its moves seem to be less volatile. I like the RenkoAm as a visual aid but I am so used to looking at a naked chart that I find it a bit distracting at times....price action off/through the levels we used is my bread and butter. Today has not been a good day but I was mostly experimenting with a couple of pairs with a light load.

I am would like to ask you how you deal with fakeouts? I tend to wait for a pullback and enter at the HH or LL... or give the entry a couple of new 5pips bars before jumping in.

Thanks
Unus pro omnibus, omnes pro uno
  • #509
  • Edited 7:21am Nov 13, 2009 6:56am | Edited 7:21am
I frequently use this EA to implement the Midnight Special when I have a firm idea of a good entry point but PA is not there yet. It's easier than the MT4 pending order dialog and will get the job done.

Little explanation should be needed - adjust the user variables Lots, OpenPrice, StopLoss and TakeProfit to your needs and start it working. Only 1 (ONE) trade will be opened. If you prefer that your trade be opened at a certain time, adjust the StartHour and EndHour to your needs.

Trade direction is based on the relationship between OpenPrice and StopLoss.

Needless to say, be careful with this puppy - it will do EXACTLY what you tell it to - try it on demo until you're sure you understand it.

It's not unique to the midnight special - you can use it in lieu of any pending order.
Attached File(s)
File Type: mq4 Open_Trade_EA.mq4   2 KB | 569 downloads
Old Benjamin was right
  • #510
  • Nov 16, 2009 10:35am Nov 16, 2009 10:35am
Lou and all,

I'm not sure if this has been discussed in this thread, but I've just started using Swingman's indicator with the Renko bars. Please take a close look at the chart - it seems to have a great way to filter the trades. Just a simple up or down arrow seems to say it all.

What do you think?

Murph.
Attached Image (click to enlarge)
Click to Enlarge Name: renko_smultrasupertrix.gif Size: 19 KB
Attached File(s)
File Type: ex4 smSuper TRIX_PV_v1.ex4   11 KB | 670 downloads
  • #511
  • Nov 16, 2009 10:57am Nov 16, 2009 10:57am
Quoting MurphyMan
Lou and all,

I'm not sure if this has been discussed in this thread, but I've just started using Swingman's indicator with the Renko bars. Please take a close look at the chart - it seems to have a great way to filter the trades. Just a simple up or down arrow seems to say it all.

What do you think?

Murph.
Check out the C4 Scalping thread
http://www.forexfactory.com/showthread.php?t=181900
That's where Swingmans indy and others were developed
Q
The Only Constant Is Change!
  • #512
  • Nov 16, 2009 1:03pm Nov 16, 2009 1:03pm
Yes, I know. That's where I got it. I would just like to bring it into this thread.

MurphyMan
  • #513
  • Nov 16, 2009 1:11pm Nov 16, 2009 1:11pm
Quoting MurphyMan
Yes, I know. That's where I got it. I would just like to bring it into this thread.

MurphyMan
It works great with Renko...I for one still use it.
Q
The Only Constant Is Change!
  • #514
  • Edited 1:33pm Nov 16, 2009 1:11pm | Edited 1:33pm
I just use the indicator on the chart. I use the arrows on the chart to enter a trade and change of color to exit. In the event of a loss I increase the next trade ie. .4 to .5 Thus far seems to be working well. The indicator comes with an alarm for when the arrow appears. Works on any renko block size. I trade 20 and 30 block sizes. SL & TS 2 x trading block size.

There is an trading EA for this indicator but for some reason it does not work on offline charts. Not bring a programmer I don't know why. Any volenteers willing to check the code and get it to work. I am sure it would benefit all.
Attached Image (click to enlarge)
Click to Enlarge Name: eu m2.gif Size: 37 KB
  • #515
  • Nov 16, 2009 3:20pm Nov 16, 2009 3:20pm
Didn't we have another trader a couple of pages back that offered to help us here?
  • #516
  • Nov 16, 2009 10:19pm Nov 16, 2009 10:19pm
Quoting Freddyfx
Didn't we have another trader a couple of pages back that offered to help us here?

Hi,
Good to see you here. I think that this is a simpler system than THV and easier to trade.

You konw that people offer then disappear. He has not made a return visit. Then the question arises as how to tempt the terrific programmers from THV to give us a helping hand. Any ideas ?
  • #517
  • Nov 16, 2009 10:27pm Nov 16, 2009 10:27pm
If you check my post above the chart shows me in a trade. I got stopped out of it even though the PA came nowhere near to my stop loss which was at 1.5000. I entered on the box with the arrow. At which point the price never rose to my stop loss. I was not near my computer when it happened. Lucky this is a demo account.
  • #518
  • Nov 17, 2009 1:01am Nov 17, 2009 1:01am
Quoting Nagpada
I just use the indicator on the chart. I use the arrows on the chart to enter a trade and change of color to exit. In the event of a loss I increase the next trade ie. .4 to .5 Thus far seems to be working well. The indicator comes with an alarm for when the arrow appears. Works on any renko block size. I trade 20 and 30 block sizes. SL & TS 2 x trading block size.

There is an trading EA for this indicator but for some reason it does not work on offline charts. Not bring a programmer I don't know why. Any volenteers willing to check the code...
Hello Nagpada,
Looks interesting, can you give the name of your candle indicator or upload it here. Sorry if you've already given it & I missed it, but I looked back at some of your post & couldn't find it. It may help others including coders to know which ea your having trouble with. Is it stoch based etc?
  • #519
  • Edited 7:41am Nov 17, 2009 3:09am | Edited 7:41am
For some reason I cannot get the xBwenx setup to update on my charts.
Have gone over everything 3x now, loads beautifully, but stays stuck.

Read back over all the posts that others had too, still no solution.

Anybody any ideas?

Maybe use another Renko script instead of the RenkoLiveChart_3.2 ??


UPDATE

and then woke up in the morning, decided to take a firstly loaded chart off and then................the grey chart started updating. Is that how it should function???
That you can only run one offline chart from the M1 original?
  • #520
  • Edited 6:51am Nov 17, 2009 6:40am | Edited 6:51am
Quoting moneda
I am would like to ask you how you deal with fakeouts? I tend to wait for a pullback and enter at the HH or LL... or give the entry a couple of new 5pips bars before jumping in.

Thanks
Fakeouts are the ones I lose

Losers are inevitable. Looking at the distance between S/R can keep you out of some bad trades - if that distance is 50/60 pips or less it may be better to wait for a clear break of S/R or a retracement. Some may want to scalp during periods of consolidation - your choice, I prefer to wait. Look at where PA is now...
Attached Image (click to enlarge)
Click to Enlarge Name: renko10pip.gif Size: 14 KB
Old Benjamin was right
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