Trading Renko | Page 31 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Price action trading with RENKO 190 replies

RENKO Trading SYSTEM - RENKO Indicators 7 replies

New Renko Bar and Reversal Renko Bar Indicator Alert Help Please 5 replies

Renko charts in the trading simulator 9 replies

Renko Trading Journal 28 replies

Attachments: Trading Renko
Exit Attachments

Trading Renko

  • #601
  • Dec 1, 2009 11:35pm Dec 1, 2009 11:35pm
Unless you want to wait for Booka ticks, you will need to scroll your M1 chart as far back as it will go



Quoting pipmyride
Please excuse my total noobish question - thanks for this thread as i'm researching using renko to smooth out my trading.
  • #602
  • Dec 2, 2009 1:03am Dec 2, 2009 1:03am
Quoting AlanJ
Under the MT4 File menu, select Open Offline. You should see EURJPY,M4 listed there so open it and, voila, there is your renko chart!
aha ... thx ... i now see what you are doing here - i was hoping to use it on a higher TF ...

Never mind ... looks good anyway

thx again for the instructions
  • #603
  • Dec 3, 2009 9:10am Dec 3, 2009 9:10am
I too have been trading Renko for a while now. My current method is to use Renko 10 with a Smoothed MA 10 High and a Smoothed MA 10 Low combined with a CCI 89. If price closes above MA 10 High AND CCI 89 is greater then 0 I place a BUY. If price closes below MA 10 Low and CCI 89 is less then 0 I place a SELL. I exit by either A) Hitting my 50PiP TP, B) Stopping out on my 30PiP Trailing Stop, or C) Price Closes on the other side of the MA 10 (MA 10 High for buys, MA 10 Low for sells). Its a purely mechanical system that lets me get in on trends and keeps me out of many bad trades. Its not perfect but it works well for my needs.

I have attached a screenshot that shows the last couple days activity. I have circled in Yellow entries that would have been good trades and circled in Red entries that would have been bad trades.

I have also included a template and the indicators in case there is anyone interested in testing this out.
Attached Image (click to enlarge)
Click to Enlarge Name: chart.jpg Size: 90 KB
Attached File(s)
File Type: tpl renko ma cci trader.tpl   5 KB | 935 downloads
File Type: mq4 DoubleCCI-With_SMA.mq4   7 KB | 1,011 downloads
File Type: ex4 Status Monitor V1.2.ex4   7 KB | 941 downloads
File Type: mq4 RenkoLiveChart_v3.0.mq4   11 KB | 972 downloads
  • #604
  • Dec 3, 2009 9:12am Dec 3, 2009 9:12am
Quoting Zurathustra
I too have been trading Renko for a while now. My current method is to use Renko 10 with a Smoothed MA 10 High and a Smoothed MA 10 Low combined with a CCI 89. If price closes above MA 10 High AND CCI 89 is greater then...
Zurathustra,

This is another excellent method. Thank you for sharing it with the group!

rptrader
  • #605
  • Dec 3, 2009 6:58pm Dec 3, 2009 6:58pm
This doesn't look like a Renko chart. Where are the bricks?

Murph

Quoting Zurathustra
I too have been trading Renko for a while now. My current method is to use Renko 10 with a Smoothed MA 10 High and a Smoothed MA 10 Low combined with a CCI 89. If price closes above MA 10 High AND CCI 89 is greater then...
  • #606
  • Dec 3, 2009 7:28pm Dec 3, 2009 7:28pm
Quoting MurphyMan
This doesn't look like a Renko chart. Where are the bricks?

Murph
He is just using a bar chart, if you click on the candlestick you'll get the bricks.

Zurathustra, you are a renko update behind, V3.2 is improved version
  • #607
  • Dec 3, 2009 10:53pm Dec 3, 2009 10:53pm
Quoting goldsurfer
He is just using a bar chart, if you click on the candlestick you'll get the bricks.

Zurathustra, you are a renko update behind, V3.2 is improved version
That is correct, I find the bars are better for seeing the open/close on a Renko chart. A Renko chart can be viewed as the "traditional" bricks (candlestick), Bar, or Line.

Thanks for the info on the updated RenkoLiveChart, I'll hunt it down and see whats new
  • #608
  • Dec 4, 2009 3:33am Dec 4, 2009 3:33am
I like your setup! Hey, have you looked at using like just
these three filters and seeing how it affects the good and
bad trades shown here?

rsi 21 level 50 for long/short
macd 12 26 9
and adx 14

If you did add those filters, which one or ones
line up the best and how do they affect
the results from the posted trades.

Brian

Quoting Zurathustra
I too have been trading Renko for a while now. My current method is to use Renko 10 with a Smoothed MA 10 High and a Smoothed MA 10 Low combined with a CCI 89. If price closes above MA 10 High AND CCI 89 is greater then...
  • #609
  • Dec 4, 2009 1:08pm Dec 4, 2009 1:08pm
Quoting golden1
I like your setup! Hey, have you looked at using like just
these three filters and seeing how it affects the good and
bad trades shown here?

rsi 21 level 50 for long/short
macd 12 26 9
and adx 14

If you did add those filters, which one or ones
line up the best and how do they affect
the results from the posted trades.

Brian
Using those as filters IMO doesn't add enough "new" information. By that I mean they pretty much replicate what the CCI and the 2 MA's are showing me.

The MACD "may" help if you were to approach this method as a scalper and follow the OsMA ups/downs for more frequent entries and exits. Otherwise it would not have prevented entry in the bad trades areas I had circled as it too would be confirming the CCI and 2 MA's in those instances.

The RSI 21 with a 50 level cross is showing almost the exact same info that the CCI 89 is showing. Though its cross does come a bar or two sooner then the CCI crossing 0. A person could use either the CCI or the RSI for a confirmation I guess, but it seems a little redundant to use both.

As far as the ADX goes, personally I have never liked it. There are just too many crossess on it to garner any usefull signal info IMO. Some people may like it or find it usefull, personally it just makes me nervous and makes me want to bail on good trades way too soon.

On an interesting note, had you been using my entry rules with just the MA 10's and the CCI this morning/afternoon you would currently be in a 200+ pip trade (EUR/USD Sell at 1.5049)
Attached Image (click to enlarge)
Click to Enlarge Name: chart.jpg Size: 87 KB
  • #610
  • Edited 3:18pm Dec 4, 2009 3:01pm | Edited 3:18pm
Well I have to disagree. That is why its fun, trading.. two people look at the same thing and see something different

On my setup, which I adapted to use your 10 MA channel only, thank you for that!... I have adx 14 and level 45, on Renko only obviously... when a trade is signaled, the adx must be correct red/green but at least crossing the 45 level if not higher when I enter. This is a great filter for me.
I dont care about adx crosses, but confirmation on level of
strength of trend and correct trend when entering a
trade signaled by another method..in this case channel
crossing.

Second MACD, just using the signal line and macd colored,
like the xbwenx system on renko for gamers (oh and this thread earlier too)
dont care if above or below 0, but above or below macd line,
short above 0 must be clearly below macd line
and short below 0 must be clearly down thru
macd line, and vice versa for longs.. good enough for
reducing more chop!

And lastly... the RSI. Totally optional but I like it
for making sure you are in a longer term price trend
the likely-hood that you are in one when the
rsi 21 agrees is better so I use that myself.

Everything is finding what works for you
Again great contribution

Brian

Quoting Zurathustra
Using those as filters IMO doesn't add enough "new" information. By that I mean they pretty much replicate what the CCI and the 2 MA's are showing me.

The MACD "may" help if you were to approach this method as a scalper and follow the OsMA ups/downs for more frequent entries and exits. Otherwise it would not have prevented entry in the bad trades areas I had circled as it too would be confirming the CCI and 2 MA's in those instances.

The RSI 21 with a 50 level cross is showing almost the exact same info that the CCI 89 is showing. Though...
  • #611
  • Dec 5, 2009 6:53am Dec 5, 2009 6:53am
Heres the setup I'm testing right now...
Its the same as xbwenx has but with RSI Bars at the bottom, one at 21Period and OB65, OS35 and one at 5Period and OB90 and OS10...21RSI Bars show the trend and the 5RSI Bars for entry and exit....which also nearly matches with the HA Candles...

2nd chart has ADX bars which show on the chart itself like HA candles and are pretty effective...

3rd chart shows BBands indicator and you only long if blue or short if red..

But if you do want to take a trade and its not in the main direction as the indis I used here show, then you can do, just use half the lots or 3rd lots you would normally use.........theres no rule that says you have to keep to the same lot size all the time...

(the renkos I'm using are 2pip)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: renko.gif Size: 50 KB
Click to Enlarge Name: renko adx bars.gif Size: 49 KB
Click to Enlarge Name: renko bbands.gif Size: 54 KB
  • #612
  • Edited 12:23pm Dec 6, 2009 11:48am | Edited 12:23pm
Post your template and additional indicators?

And what are your toptrend/bbands settings?

thanks

Brian

Quoting cspip
Heres the setup I'm testing right now...
Its the same as xbwenx has but with RSI Bars at the bottom, one at 21Period and OB65, OS35 and one at 5Period and OB90 and OS10...21RSI Bars show the trend and the 5RSI Bars for entry and exit....which also nearly matches with the HA Candles...

2nd chart has ADX bars which show on the chart itself like HA candles and are pretty effective...

3rd chart shows BBands indicator and you only long if blue or short if red..

But if you do want to take a trade and its not in the main direction as the indis I used...
  • #613
  • Edited 3:13pm Dec 6, 2009 2:59pm | Edited 3:13pm
Yes, interested too in the TPL.

Makes setting it up on a chart here so much easier.

As with ALL indicators, one will need to learn how to use them to the fullest and feel when they fool you.
  • #614
  • Dec 7, 2009 9:04am Dec 7, 2009 9:04am
Heres them indicators.........The template is the same as xbwenx, just add and remove the indis as required.

Add the RSI Bars (Trend Zone) onto the chart and the show up at the bottom, do it twice for long trend and short.
Setting for long 21 Period, OB65 and OS 35
Setting for short 5 Period, OB90 and OS10

BBands settings 25, 3, 1.0, 1, 1

ADX Bars (Candles) you have to remove the HA Candles just to see them better, settings 14...

obviously played around with them, and let us know...
Attached File(s)
File Type: mq4 RSI Bars.mq4   3 KB | 1,508 downloads
File Type: mq4 BBANDS~1.mq4   6 KB | 1,480 downloads
File Type: mq4 ADX Bars.mq4   4 KB | 1,615 downloads
File Type: tpl renko and heiken ashi.tpl   6 KB | 1,446 downloads
  • #615
  • Dec 8, 2009 6:55am Dec 8, 2009 6:55am
Quoting xBweNx
Ok fellow trader im going to try and post my rules as best as I can. All of the rules will be showed in the charts and a little in typing cause im not good with words. Ill repost all my indicator and template in this post also incase people are just not starting and will not have to look at previous post to find them. I will be using the Renko EA version so I can be on the same page as everyone else and encourage everyone to do the same so there is no confusion.

Indicator:
[list][*]...
Hi What is the time frame, because I have the same Interbank FX Trader as I can see on you images its says M2 but if I see in the bottom time it shows in hours. Thanks
  • #616
  • Dec 8, 2009 9:43am Dec 8, 2009 9:43am
Quoting D-TickTrader
Hi What is the time frame, because I have the same Interbank FX Trader as I can see on you images its says M2 but if I see in the bottom time it shows in hours. Thanks
Thats the whole nature of the renko bricks/bars. It will only put up a new brick (up or down) if the price moved the amount you specify, say 5 or 10 pips. In a quiet period this may take longer time than in the midst of a major session or news etc....One 10 pip brick could take 5 mins, another or next could take 15mins.

So the time will become somewhat distorted, and renko are good to show the trend, and S&R. You have to ignore the time.
  • #617
  • Dec 9, 2009 10:00am Dec 9, 2009 10:00am
I am trying Renko charts with 10 & 15 pip bricks and using Swingman's smHullMA and a couple of other indicators. The Hull MA is the most telling. I wish I had an EA that placed a trade when the Hull MA switched color!

I think this is a really strong chart, it looks so simple in hindsight. With a 10 pip Renko GBP/USD, it has nice long, sweeping moves, that seem quite repeatable and tradeable. My biggest problem is with the dadblamed S/L.

I like using the UDD or DUU method of entry as described by Pippopotamus. I like it a lot. But my problem is with the stop positioning, especially having been burned a couple of times.

Say, you are using 10 pip bricks and your S/L follows by 30 pips. You would get taken out quite frequently. Maybe I could try 50 pips, that would be a heck of a hit, but maybe it is the breathing room that is really required, and the hits go with the territory.

Please look at the chart and let me know your thoughts.

Thanks.

Murph
Attached Image (click to enlarge)
Click to Enlarge Name: renko.gif Size: 23 KB
  • #618
  • Dec 9, 2009 10:15am Dec 9, 2009 10:15am
Does anyone know why none of the indicators ever line up with the renko bricks.........they always go out of sync
  • #619
  • Dec 9, 2009 1:12pm Dec 9, 2009 1:12pm
Quoting xBweNx
Ok fellow trader im going to try and post my rules as best as I can. All of the rules will be showed in the charts and a little in typing cause im not good with words. Ill repost all my indicator and template in this post also incase people are just not starting and will not have to look at previous post to find them. I will be using the Renko EA version so I can be on the same page as everyone else and encourage everyone to do the same so there is no confusion.

Indicator:
[list][*]...


Hello I am still setting up but I do not know how to set up Renko 10pip bricks There is only M1, M5, M10, D, W but no pips set up and Also enable the wick feature on the EA, How to set up?

And I could not find the SMA as you said to set up 2 SMA (5). Please help me. I have the same Platefarm (Interbank FX)

Thanks
  • #620
  • Dec 11, 2009 1:46pm Dec 11, 2009 1:46pm
Quoting cspip
Does anyone know why none of the indicators ever line up with the renko bricks.........they always go out of sync
Could it be that most indicators are not written with renko bricks in mind ?

Renko bricks without tails only provide high/low or open /close information. Witn tails on the range is available. When using a existing indicator you need to know what it's inputs are. Therefore some existing indicator not written exclusively for renko will prove usless.
0 traders viewing now