Attachments: Renko Simple Trend Follower

Renko Simple Trend Follower

Poll

What do you think about this concept?

#1
First Post: Edited Jun 8, 2010 9:58am Jun 7, 2010 12:47pm | Edited Jun 8, 2010 9:58am

bluemele
| Joined Apr 2010 | Status: Trader | 904 Posts

This system can be traded manually and you will see it can be very profitable. This is a trend system and you can get 'chopped up' a bit during ranging markets but you will see if your parameters are good that you will have little drawdown during those conditions.

The concept is to optimize (without curve fitting) a RENKO block size for the specific pair that will be suitable for trading. This system will add-on additional entries at each price movement (new RENKO Bar) in the appropriate direction.

RENKO BARS are just bars that are not measured by time, but strictly price. What I believe is that price or PA (price action) is all you need to trade with one other indicator. This system does not have that indicator applied (YET).

I have backtested it through NINJATRADER (screen shot and report), but I would like to convert this to MT4 (need BEST Renko charting).

I am hoping that someone will help me put together an EA that can be backtested for this technique.

------------------------------

LONG:
- Bar goes 'x' number of pips UP, go long. NO Take Profit (TP), Trailing Stop (TS) = 'x' + 5 (typically, but optimized)

LONG ADD-ON:
- Bar goes 'x' number of pips UP, go long again.

EXAMPLE:
EURUSD
- Price 1.1615
- Price moves up to 1.1635 (20 pips), ENTER LONG, NO TP, TS = 25 (Long1)
- Price moves up to 1.1655 (20 pips), ENTER LONG, NO TP, TS = 25 (Long2)
- Price moves up to 1.1675 (20 pips), ENTER LONG, NO TP, TS = 25 (Long3)
- Price moves up to 1.1695 (20 pips), ENTER LONG, NO TP, TS = 25 (Long4)
- Price moves up to 1.1715 (20 pips), ENTER LONG, NO TP, TS = 25 (Long5)

---- Remember, that the Trailing Stops can be moved up with each pip or at the close of each bar (manual or EA) (My tests show jumping at close of bar)

- Price retraces to 1.1690 (25 pips), EXIT LONG POSITIONS (Stops HIT)
- Enter SHORT, NO TP, TS = 25 (SHORT 1)
------------------------------

Rinse & Repeat

I have run this over the last year with NinjaTrader and the buggy script I created with their wizard. It basically does most of it, but a little off.

I have found GBPJPY (even with spreads) as the best pair to trade @ 20/25/25 (20 pip RENKO Bar, 25 TS LONG, 25 TS SHORT) (This system was unbelievably profitable on FUTURES, but too much $ for me)

I have also tested GBPUSD (decent) and EURUSD (ok). I believe EURJPY and other JPY pairs would do best as they run quickly without retrace.

This system could work stand-alone, or with a martingale mixed in and/or with an additional indicator (I tested with T3 indicator), but have found that by itself it is profitable even with big spreads. It could be traded off larger RENKO bars (longer time-frame) or smaller bars (more whipsaw). Either way, super easy to SEE and TEST.

I have attached a screen shot or two with my BT results. Please take a look and tell me what you think. This system can easily be done manually which I recommend, but easier to have nice EA do your entries and TS for you! Please help!

Attached Image (click to enlarge)

Click to Enlarge

Name: RENKO TF SYSTEM.jpg
Size: 133 KB

Attached File(s)

NinjaTrader Grid 6_7_2010 GBPUSD.csv 466 KB | 1,740 downloads

Attached File(s)

NinjaTrader Grid 6_7_2010 EURUSD.csv 466 KB | 1,231 downloads

Attached File(s)

NinjaTrader Grid 6_7_2010 GBPJPY.csv 466 KB | 1,073 downloads

UPDATE: With this technique, YOU WILL HAVE LOSSES. With every technique, you will have losses. The key here it to ride the trend and that will cover your losses and that is why a pair that moves a lot of pips quickly is important.

Your win % may only be 50%, however, it will be an average of 5 bricks for profit and your losses will be .7 bricks loss.

We are our own best indicator.

#2
Jun 8, 2010 1:24am Jun 8, 2010 1:24am

Soondoock
| Joined May 2009 | Status: Trader | 233 Posts

Hello bluemele,
It seems good, but I can not say for sure it will work the same on mt4. Can you share the whole package you use with Ninja including renko indi and you ea. I will take a closer look to it and share my thoughts about it.

The Road appears under the steps of walking men...

#3
Jun 8, 2010 2:53am Jun 8, 2010 2:53am

yesbee1
| Joined Dec 2009 | Status: Trader | 107 Posts

Renko has been done for MT4. Check this thread out.

http://www.forexfactory.com/showthread.php?t=203769

#4
Jun 8, 2010 7:18am Jun 8, 2010 7:18am

swnke2
| Joined Feb 2009 | Status: Trader | 52 Posts

Thanks for posting details of your system. I did try something similar a while back however I'll be happy to create an EA for you based on your description as it is slightly different.

Just to make sure I understand the system correctly however, would I be correct in saying that as the system currently is described without an indicator, that it could be achieved without the need for Renko and instead use a grid based approach?

I'll start writing this EA tonight.

Cheers
Nick

#5
Jun 8, 2010 7:22am Jun 8, 2010 7:22am

bluemele
| Joined Apr 2010 | Status: Trader | 904 Posts

Quoting Soondoock

Disliked

Hello bluemele,
It seems good, but I can not say for sure it will work the same on mt4. Can you share the whole package you use with Ninja including renko indi and you ea. I will take a closer look to it and share my thoughts about it.

Ignored

Yes, no problem. Here is my code for RENKO TRENDFOLLOWER in Ninja! In NinjaTrader 7, RENKO is not an indicator, but a built in bar type.

This isn't perfect yet, but extremely simple.

It would have done quite well last night as well!

As per the post below your last, the RENKO has definitely been done for MT4.

Inserted Code

#region Using declarations
using System;
using System.ComponentModel;
using System.Diagnostics;
using System.Drawing;
using System.Drawing.Drawing2D;
using System.Xml.Serialization;
using NinjaTrader.Cbi;
using NinjaTrader.Data;
using NinjaTrader.Indicator;
using NinjaTrader.Gui.Chart;
using NinjaTrader.Strategy;
#endregion

// This namespace holds all strategies and is required. Do not change it.
namespace NinjaTrader.Strategy
{
    /// <summary>
    /// Enter the description of your strategy here
    /// </summary>
    [Description("Enter the description of your strategy here")]
    public class PriceAdd2 : Strategy
    {
        #region Variables
        // Wizard generated variables
        private int trailStopLong = 25; // Default setting for TrailStopLong
        private int trailStopShort = 25; // Default setting for TrailStopShort
        // User defined variables (add any user defined variables below)
        #endregion

        /// <summary>
        /// This method is used to configure the strategy and is called once before any strategy method is called.
        /// </summary>
        protected override void Initialize()
        {
            SetTrailStop("L1", CalculationMode.Ticks, TrailStopLong, false);
            SetTrailStop("S1", CalculationMode.Ticks, TrailStopShort, false);

            CalculateOnBarClose = true;
        }

        /// <summary>
        /// Called on each bar update event (incoming tick)
        /// </summary>
        protected override void OnBarUpdate()
        {
            // Condition set 1
            if (Close[0] > Close[1])
            {
                EnterLong(DefaultQuantity, "L1");
            }

            // Condition set 2
            if (Close[0] < Close[1])
            {
                EnterShort(DefaultQuantity, "S1");
            }
        }

        #region Properties
        [Description("")]
        [GridCategory("Parameters")]
        public int TrailStopLong
        {
            get { return trailStopLong; }
            set { trailStopLong = Math.Max(1, value); }
        }

        [Description("")]
        [GridCategory("Parameters")]
        public int TrailStopShort
        {
            get { return trailStopShort; }
            set { trailStopShort = Math.Max(1, value); }
        }
        #endregion
    }
}

#region Wizard settings, neither change nor remove
/*@
<?xml version="1.0" encoding="utf-16"?>
<NinjaTrader>
  <Name>PriceAdd2</Name>
  <CalculateOnBarClose>True</CalculateOnBarClose>
  <Description>Enter the description of your strategy here</Description>
  <Parameters>
    <Parameter>
      <Default1>
      </Default1>
      <Default2>25</Default2>
      <Default3>
      </Default3>
      <Description>
      </Description>
      <Minimum>1</Minimum>
      <Name>TrailStopLong</Name>
      <Type>int</Type>
    </Parameter>
    <Parameter>
      <Default1>
      </Default1>
      <Default2>25</Default2>
      <Default3>
      </Default3>
      <Description>
      </Description>
      <Minimum>1</Minimum>
      <Name>TrailStopShort</Name>
      <Type>int</Type>
    </Parameter>
  </Parameters>
  <State>
    <CurrentState>
      <StrategyWizardState xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">
        <Name>Flat</Name>
        <Sets>
          <StrategyWizardStateSet>
            <Actions>
              <StrategyWizardAction>
                <DisplayName>Enter long position</DisplayName>
                <Help />
                <MemberName>EnterLong</MemberName>
                <Parameters>
                  <string>quantity</string>
                  <string>signalName</string>
                </Parameters>
                <Values>
                  <string>DefaultQuantity</string>
                  <string>"L1"</string>
                </Values>
                <WizardItems>
                  <StrategyWizardItem>
                    <DisplayName>DefaultQuantity</DisplayName>
                    <IsIndicator>false</IsIndicator>
                    <IsInt>true</IsInt>
                    <IsMethod>false</IsMethod>
                    <IsSet>true</IsSet>
                    <MemberName>DefaultQuantity</MemberName>
                    <Parameters />
                    <Values />
                    <WizardItems />
                  </StrategyWizardItem>
                  <StrategyWizardItem>
                    <DisplayName />
                    <IsIndicator>false</IsIndicator>
                    <IsInt>false</IsInt>
                    <IsMethod>false</IsMethod>
                    <IsSet>true</IsSet>
                    <MemberName />
                    <Parameters />
                    <Values />
                    <WizardItems />
                  </StrategyWizardItem>
                </WizardItems>
              </StrategyWizardAction>
            </Actions>
            <Conditions>
              <StrategyWizardCondition>
                <AndOr>And</AndOr>
                <Left>
                  <DisplayName>Close</DisplayName>
                  <IsIndicator>false</IsIndicator>
                  <IsInt>false</IsInt>
                  <IsMethod>false</IsMethod>
                  <IsSet>true</IsSet>
                  <MemberName>Close</MemberName>
                  <Parameters>
                    <string>barsAgo</string>
                    <string>offsetType</string>
                    <string>offset</string>
                  </Parameters>
                  <Values>
                    <string>0</string>
                    <string>NinjaTrader.Strategy.CalculationMode.Ticks</string>
                    <string>0</string>
                  </Values>
                  <WizardItems>
                    <StrategyWizardItem>
                      <DisplayName>barsAgo</DisplayName>
                      <IsIndicator>false</IsIndicator>
                      <IsInt>true</IsInt>
                      <IsMethod>false</IsMethod>
                      <IsSet>false</IsSet>
                      <MemberName>0</MemberName>
                      <Parameters />
                      <Values />
                      <WizardItems />
                    </StrategyWizardItem>
                    <StrategyWizardItem>
                      <DisplayName />
                      <IsIndicator>false</IsIndicator>
                      <IsInt>false</IsInt>
                      <IsMethod>false</IsMethod>
                      <IsSet>true</IsSet>
                      <MemberName />
                      <Parameters />
                      <Values />
                      <WizardItems />
                    </StrategyWizardItem>
                    <StrategyWizardItem>
                      <DisplayName>offset</DisplayName>
                      <IsIndicator>false</IsIndicator>
                      <IsInt>true</IsInt>
                      <IsMethod>false</IsMethod>
                      <IsSet>false</IsSet>
                      <MemberName>0</MemberName>
                      <Parameters />
                      <Values />
                      <WizardItems />
                    </StrategyWizardItem>
                  </WizardItems>
                </Left>
                <LookBackPeriod>1</LookBackPeriod>
                <Operator>&gt;</Operator>
                <Right>
                  <DisplayName>Close</DisplayName>
                  <IsIndicator>false</IsIndicator>
                  <IsInt>false</IsInt>
                  <IsMethod>false</IsMethod>
                  <IsSet>true</IsSet>
                  <MemberName>Close</MemberName>
                  <Parameters>
                    <string>barsAgo</string>
                    <string>offsetType</string>
                    <string>offset</string>
                  </Parameters>
                  <Values>
                    <string>1</string>
                    <string>NinjaTrader.Strategy.CalculationMode.Ticks</string>
                    <string>0</string>
                  </Values>
                  <WizardItems>
                    <StrategyWizardItem>
                      <DisplayName>Numeric value</DisplayName>
                      <IsIndicator>false</IsIndicator>
                      <IsInt>true</IsInt>
                      <IsMethod>false</IsMethod>
                      <IsSet>true</IsSet>
                      <MemberName>1</MemberName>
                      <Parameters />
                      <Values />
                      <WizardItems />
                    </StrategyWizardItem>
                    <StrategyWizardItem>
                      <DisplayName />
                      <IsIndicator>false</IsIndicator>
                      <IsInt>false</IsInt>
                      <IsMethod>false</IsMethod>
                      <IsSet>true</IsSet>
                      <MemberName />
                      <Parameters />
                      <Values />
                      <WizardItems />
                    </StrategyWizardItem>
                    <StrategyWizardItem>
                      <DisplayName>offset</DisplayName>
                      <IsIndicator>false</IsIndicator>
                      <IsInt>true</IsInt>
                      <IsMethod>false</IsMethod>
                      <IsSet>false</IsSet>
                      <MemberName>0</MemberName>
                      <Parameters />
                      <Values />
                      <WizardItems />
                    </StrategyWizardItem>
                  </WizardItems>
                </Right>
              </StrategyWizardCondition>
            </Conditions>
          </StrategyWizardStateSet>
          <StrategyWizardStateSet>
            <Actions>
              <StrategyWizardAction>
                <DisplayName>Enter short position</DisplayName>
                <Help />
                <MemberName>EnterShort</MemberName>
                <Parameters>
                  <string>quantity</string>
                  <string>signalName</string>
                </Parameters>
                <Values>
                  <string>DefaultQuantity</string>
                  <string>"S1"</string>
                </Values>
                <WizardItems>
                  <StrategyWizardItem>
                    <DisplayName>DefaultQuantity</DisplayName>
                    <IsIndicator>false</IsIndicator>
                    <IsInt>true</IsInt>
                    <IsMethod>false</IsMethod>
                    <IsSet>true</IsSet>
                    <MemberName>DefaultQuantity</MemberName>
                    <Parameters />
                    <Values />
                    <WizardItems />
                  </StrategyWizardItem>
                  <StrategyWizardItem>
                    <DisplayName />
                    <IsIndicator>false</IsIndicator>
                    <IsInt>false</IsInt>
                    <IsMethod>false</IsMethod>
                    <IsSet>true</IsSet>
                    <MemberName />
                    <Parameters />
                    <Values />
                    <WizardItems />
                  </StrategyWizardItem>
                </WizardItems>
              </StrategyWizardAction>
            </Actions>
            <Conditions>
              <StrategyWizardCondition>
                <AndOr>And</AndOr>
                <Left>
                  <DisplayName>Close</DisplayName>
                  <IsIndicator>false</IsIndicator>
                  <IsInt>false</IsInt>
                  <IsMethod>false</IsMethod>
                  <IsSet>true</IsSet>
                  <MemberName>Close</MemberName>
                  <Parameters>
                    <string>barsAgo</string>
                    <string>offsetType</string>
                    <string>offset</string>
                  </Parameters>
                  <Values>
                    <string>0</string>
                    <string>NinjaTrader.Strategy.CalculationMode.Ticks</string>
                    <string>0</string>
                  </Values>
                  <WizardItems>
                    <StrategyWizardItem>
                      <DisplayName>barsAgo</DisplayName>
                      <IsIndicator>false</IsIndicator>
                      <IsInt>true</IsInt>
                      <IsMethod>false</IsMethod>
                      <IsSet>false</IsSet>
                      <MemberName>0</MemberName>
                      <Parameters />
                      <Values />
                      <WizardItems />
                    </StrategyWizardItem>
                    <StrategyWizardItem>
                      <DisplayName />
                      <IsIndicator>false</IsIndicator>
                      <IsInt>false</IsInt>
                      <IsMethod>false</IsMethod>
                      <IsSet>true</IsSet>
                      <MemberName />
                      <Parameters />
                      <Values />
                      <WizardItems />
                    </StrategyWizardItem>
                    <StrategyWizardItem>
                      <DisplayName>offset</DisplayName>
                      <IsIndicator>false</IsIndicator>
                      <IsInt>true</IsInt>
                      <IsMethod>false</IsMethod>
                      <IsSet>false</IsSet>
                      <MemberName>0</MemberName>
                      <Parameters />
                      <Values />
                      <WizardItems />
                    </StrategyWizardItem>
                  </WizardItems>
                </Left>
                <LookBackPeriod>1</LookBackPeriod>
                <Operator>&lt;</Operator>
                <Right>
                  <DisplayName>Close</DisplayName>
                  <IsIndicator>false</IsIndicator>
                  <IsInt>false</IsInt>
                  <IsMethod>false</IsMethod>
                  <IsSet>true</IsSet>
                  <MemberName>Close</MemberName>
                  <Parameters>
                    <string>barsAgo</string>
                    <string>offsetType</string>
                    <string>offset</string>
                  </Parameters>
                  <Values>
                    <string>1</string>
                    <string>NinjaTrader.Strategy.CalculationMode.Ticks</string>
                    <string>0</string>
                  </Values>
                  <WizardItems>
                    <StrategyWizardItem>
                      <DisplayName>Numeric value</DisplayName>
                      <IsIndicator>false</IsIndicator>
                      <IsInt>true</IsInt>
                      <IsMethod>false</IsMethod>
                      <IsSet>true</IsSet>
                      <MemberName>1</MemberName>
                      <Parameters />
                      <Values />
                      <WizardItems />
                    </StrategyWizardItem>
                    <StrategyWizardItem>
                      <DisplayName />
                      <IsIndicator>false</IsIndicator>
                      <IsInt>false</IsInt>
                      <IsMethod>false</IsMethod>
                      <IsSet>true</IsSet>
                      <MemberName />
                      <Parameters />
                      <Values />
                      <WizardItems />
                    </StrategyWizardItem>
                    <StrategyWizardItem>
                      <DisplayName>offset</DisplayName>
                      <IsIndicator>false</IsIndicator>
                      <IsInt>true</IsInt>
                      <IsMethod>false</IsMethod>
                      <IsSet>false</IsSet>
                      <MemberName>0</MemberName>
                      <Parameters />
                      <Values />
                      <WizardItems />
                    </StrategyWizardItem>
                  </WizardItems>
                </Right>
              </StrategyWizardCondition>
            </Conditions>
          </StrategyWizardStateSet>
        </Sets>
        <StopTargets>
          <StrategyWizardAction>
            <DisplayName>Trailing stop</DisplayName>
            <Help />
            <MemberName>SetTrailStop</MemberName>
            <Parameters>
              <string>fromEntrySignal</string>
              <string>mode</string>
              <string>value</string>
              <string>simulated</string>
            </Parameters>
            <Values>
              <string>"L1"</string>
              <string>NinjaTrader.Strategy.CalculationMode.Ticks</string>
              <string>TrailStopLong</string>
              <string>False</string>
            </Values>
            <WizardItems>
              <StrategyWizardItem>
                <DisplayName />
                <IsIndicator>false</IsIndicator>
                <IsInt>false</IsInt>
                <IsMethod>false</IsMethod>
                <IsSet>true</IsSet>
                <MemberName />
                <Parameters />
                <Values />
                <WizardItems />
              </StrategyWizardItem>
              <StrategyWizardItem>
                <DisplayName />
                <IsIndicator>false</IsIndicator>
                <IsInt>false</IsInt>
                <IsMethod>false</IsMethod>
                <IsSet>true</IsSet>
                <MemberName />
                <Parameters />
                <Values />
                <WizardItems />
              </StrategyWizardItem>
              <StrategyWizardItem>
                <DisplayName>TrailStopLong</DisplayName>
                <IsIndicator>false</IsIndicator>
                <IsInt>true</IsInt>
                <IsMethod>false</IsMethod>
                <IsSet>true</IsSet>
                <MemberName>TrailStopLong</MemberName>
                <Parameters />
                <Values />
                <WizardItems />
              </StrategyWizardItem>
              <StrategyWizardItem>
                <DisplayName />
                <IsIndicator>false</IsIndicator>
                <IsInt>false</IsInt>
                <IsMethod>false</IsMethod>
                <IsSet>true</IsSet>
                <MemberName />
                <Parameters />
                <Values />
                <WizardItems />
              </StrategyWizardItem>
            </WizardItems>
          </StrategyWizardAction>
          <StrategyWizardAction>
            <DisplayName>Trailing stop</DisplayName>
            <Help />
            <MemberName>SetTrailStop</MemberName>
            <Parameters>
              <string>fromEntrySignal</string>
              <string>mode</string>
              <string>value</string>
              <string>simulated</string>
            </Parameters>
            <Values>
              <string>"S1"</string>
              <string>NinjaTrader.Strategy.CalculationMode.Ticks</string>
              <string>TrailStopShort</string>
              <string>False</string>
            </Values>
            <WizardItems>
              <StrategyWizardItem>
                <DisplayName />
                <IsIndicator>false</IsIndicator>
                <IsInt>false</IsInt>
                <IsMethod>false</IsMethod>
                <IsSet>true</IsSet>
                <MemberName />
                <Parameters />
                <Values />
                <WizardItems />
              </StrategyWizardItem>
              <StrategyWizardItem>
                <DisplayName />
                <IsIndicator>false</IsIndicator>
                <IsInt>false</IsInt>
                <IsMethod>false</IsMethod>
                <IsSet>true</IsSet>
                <MemberName />
                <Parameters />
                <Values />
                <WizardItems />
              </StrategyWizardItem>
              <StrategyWizardItem>
                <DisplayName>TrailStopShort</DisplayName>
                <IsIndicator>false</IsIndicator>
                <IsInt>true</IsInt>
                <IsMethod>false</IsMethod>
                <IsSet>true</IsSet>
                <MemberName>TrailStopShort</MemberName>
                <Parameters />
                <Values />
                <WizardItems />
              </StrategyWizardItem>
              <StrategyWizardItem>
                <DisplayName />
                <IsIndicator>false</IsIndicator>
                <IsInt>false</IsInt>
                <IsMethod>false</IsMethod>
                <IsSet>true</IsSet>
                <MemberName />
                <Parameters />
                <Values />
                <WizardItems />
              </StrategyWizardItem>
            </WizardItems>
          </StrategyWizardAction>
        </StopTargets>
      </StrategyWizardState>
    </CurrentState>
  </State>
</NinjaTrader>
@*/
#endregion

We are our own best indicator.

#6
Jun 8, 2010 7:25am Jun 8, 2010 7:25am

Soondoock
| Joined May 2009 | Status: Trader | 233 Posts

unfortunately I do not have NT7.

The Road appears under the steps of walking men...

#7
Jun 8, 2010 7:32am Jun 8, 2010 7:32am

Toccata
| Joined Feb 2008 | Status: Trader | 37 Posts

EXAMPLE:
EURUSD
- Price 1.1615
- Price moves up to 1.1635 (20 pips), ENTER LONG, NO TP, TS = 25 (Long1)
- Price moves up to 1.1655 (20 pips), ENTER LONG, NO TP, TS = 25 (Long2)
- Price moves up to 1.1675 (20 pips), ENTER LONG, NO TP, TS = 25 (Long3)
- Price moves up to 1.1695 (20 pips), ENTER LONG, NO TP, TS = 25 (Long4)
- Price moves up to 1.1715 (20 pips), ENTER LONG, NO TP, TS = 25 (Long5)

---- Remember, that the Trailing Stops are getting moved up with each pip (manual or EA)

- Price retraces to 1.1675 (40 pips), EXIT LONG POSITIONS (Stops HIT)
- Enter SHORT, NO TP, TS = 25 (SHORT 1)
**********************************************************************************
In the example above all the stops would be hit at 1.1715-25 pips = 1.1690 - has your tester tested correctly?

#8
Jun 8, 2010 9:44am Jun 8, 2010 9:44am

bluemele
| Joined Apr 2010 | Status: Trader | 904 Posts

Quoting Toccata

Disliked

EXAMPLE:
EURUSD
- Price 1.1615
- Price moves up to 1.1635 (20 pips), ENTER LONG, NO TP, TS = 25 (Long1)
- Price moves up to 1.1655 (20 pips), ENTER LONG, NO TP, TS = 25 (Long2)
- Price moves up to 1.1675 (20 pips), ENTER LONG, NO TP, TS = 25 (Long3)
- Price moves up to 1.1695 (20 pips), ENTER LONG, NO TP, TS = 25 (Long4)
- Price moves up to 1.1715 (20 pips), ENTER LONG, NO TP, TS = 25 (Long5)

---- Remember, that the Trailing Stops are getting moved up with each pip (manual or EA)

- Price retraces to 1.1675 (40 pips), EXIT LONG POSITIONS...

Ignored

Hi Toccata,

No, the tester is not backtesting properly and honestly I don't want to spend the time in NinjaTrader. I believe it is working off of bar close only, so as a traditional Trailing Stop Loss, it would not work, however, the way it is testing is only moving (jumping) the SL upon bar close which is quite profitable.

Either way, moving it into MT4 to optimize would be ideal as I believe it would be more accurate. I run this manually and with a traditional SL, it doesn't make sense, but with a bar close jumping TSL, it does.

I was hoping someone w/ RENKO experience would be able to assist and see if it is worth pursuing.

(To be clear, what I have in NT is not what I want exactly, but it sure is profitable)

We are our own best indicator.

#9
Jun 8, 2010 9:51am Jun 8, 2010 9:51am

Soondoock
| Joined May 2009 | Status: Trader | 233 Posts

It will work only on trend markets with low spread, or if you include the spread to box size. But it seems the grid will not be very profitable. Anyway, I will see if it possible to make EA. Also we can contact Ronald Reygan to help us with this.

The Road appears under the steps of walking men...

#10
Edited 6:34pm Jun 8, 2010 10:07am | Edited 6:34pm

bluemele
| Joined Apr 2010 | Status: Trader | 904 Posts

Quoting swnke2

Disliked

Thanks for posting details of your system. I did try something similar a while back however I'll be happy to create an EA for you based on your description as it is slightly different.

Just to make sure I understand the system correctly however, would I be correct in saying that as the system currently is described without an indicator, that it could be achieved without the need for Renko and instead use a grid based approach?

I'll start writing this EA tonight.

Cheers
Nick

Ignored

Yes, RENKO is not required. I actually started manipulating another EA to do the same thing. I guess I added the RENKO because:

a) NinjaTrader has it built in as bar type (Tradestation as well)
b) people are able to see it more simply than a grid with all the clear coloring

at the end of the day, it is just grid trading. (EDIT: BUT WITH STOPS!!!!!, BIG DIFFERENCE!!!)

I changed my post above, so please take note that the trailing stop that I set up is actually a jumping trailing stop at bar close because I couldn't figure out how to do intrabar testing in NT7. I was going to try it in Tradestation today as EasyLanguage is a bit easier to figure out. I can't stand them and trying to move away though so MT4 or NT7 is best.

The whole point is to capitalize on trends... Which GBPJPY and other JPY pairs do very very well.... I am looking at a GBPJPY 20 RENKO right now and boy... it looks very good for today.

Attached Image (click to enlarge)

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We are our own best indicator.

#11
Jun 8, 2010 10:32am Jun 8, 2010 10:32am

bluemele
| Joined Apr 2010 | Status: Trader | 904 Posts

Quoting Soondoock

Disliked

It will work only on trend markets with low spread, or if you include the spread to box size. But it seems the grid will not be very profitable. Anyway, I will see if it possible to make EA. Also we can contact Ronald Reygan to help us with this.

Ignored

Yes, spread can be added. It does seem profitable w/ spread as I added spread/commission/slippage in backtests thus far and it seems to work.

If it doesn't work on smaller 'bricks', then it will work on larger one's.

40 brick, 45 sl is good too...

Maybe it doesn't work, but so far the last few weeks it has.

--SIMPLE PRICE ACTION with stop... I wonder...

We are our own best indicator.

#12
Jun 10, 2010 8:33am Jun 10, 2010 8:33am

nightyhawk
| Joined Sep 2009 | Status: Trader | 296 Posts

There is one mistake in it... your renko charts don't contain any candle wicks although silly wicks exist... and they destroy some nice looking performance.

#13
Jun 10, 2010 8:42am Jun 10, 2010 8:42am

Sn4k3
| Joined Feb 2010 | Status: Trader | 4 Posts

Hi,

Are those charts that your looking at generated in real time ? Because if they are not, they are generated by looking at the open-close price of each bar. This creates totally different (and better looking renko charts) than looking at each tick.

What i mean is:
A bar that is open at 1.2500 high of 1.2520 and close of 1.2480
- in an offline generated chart it would look like a down renko bar (open-close is minus 20)
- in an real time renko chart it would show 1 up renko bar and 1 down renko bar

It makes a big difference, history charts mostly can not be trusted with renko

#14
Jun 10, 2010 8:47am Jun 10, 2010 8:47am

nightyhawk
| Joined Sep 2009 | Status: Trader | 296 Posts

Quoting Sn4k3

Disliked

A bar that is open at 1.2500 high of 1.2520 and close of 1.2480
- in an offline generated chart it would look like a down renko bar (open-close is minus 20)
- in an real time renko chart it would show 1 up renko bar and 1 down renko bar

Ignored

If you use renko charts with wicks there is no difference at all.

#15
Jun 10, 2010 8:50am Jun 10, 2010 8:50am

Sn4k3
| Joined Feb 2010 | Status: Trader | 4 Posts

Quoting nightyhawk

Disliked

If you use renko charts with wicks there is no difference at all.

Ignored

to create the offline renko chart ?

never tried that could show some intresting things will try ty

#16
Jun 10, 2010 9:03am Jun 10, 2010 9:03am

nightyhawk
| Joined Sep 2009 | Status: Trader | 296 Posts

That is the way it would look like...

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#17
Jun 10, 2010 9:31am Jun 10, 2010 9:31am

bluemele
| Joined Apr 2010 | Status: Trader | 904 Posts

Quoting nightyhawk

Disliked

There is one mistake in it... your renko charts don't contain any candle wicks although silly wicks exist... and they destroy some nice looking performance.

Ignored

No wicks, NT puts it all within the candle/brick. I retested and 20/25 is too small for spread unless it is a ECN which is what I was testing for.

On typical MM, the spreads are too large and you would have to go higher. Take a look at my NT chart to show you the price movements and bricks overlay.

Attached Image (click to enlarge)

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We are our own best indicator.

#18
Jun 10, 2010 9:34am Jun 10, 2010 9:34am

bluemele
| Joined Apr 2010 | Status: Trader | 904 Posts

Quoting Sn4k3

Disliked

Hi,

Are those charts that your looking at generated in real time ? Because if they are not, they are generated by looking at the open-close price of each bar. This creates totally different (and better looking renko charts) than looking at each tick.

What i mean is:
A bar that is open at 1.2500 high of 1.2520 and close of 1.2480
- in an offline generated chart it would look like a down renko bar (open-close is minus 20)
- in an real time renko chart it would show 1 up renko bar and 1 down renko bar

It makes a big difference, history...

Ignored

You may be right, but it should put the ticks within the renko chart. Take a look at my last post. It is working off close/open of the bar, but the TS is still in place jumping at each close/open.

I have been doing this visually and it has worked with ECN broker manually. I haven't been able to do it mechanically as I don't have the wisdom!

Maybe this won't work, I realized that prices tend to move in one direction with certain currencies and I believe price action is most of it.

We are our own best indicator.

#19
Jun 10, 2010 9:35am Jun 10, 2010 9:35am

bluemele
| Joined Apr 2010 | Status: Trader | 904 Posts

Quoting nightyhawk

Disliked

That is the way it would look like...

Ignored

If you are updating your TS every brick, then the wicks won't matter, because if it does drop below/above your measurement/size of your brick, it will start a new brick right?

We are our own best indicator.

#20
Jun 10, 2010 9:42am Jun 10, 2010 9:42am

nightyhawk
| Joined Sep 2009 | Status: Trader | 296 Posts

Quoting bluemele

Disliked

If you are updating your TS every brick, then the wicks won't matter, because if it does drop below/above, it will start a new brick right?

Ignored

Not at all... have a look to my posted ímage:

- the last full and fixed renko-candle is from 1.2100 - 1.2120
- price has now some possibilities...
a) it can range between 1.2081 and 1.2139 without forming a new candle
b) it can reach 1.2080 forming a black candle
c) it can reach 1.2140 forming a new white candle

What does that mean:
If you take the candle 1.2100-1.2120 as a possible entry and you want to stay in that trend as long you have white candle - then you need a stoploss twice your candle size (in this case 40Pip). And that fact is not sooo obvious without wicks.

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