The instructions on how to do this are on posting 990
Renko Trading For Gamers (RTFG)
- #1,106
- Jul 19, 2010 6:14am Jul 19, 2010 6:14am
- Joined May 2010 | Status: Trader | 1,188 Posts
Hi,
can anyone please explain me how the following values in Mihailo's template (upper left corner) are generated and how to use them:
can anyone please explain me how the following values in Mihailo's template (upper left corner) are generated and how to use them:
- Coral high
- Coral low
- Stop Loss
- Take Profit
I found out that the values coral high/low are generated by the indicator "3 spr sl". But what do they mean?
But the Stop loss and Take profit display in the upper left corner is not generated by this indicator. And also in the code of the other used indicators I was not even able to find any source code how they are generated...
Can somebody give me a short explanation??
Thankx and best regards,
Oliver
After staring at this renko chart long enough it occured to me there is a way to win 100% of the time. Its so blatantly simple that I had to ask myself if perhaps I had gone crazy.. or maybe I'm seeing something that isn't there. Here is the chart I'm talking about.
And here is the "method"
Current Close > Current Open = Buy
Current Close < Current Open = Sell
EXIT = Reverse Condition or Current Close = Current Open
Now your probably thinking that's overly simplistic and you wont "always" win that way, but if you watch an ACTIVE chart with 1 SMA Open, and a 1 SMA CLOSE you'll see what I'm talking about.
As soon as a "new" bar appears then at that exact moment CLOSE = OPEN. Which means that you will exit your current trade in profit and then after a few ticks one way or the other then CLOSE will either be greater then or less then OPEN at which point you place your new order. If price retraces on you then what happens? You simply close the trade at the most loosing 1-2 Pips + Spread and open a trade in the opposite direction since now you be getting the opposite signal anyway.
The only drawbacks I can see to using this strategy is getting destroyed on the spread entering and exiting trades constantly as the price bounces up and down over the open. OK, so not 100% winning trades but losses "should" be insignificant compared to wins with a large enough renko box size, say a minimum of 25 pips. That would mean with a spread of 2 pips price would need to reverse on you 7 times on a brick to zero our your profit which I imagine would be highly unlikely. By going up to a 50 pip block size your more likely to be in profit without having to worry about the spread bouncing killing you.
I would love to hear some feedback on this because to be honest I think I may have had a stroke and I'm not thinking clearly...
And here is the "method"
Current Close > Current Open = Buy
Current Close < Current Open = Sell
EXIT = Reverse Condition or Current Close = Current Open
Now your probably thinking that's overly simplistic and you wont "always" win that way, but if you watch an ACTIVE chart with 1 SMA Open, and a 1 SMA CLOSE you'll see what I'm talking about.
As soon as a "new" bar appears then at that exact moment CLOSE = OPEN. Which means that you will exit your current trade in profit and then after a few ticks one way or the other then CLOSE will either be greater then or less then OPEN at which point you place your new order. If price retraces on you then what happens? You simply close the trade at the most loosing 1-2 Pips + Spread and open a trade in the opposite direction since now you be getting the opposite signal anyway.
The only drawbacks I can see to using this strategy is getting destroyed on the spread entering and exiting trades constantly as the price bounces up and down over the open. OK, so not 100% winning trades but losses "should" be insignificant compared to wins with a large enough renko box size, say a minimum of 25 pips. That would mean with a spread of 2 pips price would need to reverse on you 7 times on a brick to zero our your profit which I imagine would be highly unlikely. By going up to a 50 pip block size your more likely to be in profit without having to worry about the spread bouncing killing you.
I would love to hear some feedback on this because to be honest I think I may have had a stroke and I'm not thinking clearly...
- #1,115
- Jul 20, 2010 2:52am Jul 20, 2010 2:52am
- | Commercial User | Joined May 2009 | 5,751 Posts
After staring at this renko chart long enough it occured to me there is a way to win 100% of the time....
System sound good but you must test that.If i have time i will join you with tests..
"Buy on fear, sell on greed !!!
Hello Zara and welcome to the thread
System sound good but you must test that.If i have time i will join you with tests..
So far I can get it to open trades when it should but for some reason I cant get it to close them at all.
- #1,119
- Jul 20, 2010 3:36am Jul 20, 2010 3:36am
- | Commercial User | Joined May 2009 | 5,751 Posts
Just to take your initial chart...
First candle is bull (only half seen) - then follows bear-Candle and we go short
Candle reverses = -50Pip
Enter long = 25Pip
Enter short = -50Pip
Enter long = 25Pip
Enter short = 25Pip
Enter long = 25Pip
All in all your chart provided ZERO Pip ( not including spread yet )!
Maybe you should widen your TP?
And i must say to you i must drink your Avatar now
Cheers and happy trading
"Buy on fear, sell on greed !!!
nighthawk welcome to the thread
And i must say to you i must drink your Avatar now
Cheers and happy trading
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