GUys i found i think good Fibs play with Renko if someone interested and love to play with Fibs i think this princip can work on EURUSD i didnt look at other pars
"Buy on fear, sell on greed !!!
Renko Trading For Gamers (RTFG)
- #1,121
- Jul 20, 2010 3:56am Jul 20, 2010 3:56am
- | Commercial User | Joined May 2009 | 5,751 Posts
GUys i found i think good Fibs play with Renko if someone interested and love to play with Fibs i think this princip can work on EURUSD i didnt look at other pars
- #1,122
- Jul 20, 2010 4:30am Jul 20, 2010 4:30am
- | Commercial User | Joined May 2009 | 5,751 Posts
I will post just idea i didnt test this but who want to test he is welcome ...
Princip is simple >
Use 10 brick size and setup on EURUSD (i setup on other pairs)
How strategy works >
We must have minimum 5 candles in a row to draw our fib levels.After 5 candles in a row we waiting first reversal to draw our Fibs.After that we wait retrace from fibs,how we know where is retrace,simple when we see reversal candle from our Fib levels.TP is always on 161.6 FIb level and for SL you can use 2 fib levels above or below depend your position (buy or sell).
Thats it
Some examples >
...Princip is simple >
Use 10 brick size and setup on EURUSD (i setup on other pairs)
How strategy works >
We must have minimum 5 candles in a row to draw our fib levels.After 5 candles in a row we waiting first reversal to draw our Fibs.After that we wait retrace from fibs,how we know where is retrace,simple when we see reversal candle from our Fib levels.TP is always on 161.6 FIb level and for SL you can use 2 fib levels above or below depend your position (buy or sell).
Thats it
Some examples >
"Buy on fear, sell on greed !!!
Hi Zurathustra,
Again welcome to the RTFG thread....
So, after I posted here last night I cobbled together an very basic EA to run the test overnight and sure enough the system works exactly like I expected it to. Meaning it gets you into the winning trades but also kills you as it bounces around the previous close...
Here's the rundown:
Renko Live Chart 3.2
25 Pip Renko Box Size
Long Entry = Current Close > Previous Close
Long Exit = Curent Close < Previous Close -5 Pip "Buffer"
Short Entry = Current Close < Previous Close
Short Exit = Current Close > Previous Close +5 Pip "Buffer"
Only 1 active trade allowed at a time using an "always in" SAR type system.
NO TP
NO SL
So here's a screen shot that depicts the first nights trading, its hard to tell with the first few trades exactly what happened but the last few are easy to see what's going as as the way MT4 displays dropped trades on the same bar is kinda... odd.
1. Buy signal was sent when I dropped EA on Chart, turned down for -16 Pips.
2. Short run, these are what were looking for. +63 Pips
3. "bounce" -12 Pips (-5 To close previous Trade, -2 Spread, -5 To Close this Trade)
4. "bounce" -12 Pips
5. "bounce" -12 pips
6. Short run +37 Pips
7. "bounce" -12 Pips
8. "bounce" -12 Pips
9. "bounce" -12 Pips
10. "bounce" -12 Pips
11. long run +39 Pips
12. "bounce" -12 Pips
13. "bounce" -12 Pips
14. "bounce" -12 Pips
15. "bounce" -12 Pips
16. "bounce" -12 Pips
17. "bounce" -12 Pips
-----------------------------
Net Total -5 Pips
So... anyway, thanks to the "buffer" I put in to prevent being eaten alive on the spread as the price moves 1 pip up and down over the previous close, I have instead been eaten alive as the price moves 5 pips up and down
.Regardless, I feel this trading method has merit, just need to figure out a way to filter those "small" moves in the bar. Maybe increasing the buffer size and renko brick size? Perhaps Reducing?
Anyway, here's the EA if someone else wants to demo test this so they can at least "see" what it is I'm talking about. It's designed to work with a 5 digit ECN broker, so it may not function for you. It is extremely basic and only allows you to set the pip buffer size and lot size, entry/exit is hard coded. DO NOT UNDER ANY CIRCUMSTANCES TRADE THIS ON A LIVE ACCOUNT.
To see it work like I originally "imagined" it working just make buffer = 0. who knows, it "may" work better that way.
Anyway.. ideas for improving the system:
Trade only during news (yeah, crazy but its those large moves in one direction that this will catch and make money on)
Trade only during certain market hours
Change Brick Size
Change Buffer Size
Additional ideas/suggestions welcome.
Well... it seems my little experiment in insanity "may" have hit pay dirt. On a whim I changed the "buffer" to be the same size as my Renko brick. Here are the results I got over the last trade session I tested.
1. Buy -2
2. Sell +6
3. Buy +48
4. Sell -3
5. Buy +27
6. Sell +8
7. Buy +27
Now this "could" be a fluke trading period which gave these results, so I'm gonna leave the EA running with the same settings through the day to see what happens. Also if you look at the chart you'll see its currently in a sell trade thats -10 pips more or less. Seems to be an "issue" with my buffer logic with a very small % of bars.
If you take a close look at the last bar you'll see its down wick moved -10 from previous close which caused me to exit the BUY I was in and enter a SELL. That sell went down 9 pips, but has now reversed and is currently showing current close > previous close which "Should" be a buy, but since I have the EA coded to exit a sell when (Current Close > (Previous Close + Buffer)) it wont exit this sell until it opens a new "buy" candle.
This appears to be a minor issue with the small number of renko bars that have wicks that "almost" make a new bar but just dont quite get there. Because had it gotten that last pip, it would have exited that sell at more or less break even - spread pips. But since it didn't I'm looking to loose 20 pips on it. Anyway, gonna let it ride, see how it plays out, and report the details later today after the EA trades some more.
For those curious about the exact settings:
Renko Live Chart 3.2
10 Pip Renko Brick Size
Renko EA I posted earlier
10 Pip buffer
1. Buy -2
2. Sell +6
3. Buy +48
4. Sell -3
5. Buy +27
6. Sell +8
7. Buy +27
Now this "could" be a fluke trading period which gave these results, so I'm gonna leave the EA running with the same settings through the day to see what happens. Also if you look at the chart you'll see its currently in a sell trade thats -10 pips more or less. Seems to be an "issue" with my buffer logic with a very small % of bars.
If you take a close look at the last bar you'll see its down wick moved -10 from previous close which caused me to exit the BUY I was in and enter a SELL. That sell went down 9 pips, but has now reversed and is currently showing current close > previous close which "Should" be a buy, but since I have the EA coded to exit a sell when (Current Close > (Previous Close + Buffer)) it wont exit this sell until it opens a new "buy" candle.
This appears to be a minor issue with the small number of renko bars that have wicks that "almost" make a new bar but just dont quite get there. Because had it gotten that last pip, it would have exited that sell at more or less break even - spread pips. But since it didn't I'm looking to loose 20 pips on it. Anyway, gonna let it ride, see how it plays out, and report the details later today after the EA trades some more.
For those curious about the exact settings:
Renko Live Chart 3.2
10 Pip Renko Brick Size
Renko EA I posted earlier
10 Pip buffer
- #1,134
- Edited 9:57am Jul 23, 2010 6:41am | Edited 9:57am
- | Joined Dec 2008 | Status: Overman | 134 Posts
After leaving the EA to trade on its on for a bit, two things have come to my attention:
1. By making the Buffer = Renko brick size the EA become profitable
2. A failure in my coding logic is causing some trades to turn into worse loosers then they should be, while also preventing entering into a winning trade to offset.
IE, when the following occurs:
You are in a trade and the trade conditions meet the "exit" criteria, the EA will exit and immediately enter a trade in the opposite direction. However, the trend then reverses again and goes against this new trade, which the EA becomes locked into because of the exit criteria I use of: Current Close (<>) Previous Close (+-) Buffer. Since at that point in time as the trend goes the opposite direction in order for current close to be (<>) previous close (+-) a "new" bar will form, which instantly makes Current Close = Previous close, thereby negating the exit condition.
Take a look at this screenshot that demonstrates the problem prefectly:
The only solution I can come up with is to make a SL = Buffer on all trades, however I fear that may cause more loss then it prevents as those areas of price ranging would be hitting the SL repeatedly rather then simply taking a hit on spread and changing direction.
So, I'm left with following problems to make this profitable:
Find a way to make Buffer = 0 yet somehow manage to no get eaten alive on the spread when the price moves in a 1-2 pip range up and down over the previous close.
OR
Find a way to make Buffer = Renko Brick size while at the same time detecting that the trend "reversed" on those error trades so the EA can get back in, in the correct direction.
EDIT: Any coders here know how to make the EA stop checking for X amount of time after it enters a trade? I'm thinking that instead of using a buffer that I could use a trade timer that prevents the EA from checking its exit conditions for a while after it enters a trade, this would stop it from entering a buy/sell then immediately exiting it. The largest portion of spread hits are occurring within 5 seconds of each other, so with a timer of say 30 seconds or higher would at least trim some of them out. Take a look at this,
8 reversals over a 1 minute span at a loss of 2 pips of spread each = -16 pips and the price only ever moved 1 pip up or down.
So with a delay timer of say 30 seconds this could have been reduced to around 2 reversal trades with a 4 pip loss from spread.
1. By making the Buffer = Renko brick size the EA become profitable
2. A failure in my coding logic is causing some trades to turn into worse loosers then they should be, while also preventing entering into a winning trade to offset.
IE, when the following occurs:
You are in a trade and the trade conditions meet the "exit" criteria, the EA will exit and immediately enter a trade in the opposite direction. However, the trend then reverses again and goes against this new trade, which the EA becomes locked into because of the exit criteria I use of: Current Close (<>) Previous Close (+-) Buffer. Since at that point in time as the trend goes the opposite direction in order for current close to be (<>) previous close (+-) a "new" bar will form, which instantly makes Current Close = Previous close, thereby negating the exit condition.
Take a look at this screenshot that demonstrates the problem prefectly:
The only solution I can come up with is to make a SL = Buffer on all trades, however I fear that may cause more loss then it prevents as those areas of price ranging would be hitting the SL repeatedly rather then simply taking a hit on spread and changing direction.
So, I'm left with following problems to make this profitable:
Find a way to make Buffer = 0 yet somehow manage to no get eaten alive on the spread when the price moves in a 1-2 pip range up and down over the previous close.
OR
Find a way to make Buffer = Renko Brick size while at the same time detecting that the trend "reversed" on those error trades so the EA can get back in, in the correct direction.
EDIT: Any coders here know how to make the EA stop checking for X amount of time after it enters a trade? I'm thinking that instead of using a buffer that I could use a trade timer that prevents the EA from checking its exit conditions for a while after it enters a trade, this would stop it from entering a buy/sell then immediately exiting it. The largest portion of spread hits are occurring within 5 seconds of each other, so with a timer of say 30 seconds or higher would at least trim some of them out. Take a look at this,
8 reversals over a 1 minute span at a loss of 2 pips of spread each = -16 pips and the price only ever moved 1 pip up or down.
So with a delay timer of say 30 seconds this could have been reduced to around 2 reversal trades with a 4 pip loss from spread.
- #1,138
- Jul 25, 2010 2:49pm Jul 25, 2010 2:49pm
Unfortunately hiding the data on a forming bar is not an option as that data is needed, otherwise I would just use "complete bars" for my entries and exits....
I did quite a bit of work and testing using Ninja Trader 7 and RENKO. It is built right into the bars and it is nice!
However, NT7 doesn't do spreads!
Or, at least I couldn't figure out how to put them in, so I had to put in slippage and commission to make up for it which seems to work.I tested all futures, and forex.
Conclusion was that GBPJPY was the best trending currency pair (I didn't test too many lower volume crosspairs like EURAUD which I think would be the best), but due to GAIN constantly changing the spreads it was impossible to really know. Plus NT7 only calculates as of bar close and doesn't do intrabar.
For currencies Renko Bar Size w/ TS were as follows for highest PF and lowest DD was around 20/25 for most pairs. It worked very very well.
I also did quite a bit on forward testing and it worked beautifully as well. 30/35 and 40/45 was quite good as well.
Futures, CL = OIL was by far the best! No spreads to calculate either and if you don't use a forex broker commissions are pretty low comparatively. Higher dollars to enter game but I think it was something like 600K positive after 1 year trading 1 contract!
It blows the 80K from GBPJPY out of the water. We are our own best indicator.