Renko Trading For Gamers (RTFG)

Ok just one more, a potentially good setup for 50 pip Renko Range bar setup, for those with full time jobs or patience of maybe Warren Buffet etc, since someone mentioned they were using larger brick sizes.
I included a couple more optional signal arrows for test, which may help define re-entries, early exits, or just help you stay in a good trade longer.

The SHI_SilverTrendColourBars already uploaded in previous post also optional.

^^ Many thanks 45FxGuy. I appreciate your help.

I have success in using 30pip bar but would like to see 50pip to further confirm the trend and plan my exit well. What is the broker of the above mt4? My mt4 hangs whenever I load my templates.

I also tried using the 10pip had some success but the noise of the market is just too much.

Good luck in your trades.

That's Instaforex, Petar told me about it, you can open trades as small as .01 so easier to forward/backtest eas on too,
1 lot = $1 a pip so easier to count pips also...

Hey 45FXguy,

Whats up ?


Cool chart i think this large framer have potencial


Did you backtested that ?>

Good trades

Hi!
That's EA you use? give link, please.

Thanks, not exactly that's just a visual back test.

I modify this indicator to an alarm for each color change Renko

Hi FXguy,

I'm sorry have not visited in a little while. I've been busy creating another system. I like the looks of what you've done with the SHI channel. I dug that indy up from Brijon's Magic of 3 thread-so credit goes to him, as far as I know. Very useful indy. Anyway looks great! Keep up the good work!

I've been forward testing the new system-I'm +700 pips in 10 days trading, real money account, not working very hard it. I will post it here later, but not spend too much time on it here because its not Renko either. I may open a thread to teach how to trade it.

The last system I made and posted here does have potential I believe, but I'm happy to see people trying new things with it and making it their own.

Anyway new system coming soon in later post. -Cheers

OK so here it is. I designed this system and Steve Hopwood coded it. I only trade it manually. I can not vouch for its capabilities as an auto-trading robot. It backtests well, but in practice, as a robot, seems to have some problems.

As a manual trading system though, I can vouch for it. I made around 6% on my account in ten trading days, trading conservatively. Point being, only trade it manually.

First I'll explain the lines. The center Red line, or Average line is the heart of the system. Here is how it is calculated:

It takes the average range of the first 6 bars of the week( point #1), then it takes the average range of the second six bars of the week(point #2), then the average range of the 3rd six bars of the week(point #3).

Then it takes the average of #1 and #2 and produces a fourth point, #4. The average of #2 and #3 produces a fifth point #5.

The red line is a straight line starting from point #4 going through the center of point #5. This gives you the average trajectory of the first 18 bars of the week. It updates automatically every week.

Therefore it take 4.5 hours after the start of the week to calculate the red line on the 15 min chart, 9 hours for the 30 min chart to calculate, and 18 hours for the 1hr chart to calculate.

The top of the weekly ATR (Blue line) is placed above the Red line. The bottom of the weekly ATR (Green line) is placed below the Red line.

The Yellow lines which are very close to the Red Line are not used for signals, just for helping with observation of price action around the red line. They are not essential, but I find them helpful.

So, this system can give you four kinds of trades.

Buy #1: Price closes above Red line RSI is oversold.
Buy #2: Price closes at or below Green line RSI oversold.
Sell #1: Price closes below Red line RSI is overbought.
Sell #2: Price closes at or above Blue line RSI is overbought.

The 1Hr chart is the most reliable chart to trade in my exp. 15 min gives you a few more trades but can cause drawdown. I like to watch 15 min, 30 min, and H1 to see if they are giving me aligned signals, but only take my acutal signal off the H1.

You don't have to watch all three TF's, up to you. You can trade just off the H1.

Charts, EA, and template posted below.
EA goes in your broker>experts.
template goes in your broker>templates.
Template is already set to disable live trading and alerts.

Final Note: You have to refresh the template every hour if trading on the 1hr chart, every 1/2 hour if trading on the 30 min chart, every 15 min if trading on the 15 min chart. It will recaculate on each new bar it makes- just a bug-so to restore it to its original setting just refresh the template.

Also, obviously use common sense and practice on demo before any live trading. If downloading only the EA and not the template, make sure to uncheck allow live trading. Aside from that, enjoy!

Hi Steve,

Thanks for posting your idea and system,i wish you many pips

Thanks Petar! I started a thread to discuss this system, so any questions people have about it can be asked and answered there.

http://www.forexfactory.com/showthread.php?t=248977

-Cheers

stevefx,
Thanks again for sharing your setup, & starting the thread.
Even though I prefer renko charts I still try to keep an open mind on other chart types, and new setups etc as well. May the pips be with you.

Absolutely FXguy, Renko is great. I just seem to have a taste for trying to find new ways to do things. May the pips be with you as well.

Hi SlushFund,

Thanks for sharing your method with us. I've been checking it and there're a few things I'd like to ask you to clarify.
To help with visual backtest, I've adopted one of the pivot indicators found in another topic, see the attached mq4 file. It creates the daily pivot lines on renko charts using the H1 data. The levels are quite close to the ones listed on the actionforex site (which uses 21h GMT for daily pivots, I've also set the indicator to 21), though there're sometimes slight differences. I suppose this is because different data are used for calculation and hopefully not because I've screwed up something with the indicator (which is quite possible, I didn't have much time to test it), better be careful with it.
I've also got a picture of the eurusd that shows how it looks like.

So my questions:
-What is the HA candle indicator you're using with what settings? Do you use the same settings for all the different pairs?
-Do you trade all possible signals? If not, can you describe what are the situations that should be let go?
-I'm wondering about the days when the pivot levels are close to each other (for instance on 07.29, R2 and R3). Do you use some kind of limit, when not to trade?
-Do you do reentries during the day or only the first crossings are valid signals?
-Have you found periods of day that are better to avoid (say because of false entries or just usually nothing happens)?

Thanks in advance for your help!
z01z

45FXguy,
I love your template for 50pip renko sytem. I have been trading 50 pips renko for last few days. I seem to either get out soon or make late entry.
Your tmplate looks great.

Can you please explain which arrow is the main indicator that you use to initiate the trade and which one you use to exit.

Looks like you also have arrows that shows adding to the trade.

Can you Please explain which arrows corresponds to which action?( There are many arrows)
Thanks for your help.

Kris

thanks for your share.
As I see on your charts I think you use EA
Could you share EA ???

Hey
Mihailo where are you
I look forward your comments

Hi
all is manual, just moved the trade history to the chart