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Simple Renko System

  • #1
  • First Post: Aug 30, 2010 11:17am Aug 30, 2010 11:17am
I would like to show yet another simple system using Renko Chart. Before I proceed I would like to thank Nanningbob and Steve Hopwood whose indicator I am using here as a part of the system.

People who do not know about Renko can google and get more info. Basically Renko is NOT time based chart but uses fixed number of pips to create a Bar.

Let me give step by step instruction how to create the chart I have shown below.

1. Open i min chart of any Pair

2 Click on Tools and open chart Tab and check all the options. And enter 999999999999999999999 on Maximum bars in history and on chart.

3.Click on Expert advisors and check all the options and enter OK

4. Now Go to chart and try to get maximum number of 1 min bar by pressing Control and Home Key preferably at least 2 months worth of Data.

5 Then attach the EA Renko chart v3.2 shown below.

6. Then open the properties of the EA and enter 50 for renko Bar size

7. Click ok.

8. Then open Offline File and click on M2 and double click.

Now you should have a chart with 50 pip Renko bars .

Now you enter indicator Sixths Screen ver 3.9 Dc ( CREDIT ENTIRELY GOES TO STEVE HOPWOOD Who created this Indicator)

Now the chart should look like the one shown below.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: renko audjpy.gif Size: 13 KB
Click to Enlarge Name: renko eurusd 1.gif Size: 24 KB
Attached File(s)
File Type: mq4 RenkoLiveChart_v3.2.mq4   14 KB | 8,395 downloads
File Type: mq4 SIXTHS SCREEN VER 3.6_DC.mq4   4 KB | 9,719 downloads
  • #2
  • Edited 11:39am Aug 30, 2010 11:22am | Edited 11:39am
Here are few mor charts with possible entries. as you can see the pips you can make are close to 400-500 pips ofcourse it may take few days since the bars are pip based and not time based. This is not a day trading system eventhough one can try it using smaller (5 or 10 pip renko bars) Bars.I have not tried hence I do not know how good the results are.
Attached Image (click to enlarge)
Click to Enlarge Name: renko usdjpy 2.gif Size: 15 KB
  • #3
  • Aug 30, 2010 11:25am Aug 30, 2010 11:25am
Have you been trading this live and do you have any advice about SL and TP? Also are you using the standard settings for Sixths, which I believe is 120 bars in other threads, or are you using different settings?
  • #4
  • Aug 30, 2010 11:34am Aug 30, 2010 11:34am
Few more examples:
Attached Image (click to enlarge)
Click to Enlarge Name: renko usdcad2.gif Size: 20 KB
  • #5
  • Aug 30, 2010 11:39am Aug 30, 2010 11:39am
Quoting Invisible
Have you been trading this live and do you have any advice about SL and TP? Also are you using the standard settings for Sixths, which I believe is 120 bars in other threads, or are you using different settings?
Yes Live Account. But i would not advise anyone trying live before trying out Demo. Because price can Go against you for a while and remember every bar is 50 pips. So one can basically be in a hole for some large amount of pips before it will turn around to resume the original trend.

I use same setting . I really do not think it matters .
  • #6
  • Aug 30, 2010 11:46am Aug 30, 2010 11:46am
As you can see above one could have made 1150 pips on the Eurusd chart. Of course I got out for about 450 pips.

I am too impatient when I am in positive pips but not when I am loosing pips. Isn't it funny. I guess i hate taking losses and hoping the market will turn around.
  • #7
  • Aug 30, 2010 11:55am Aug 30, 2010 11:55am
Great job...


keep the good work.
  • #8
  • Aug 30, 2010 12:01pm Aug 30, 2010 12:01pm
Went Long Eurchf at 1.2998.
Lets see what happens
Attached Image (click to enlarge)
Click to Enlarge Name: renko eurchf 1.gif Size: 15 KB
  • #9
  • Aug 30, 2010 12:04pm Aug 30, 2010 12:04pm
Is there more info available on the Sixths Indy?

Cheers
  • #10
  • Aug 30, 2010 12:07pm Aug 30, 2010 12:07pm
I also believe it may be advisable to wait until price returns back INSIDE the Gold line , especially If the bar closes outside, to take the trade.

But If Bar touches the Gold Line and New bar opens AND Closes Inside the Gold line I think it is safe to take trade.
  • #11
  • Aug 30, 2010 12:26pm Aug 30, 2010 12:26pm
Few More Examples. The Sell would have yielded about 550 pips and Green arrow about 200 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: renko eurjpy 1.gif Size: 18 KB
  • #12
  • Aug 30, 2010 12:47pm Aug 30, 2010 12:47pm
Hi ES Trader,

Thanks for sharing your system. Please how did the Sixths indicator work ? Are the Golden Lines entries for long and shorts if bar closes above / below ? And TP / SL?
Thanks again
  • #13
  • Aug 30, 2010 12:58pm Aug 30, 2010 12:58pm
Quoting Caillou
Hi ES Trader,

Thanks for sharing your system. Please how did the Sixths indicator work ? Are the Golden Lines entries for long and shorts if bar closes above / below ? And TP / SL?
Thanks again
Regarding stop loss I use Steve's Multipurpose Trade mangement EA.

http://www.forexfactory.com/showpost...99&postcount=1
  • #14
  • Aug 30, 2010 1:06pm Aug 30, 2010 1:06pm
Asked before about the Indy, is there another thread on it? Or, what is it?

I understand you buy at low and sell at high but would like to find out more if possible

cheers
  • #15
  • Aug 30, 2010 1:13pm Aug 30, 2010 1:13pm
Quoting ES Trader
Regarding stop loss I use Steve's Multipurpose Trade mangement EA.

http://www.forexfactory.com/showpost...99&postcount=1
Thank you, just what Ive been looking for, thanks to steve aswell!

  • #16
  • Aug 30, 2010 1:46pm Aug 30, 2010 1:46pm
Quoting goldsurfer
Asked before about the Indy, is there another thread on it? Or, what is it?

I understand you buy at low and sell at high but would like to find out more if possible

cheers
I would like you to refer to these following two threads. I might not be explaining it well. Like I said in my FIRST post I saw this indicator in Steve Hopwood and NanningBobs trading system. Please refer to these threads :

http://www.forexfactory.com/showthread.php?t=248297

http://www.forexfactory.com/showthread.php?t=246113

I consider this system as an offshoot of the above thread. It is a variation of the above system using Renko charts. I did not want to clutter that thread with Renko and opened this thread as advised by Nanningbob.

Thanks
  • #17
  • Aug 30, 2010 1:49pm Aug 30, 2010 1:49pm


Thank you ES

cheers
  • #18
  • Aug 30, 2010 1:56pm Aug 30, 2010 1:56pm
Quoting ES Trader
I would like to show yet another simple system using Renko Chart. Before I proceed I would like to thank Nanningbob and Steve Hopwood whose indicator I am using here as a part of the system.

People who do not know about Renko can google and get more info. Basically Renko is NOT time based chart but uses fixed number of pips to create a Bar.

Let me give step by step instruction how to create the chart I have shown below.

1. Open i min chart of any Pair

2 Click on Tools and open chart Tab and check all the options. And enter 999999999999999999999...
hi

iam not sure how to set these settings on my broker platform, which ig index. (uk).

cannot find any of this stuff under 'tools'.

i do have a alpari demo account.
  • #19
  • Aug 30, 2010 1:57pm Aug 30, 2010 1:57pm
Quoting whatfx
hi

iam not sure how to set these settings on my broker platform, which ig index. (uk).

cannot find any of this stuff under 'tools'.

i do have a alpari demo account.
It is there in all mt4 platform
  • #20
  • Aug 30, 2010 2:02pm Aug 30, 2010 2:02pm
but basically ES, if you come down inside goldline and reko red it is short and up from lower gold with green renko=long?
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