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Goldflight's RENKO strategy

  • #141
  • Edited 2:08pm Sep 6, 2010 12:11pm | Edited 2:08pm
http://www.system-forex.info/2009/09...up-in-mt4.html


cheers

*the above link provides a renko script to download, to use the ea posted in this thread, put it
in the experts folder.
  • #142
  • Sep 6, 2010 8:34pm Sep 6, 2010 8:34pm
Quoting FXtraderr
This seems like a really good sysytem and you seem to be having allot of joy with it too.

Please can you kindly exaplin to me how do i get the renko m2 chart up im a bit of a newbie. I have installed the template that you posted up on the post 35 but i dont understand the renko m2 chart.

I along with others viewing this tread would be so happy for the instuctions
This may help you too, someone posted step-by-step instructions in the RTFG thread. Also contains very specific instructions for setting up Mihailo's soybean trading system, but you can skip these parts of it if you want to.
http://www.forexfactory.com/showpost...&postcount=990
  • #143
  • Sep 8, 2010 8:02am Sep 8, 2010 8:02am
Quoting 45Fxguy
Hello Goldflight,
How's it going?
As you know I'm an old renko scalper fan, thanks for starting your thread.
I'm starting to test a similar setup to your post #1, along side a few indis borrowed from the RTFG thread. I'll let you all know how it goes.

Hello 45Fxguy, Welcome.

I have read many of your posts in RTFG, and am very happy to see you here. I know you will be a great asset to this thread.
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #144
  • Sep 8, 2010 8:06am Sep 8, 2010 8:06am
Quoting pcguy007
ya we are all hunting for the best settings for a better entry and exit, the quest for perfection continues..... hahahah

Good job pcguy007 and Freddyfx. please post some screen shots so we can see how you are making out.
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #145
  • Sep 8, 2010 8:09am Sep 8, 2010 8:09am
Sorry for not being here, was back in the hospital again. Feeling beter every day so hope to get back up to speed here soon.
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #146
  • Sep 8, 2010 8:48am Sep 8, 2010 8:48am
Giving it a try with 5 pip block.
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  • #147
  • Sep 8, 2010 8:55am Sep 8, 2010 8:55am
Closed out on first reversal bars.
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  • #148
  • Sep 9, 2010 8:12am Sep 9, 2010 8:12am
This is still 5 pip block .
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  • #149
  • Sep 9, 2010 8:31am Sep 9, 2010 8:31am
Closed GU and EU.
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  • #150
  • Sep 9, 2010 9:46am Sep 9, 2010 9:46am
Quoting goldsurfer
http://www.system-forex.info/2009/09...up-in-mt4.html


cheers

*the above link provides a renko script to download, to use the ea posted in this thread, put it
in the experts folder.

Hey thanks that was really helpful!
  • #151
  • Sep 12, 2010 6:21pm Sep 12, 2010 6:21pm
Quoting Goldflight
Hello 45Fxguy, Welcome.

I have read many of your posts in RTFG, and am very happy to see you here. I know you will be a great asset to this thread.
Thanks for the warm welcome Goldflight.
I was testing some setups off 30 pip & higher renko range bars but they can be a challenge when market starts ranging for long periods of time, and since renko bars are all price movements as you know then the psychological advantage of using renko bars is lost on me. On Saturdays I usually test indicators or a variety of setups in a MT4 simulator, & usually have impressive results on timed candle sticks. The sim practice is carrying over well into my forward test results, but realistically I have to wonder how much money do you think someone really needs to day trade live FX etc to make a comfortable living in the US?
Isn't capital gain tax 50%?
So I'd probably need to double $100k to clear a $50K a year salary right?
Compared to the cost of starting a small business in the US, that really isn't too bad.

PS:
Is that a standard ADX seen in your latest screen shots?
  • #152
  • Sep 13, 2010 9:58am Sep 13, 2010 9:58am
Quoting 45Fxguy
Thanks for the warm welcome Goldflight.
I was testing some setups off 30 pip & higher renko range bars but they can be a challenge when market starts ranging for long periods of time, and since renko bars are all price movements as you know then the psychological advantage of using renko bars is lost on me. On Saturdays I usually test indicators or a variety of setups in a MT4 simulator, & usually have impressive results on timed candle sticks. The sim practice is carrying over well into my forward test results, but realistically I have to wonder...

Yes standard ADX, Just using +DI and -DI...
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #153
  • Sep 15, 2010 9:20am Sep 15, 2010 9:20am
  •  valpre
  • | Joined May 2010 | Status: Up or down? Which way wil it go? | 17 Posts
Hi all

Just wondering if anybody is still trading this system and how its going? Ive been busy with this system the whole week and its been going OK. Trying to filter some trades but as always the market does what the markets want. Im convinced its better to just pay attention to support and resistance and if all seems ok to trade. Any advice will be appreciated.
  • #154
  • Sep 15, 2010 10:00am Sep 15, 2010 10:00am
Yes.

Working fine, just stick to the rules.

If the market is not showing a trade, then there is no trade.

Patience is the name of the business.
  • #155
  • Sep 15, 2010 10:44am Sep 15, 2010 10:44am
  •  valpre
  • | Joined May 2010 | Status: Up or down? Which way wil it go? | 17 Posts
Quoting Freddyfx
Yes.

Working fine, just stick to the rules.

If the market is not showing a trade, then there is no trade.

Patience is the name of the business.

Thanks Freddy! If you are still using it is must be worth it

I'm a big fan of renko charts-to me they just make sense! If you dont mind me asking do you trade every signal (like a scalpter with tight stops) or do you filter your trades? And if you do filter what do you use. My reason for asking: I cant decide to keep filtering and trying to save myself from losers and in the process missing a few profitable trades.

Dank U!
  • #156
  • Sep 16, 2010 4:29am Sep 16, 2010 4:29am
Quoting valpre
Hi all

Just wondering if anybody is still trading this system and how its going? Ive been busy with this system the whole week and its been going OK. Trying to filter some trades but as always the market does what the markets want. Im convinced its better to just pay attention to support and resistance and if all seems ok to trade. Any advice will be appreciated.

Still here valpre. Like Freddy said, you must be patient. Also having knowledge of price action will help in making decisions.
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  • #157
  • Sep 16, 2010 5:01am Sep 16, 2010 5:01am
  •  valpre
  • | Joined May 2010 | Status: Up or down? Which way wil it go? | 17 Posts
Quoting Goldflight
Still here valpre. Like Freddy said, you must be patient. Also having knowledge of price action will help in making decisions.
Thanks Goldflight!

How are you feeling?

So you also filter your trades? I usually only buy or sell according to my interpretation of the longer term trend but as I said it also makes you miss a few good ones. So im wondering if its better to just scalp your system, in other words setting your stop to BE after a few pips. And taking a few BE but when the big ones come riding them all the way. I scalp THV on the M1 chart and using the above mentioned method works for me.

What do you think?
  • #158
  • Sep 16, 2010 6:27am Sep 16, 2010 6:27am
EU trailstop hit +60 pips.
EJ trailstop hit +76 pips.
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  • #159
  • Sep 16, 2010 6:35am Sep 16, 2010 6:35am
Quoting valpre
Thanks Goldflight!

How are you feeling?

So you also filter your trades? I usually only buy or sell according to my interpretation of the longer term trend but as I said it also makes you miss a few good ones. So im wondering if its better to just scalp your system, in other words setting your stop to BE after a few pips. And taking a few BE but when the big ones come riding them all the way. I scalp THV on the M1 chart and using the above mentioned method works for me.

What do you think?

Feeling better thank you.

Yes i have been going with the trend and have been experimenting with 5 pip block. I find the 5 pip block works good for scalping in counter trends. (screen shots are 10 pip blocks)

I use a trailing EA that i set too move to break even +1 pip after 20 pips. Then a 25 pip trail stop. ( EA is on 1st post)........
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #160
  • Sep 16, 2010 6:50am Sep 16, 2010 6:50am
Closed GU for +25 pips. Need to rest now, will try some more later.
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