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Attachments: Goldflight's RENKO strategy
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Goldflight's RENKO strategy

  • #161
  • Sep 16, 2010 6:50am Sep 16, 2010 6:50am
  •  valpre
  • | Joined May 2010 | Status: Up or down? Which way wil it go? | 17 Posts
Quoting Goldflight
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)........
Glad you're feeling better!

Im also finding the 5 pip blocks good for scalping with a trade manager managing the stops. Thanks for the advice.
  • #162
  • Sep 16, 2010 7:25pm Sep 16, 2010 7:25pm

Ol'a amigos, I`m confused. Please, what should I use to generate the M3 RenkoLiveChart_v3.2 or RenkoLiveChart_v2.1? Thanks.

  • #163
  • Sep 17, 2010 2:22am Sep 17, 2010 2:22am
  •  valpre
  • | Joined May 2010 | Status: Up or down? Which way wil it go? | 17 Posts
Quoting astom

Ol'a amigos, I`m confused. Please, what should I use to generate the M3 RenkoLiveChart_v3.2 or RenkoLiveChart_v2.1? Thanks.

Hallo Astom

1- Open 1 Minute chart of the currency pair you wish to trade eg GBPUSD
2- Attach RenkoLiveChart_v2.1 to it
3- Go to FILE and select OPEN OFFLINE
4- Select the M3 chart of the M1 chart you attached RenkoLiveChart_v2.1 to eg GBPUSD
5- On the offline M3 chart right click and select Template and select Goldflights HA Smoothed
6- Trade and make lots of pips

Remember that M1 chart you opened and attached RenkoLiveChart_v2.1 too must stay open for your offline chart to work.

Hope that helps.
  • #164
  • Sep 17, 2010 7:18am Sep 17, 2010 7:18am
Trying somthing new. Using Accelerator occilator instead of ADX.
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I AM WHAT I AM, AND THATS ALL THAT I AM
  • #165
  • Sep 17, 2010 7:19am Sep 17, 2010 7:19am
Goldflight,
Congrats on your setup, although I still haven't forwarded tested it much yet, I think it is very good if not better than most other Renko setups I've seen thus far.
Here's a short trade on ey this morning, wasn't home to keep an eye on it so set a tight 15 pts trailing stop loss on it but in retrospect I see it would have went all the way for 50+ pips tp that I originally set just above the woody pivot, stop loss wasn't quite 1:1 but I had set it just above the R1 line which it was in no danger of being hit in this trade.
Thanks for sharing it...
PS: These are 10 pip renko range bars, not your usual renko bars by the way.
Goldflight, also check out this short signal on Gold this morning we missed...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: goldflights ha smoothed on gold.gif Size: 31 KB
  • #166
  • Sep 17, 2010 7:28am Sep 17, 2010 7:28am
Quoting 45Fxguy
Goldflight,
Congrats on your setup, although I still haven't forwarded tested it much yet, I think it is very good if not better than most other Renko setups I've seen thus far.
Here's a short trade on ey this morning, wasn't home to keep an eye on it so set a tight 15 pts trailing stop loss on it but in retrospect I see it would have went all the way for 50+ pips tp that I originally set just above the woody pivot, stop loss wasn't quite 1:1 but I had set it just above the R1 line which it was in no danger of being hit in this trade.
Thanks for...

Thank you 45Fxguy for your kind words. Happy to have you on board. I hope we can make this system a success.

Happy pipping...............
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #167
  • Edited 8:33am Sep 17, 2010 7:54am | Edited 8:33am
EU +25 Trailstop hit

EJ +12 t/s hit.

NU +2 t/s hit.

GU + 26 t/s hit.

USDCHF still running. Update t/s hit +38

USDCAD still running.

AU still running.
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #168
  • Edited 8:12am Sep 17, 2010 8:10am | Edited 8:12am
Hi Goldflight,

I have recently started using Renko and I have absolutely fallen in love with them!

I have looked over your system using them and it seems as if you are on to something here.

Now I am not a Renko afficianado or anything but I have done some research. And based on my findings I have come across a piece of information that I believe is worth looking into regarding exits.

Renko charts are part of a family called Reversal Charts. In their purest form no indicators are used and signals for long/short are generated by what you see on the chart. Now I am not recommending removing indicators becuase I do believe there is some value in doing a little optimizing fo rentries to help reduce whipsaws. But this information points to exiting trades on the sign of a reverse signal.

Have you done any eyeballing or actual investigation into using this type of an exit strategy with your system?

I am still reading up on these types of sharts to learn more but believe there is true value in this charting method.

Nice trades by the way

Cheers,
Trader V
Nothing is impossible, with a willing mind!
  • #169
  • Edited Sep 18, 2010 6:19am Sep 17, 2010 8:21am | Edited Sep 18, 2010 6:19am
Quoting Trader_V
Hi Goldflight,

I have recently started using Renko and I have absolutely fallen in love with them!

I have looked over your system using them and it seems as if you are on to something here.

Now I am not a Renko afficianado or anything but I have done some research. And based on my findings I have come across a piece of information that I believe is worth looking into regarding exits.

Renko charts are part of a family called Reversal Charts. In their purest form no indicators are used and signals for long/short are generated by what you see...

Hi TraderV,

Good question. To be honest with you, exits are one of my downfalls. I always seem to exit too early or too late.

As i have stated in an earlier post, i will exit either on first reversal block or let my trail stop hit. Lately i have been using a 25 pip t/s so im usualy stoped out on first reversal block anyway. Then i wait for next setup.
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #170
  • Sep 17, 2010 9:22am Sep 17, 2010 9:22am
Quoting Goldflight
Hi TraderV,

Good question. To be honest with you, exits are one of my downfalls. I always seem to exit too early or too late.

As i have stated in an earlier post, i will exit either on first reversal block or let my trail stop hit. Lately i have been using a 20 pip t/s so im usualy stoped out on first reversal block anyway. Then i wait for next setup.

Agreed, exits are always the toughest to master. Your method of a trailing stop of 20 pips (sie you are using 10 pip RB) seems to be right in line with when a reversal bar would setup. The only problem I can see with this is that a TS of 20 could get taken out prematurely as the market moves lower but not quite low enough to form a reversal bar then heads higher and prints a new high.

On my charts I have the renko print with wicks so I can see where price as gone. I like to see these things. Even though I am trading based on the close of the bar and sudsequently a formation which forms my trigger.

I am still reading and discovering some infomation about these charts and how they were originally used. If I happen to come across some additional helpful information I iwll be glad to post it.

I don't want to post up my charts just yet as they differfrom yours and don't want to confuse anyone following your stuff here.

Cheers,
Trader V
Nothing is impossible, with a willing mind!
  • #171
  • Sep 17, 2010 9:37am Sep 17, 2010 9:37am
Thank you Trader V, any additional info is always welcome.

Closing up for today, going to call it a weekend.

USDCAD +68

AU +34

EG +13

Total for today +218.

Everyone have a great weekend. I will see you all Monday.

Happy pipping.........................
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #172
  • Sep 17, 2010 9:43am Sep 17, 2010 9:43am
Quoting valpre
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!
Thanks so much Valpre. I was using the v3.2. I go change to v2.1.
  • #173
  • Sep 20, 2010 11:59am Sep 20, 2010 11:59am
Quoting Goldflight
Thank you Trader V, any additional info is always welcome.

Closing up for today, going to call it a weekend.

USDCAD +68

AU +34

EG +13

Total for today +218.

Everyone have a great weekend. I will see you all Monday.

Happy pipping.........................

hello there, is this the results with 10 or 5 renko bars? and you now use AC instead ADX?

THX
  • #174
  • Edited 6:39am Sep 21, 2010 4:39am | Edited 6:39am
Quoting hankeys
hello there, is this the results with 10 or 5 renko bars? and you now use AC instead ADX?

THX

This was the results of 10 pip block. I was trying AC but was getting too many false signals.

Here is what i am using,

10 pip RENKO block chart

MACD (12-26-9)

1 EMA (white) on MACD

3 EMA (red) on MACD

AWESOME Indicator (Bill Williams)

ADX 10 with 50 level line

HA Smoothed Indicator

RULES.

HA green- 1 EMA crosses above 3 EMA- AO green- ADX +DI crosses above 50 level- BUY

HA white- 1 EMA crosses below 3 EMA- AO red- ADX -DI crosses above 50 level- SELL

I have removed the TDI indi and changed the ADX to 10. Also trying ADX cross alert. (red and blue dots on screen shot)
Attached File(s)
File Type: zip Goldflights HA Smoothed.zip   52 KB | 677 downloads
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #175
  • Sep 21, 2010 4:41am Sep 21, 2010 4:41am
Screen shot
Attached Image (click to enlarge)
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I AM WHAT I AM, AND THATS ALL THAT I AM
  • #176
  • Sep 21, 2010 7:23am Sep 21, 2010 7:23am
Quoting Goldflight
This was the results of 10 pip block. I was trying AC but was getting too many false signals.

Here is what i am using,

10 pip RENKO block chart

MACD (12-26-9)

1 EMA (white) on MACD

3 EMA (red) on MACD

AWESOME Indicator (Bill Williams)

ADX 10 with 50 level line

HA Smoothed Indicator

RULES.

HA green- 1 EMA crosses above 3 EMA- AO green- ADX +DI crosses above 50 level- BUY

HA white- 1 EMA crosses below 3 EMA- AO red- ADX -DI crosses above 50 level- SELL

[color=black]I...
thanks for the new settings, i will try this. but i have one more questin - what is the setting for AFX Trailinng you use?
  • #177
  • Sep 21, 2010 7:49am Sep 21, 2010 7:49am
Quoting hankeys
thanks for the new settings, i will try this. but i have one more questin - what is the setting for AFX Trailinng you use?

30 pip stoploss.

25 pip trailstop.

20 pip move to breakeven.

2 pip lock breakeven.

Hope this helps.

Happy pipping........................
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #178
  • Sep 21, 2010 10:44am Sep 21, 2010 10:44am
Quoting Goldflight
This was the results of 10 pip block. I was trying AC but was getting too many false signals.

Here is what i am using,

10 pip RENKO block chart

MACD (12-26-9)

1 EMA (white) on MACD

3 EMA (red) on MACD

AWESOME Indicator (Bill Williams)

ADX 10 with 50 level line

HA Smoothed Indicator

RULES.

HA green- 1 EMA crosses above 3 EMA- AO green- ADX +DI crosses above 50 level- BUY

HA white- 1 EMA crosses below 3 EMA- AO red- ADX -DI crosses above 50 level- SELL

[color=black]I...

Hey Goldflight, the new setup and system looks great.
What pairs are you testing and trading with this?

thanks
keep up the good work!
  • #179
  • Sep 21, 2010 11:03am Sep 21, 2010 11:03am
Quoting pcguy007
Hey Goldflight, the new setup and system looks great.
What pairs are you testing and trading with this?

thanks
keep up the good work!

For now i am just looking at EURUSD - GBPUSD - USDCAD - EURJPY. I find it difficult to try and watch more right now. Been trying ADX cross alert indi to help me (hopefully) watch more pairs.

Happy pipping...............
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #180
  • Sep 22, 2010 6:52am Sep 22, 2010 6:52am
Ah the joy of having a computer, my charts crashed this morning, so i had to reinstall my MT4. now as you can see my charts go from July 19 to this morning. so there will be no trades today.

So if anyone out there is trading using this system, please post your trades. I would like to see how everyone else is doing.

Thank you all, and happy pipping....
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I AM WHAT I AM, AND THATS ALL THAT I AM
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