Goldflight's RENKO strategy | Page 21 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Renko strategy for price action 20 replies

RENKO Trading SYSTEM - RENKO Indicators 7 replies

New Renko Bar and Reversal Renko Bar Indicator Alert Help Please 5 replies

renko strategy in ranging markets? 1 reply

Renko strategy testr problems 1 reply

Attachments: Goldflight's RENKO strategy
Exit Attachments

Goldflight's RENKO strategy

  • #401
  • Jan 25, 2011 3:17pm Jan 25, 2011 3:17pm
Quoting Goldflight
Thank you Meister81, I will put this indie on my chart and give it a try.
Happy Pipping....................
Hi All,

be careful with this indicator, the reason it looks so good on the chart is because it recalculates for All bars everytime (ie. a complete repaint),

as the input for the bar is actually taken from the close of the bar afterwards in real time the current bar and last bar are not fixed.

Also the code is not very clever, the last 2 inputs do absolutely nothing.

If anyone wants to see, the source is on code base http://codebase.mql4.com/source/6719

Regards
John
  • #402
  • Jan 25, 2011 3:46pm Jan 25, 2011 3:46pm
Quoting 2+2=4ex
To me, adding indicators to a renko chart is counterproductive. The whole purpose of renko is to simplify price action direction irrespective of time. Adding indicators, especially ones that are intendend for time based charts, may lead to confusion. It is my belief that renko charts are a tool that is best used without add ons.
trouble is the current bar in any renko generator on MT4 is bollocks, so for now its all we can do unless we are trading off the previous bar and not current action. as indicators are a painting this just adds to the madness.
  • #403
  • Jan 25, 2011 4:27pm Jan 25, 2011 4:27pm
Quoting Goldflight
Hi astom, Yes, for 5 digit broker you must add a zero.
Actually, I no matter which broker I use, I never have to add the zero in the end. So it is always 5 or 10 even with 5 digit broker.

I hope he is now not looking at 80 pips blocks *g*
I found a penny today. That's +100 pips for me.
  • #404
  • Jan 26, 2011 12:42am Jan 26, 2011 12:42am
Quoting ReaM
Actually, I no matter which broker I use, I never have to add the zero in the end. So it is always 5 or 10 even with 5 digit broker.

I hope he is now not looking at 80 pips blocks *g*
Hello ReaM,
Good to see you in this thread too. How long have been following Goldfight's thread & setup? Although I don't use it exclusively I do keep one of his template open on gold regular renko charts ea bricks set to 100.
Have you did many side by-by-side comparative screen shots with setups from the RTFG threads etc?
Signal wise are they pretty close or about the same signal?
  • #405
  • Edited 9:15am Jan 26, 2011 8:41am | Edited 9:15am
Quoting 45Fxguy
Hello ReaM,
Good to see you in this thread too. How long have been following Goldflight's thread & setup? Although I don't use it exclusively I do keep one of his template open on gold regular renko charts ea bricks set to 100.
Have you did many side by-by-side comparative screen shots with setups from the RTFG threads etc?
Signal wise are they pretty close or about the same signal?
Hi, 45FXguy

No, I have not been using Goldflight's setup, I am always looking for improvements, reading about renko. I was developing a tactics which I called EMARSI and today I accidently stumbled upon MARSI when I was googling (I thought lol they even called it the same) It is an EMA applied to RSI. Signals are the same as Renko set up, basically, just less clear.

I am still using pandora box with cloud and coral, I also added two pivot point indicators from Sonic thread with daily_or_fibpoints set to "2" :
Attached File(s)
File Type: mq4 #SpudFibo_v2.mq4   10 KB | 454 downloads
File Type: mq4 PivotsDWM.mq4   10 KB | 448 downloads
I found a penny today. That's +100 pips for me.
  • #406
  • Jan 26, 2011 9:11am Jan 26, 2011 9:11am
Here the comparison, just installed Goldflight's renko:

Yes, all signals are exactly the same, IF to ignore those moving averages, they are good for reentering when price bounces of them.

Also the SR indicator that shows last high and low Goldflight has basically draws the pandora box.

By the way the last red line, I just took that trade a minute ago, right after spread calmed down after news! On my 5 brick size, made me +2% on my account. (the screenshot is size 10)
Attached Image (click to enlarge)
Click to Enlarge Name: 123.jpg Size: 181 KB
I found a penny today. That's +100 pips for me.
  • #407
  • Jan 26, 2011 9:58am Jan 26, 2011 9:58am
Let's see what we can do with these GoldFlight....!!

I am using 5pip brick, but does not matter.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: goldfligt_08.gif Size: 17 KB
Click to Enlarge Name: goldfligt_09.gif Size: 15 KB
Click to Enlarge Name: goldfligt_10.gif Size: 17 KB
  • #408
  • Jan 26, 2011 10:21am Jan 26, 2011 10:21am
Here is a last trade I took
Attached Image (click to enlarge)
Click to Enlarge Name: goldfligt_11.gif Size: 19 KB
  • #409
  • Jan 26, 2011 10:33am Jan 26, 2011 10:33am
Hi There,

Just thought i would let you all know about an indicator i have added to my Renko set up. Its Pattern_RecognitionMaster_V3 and i have set everything to false apart from Shooting Star 4 and hammer 4. You can see from the pic how you can trade this. I have found 10 pip boxes the best. The wicks in the pic are the same colour as the background (as i like it). You can scalp 10 pips each time or let it run (use other indicators and sup and res).

Let me know what you think.

Cheers

Rob
Attached Image (click to enlarge)
Click to Enlarge Name: renko1.jpg Size: 90 KB
Attached File(s)
File Type: mq4 Pattern_Recognition_Master_v3.mq4   27 KB | 591 downloads
  • #410
  • Jan 26, 2011 11:49am Jan 26, 2011 11:49am
too many false signals when market is ranging 15 pips up 15 down.
I found a penny today. That's +100 pips for me.
  • #411
  • Jan 26, 2011 12:23pm Jan 26, 2011 12:23pm
Hi There,

Other indi's and general trend direction have to be used to minimise false entries but if you look back on a chart the wins far outweigh the losses.

Cheers
  • #412
  • Jan 26, 2011 1:13pm Jan 26, 2011 1:13pm
Yes, on that chart it looks perfect, but I did backtest the indicator and when market is barely moving or reversing too often, it will be painful.

It puts a sign on bottom and top, but I think I can see it with my eyes.

I still need to test it live to see when exactly those words appear on chart, I am going to try it next week.
I found a penny today. That's +100 pips for me.
  • #413
  • Jan 26, 2011 1:44pm Jan 26, 2011 1:44pm
Hi,

I can tell you the words appear as soon as the candle has completed.

Cheers
  • #414
  • Jan 26, 2011 1:55pm Jan 26, 2011 1:55pm
I still need to feel how that goes^^

Thanks! A candle on the opposite side or the last canlde of the current trend?^^
I found a penny today. That's +100 pips for me.
  • #415
  • Edited Jan 27, 2011 5:02am Jan 26, 2011 7:22pm | Edited Jan 27, 2011 5:02am
Quoting ReaM
Actually, I no matter which broker I use, I never have to add the zero in the end. So it is always 5 or 10 even with 5 digit broker.

I hope he is now not looking at 80 pips blocks *g*
I put 0 in the end, and is better. Because, with 5 digits here, there are many oscillations. In 5 digits, ten pips means one "normal"pip. All right?!

Like this:
http://img403.imageshack.us/img403/1584/capturartr.jpg

Tks..
  • #416
  • Jan 27, 2011 6:48am Jan 27, 2011 6:48am
Quoting Goldflight
AFX trailing EA on the 1 min chart set at 40 pip s/l, 30 pip trail, 25 pip to break even + 5 pips. ( take profit at your discretion)

HAPPY PIPPING..........
Hi Goldflight

Quick question, with the AFX trailing the trail does not start until Break Even, therefore until the order has made at least 25pips the Stop will still be at 40 pips from entry.

Also the + 5pips, is that the lock?

For orders that immediately go against you do you leave them to hit the Stop or close them out manually if for instance the indicators suggest it?

Thanks in advance

Regards
John
  • #417
  • Edited 9:02am Jan 27, 2011 8:35am | Edited 9:02am
Quoting jmw1970
Hi Goldflight

Quick question, with the AFX trailing the trail does not start until Break Even, therefore until the order has made at least 25pips the Stop will still be at 40 pips from entry.

Also the + 5pips, is that the lock?

For orders that immediately go against you do you leave them to hit the Stop or close them out manually if for instance the indicators suggest it?

Thanks in advance

Regards
John

hello jmw1970, Yes once price has moved +25 pips the stoploss will move to +5 pips and then will trail 30 pips. ( will have to move +35 pips before it starts to trail.)

Yes if my trade goes against me and i get signal price is going in other direction, i manualy close trade. I have 40 pip S/L just in case it moves against me too fast to react or if im not at my computer.( old man has to go to the bathroom too much.)

Happy Pipping...............GF.
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #418
  • Jan 28, 2011 1:41am Jan 28, 2011 1:41am
Quoting ReaM
Here the comparison, just installed Goldflight's renko:

Yes, all signals are exactly the same, IF to ignore those moving averages, they are good for reentering when price bounces of them.

Also the SR indicator that shows last high and low Goldflight has basically draws the pandora box.

By the way the last red line, I just took that trade a minute ago, right after spread calmed down after news! On my 5 brick size, made me +2% on my account. (the screenshot is size 10)
Thanks for making that comparison screen shot ReaM; I thought that the Fractal s/r indi might be drawing the pandora boxes but never really took the time to check it out as you did. Only version difference in the goldflight's template is I like to use the one with the "Instantaneous Trendline" and "GFsignals", minus the "DailyWoodPivot", but looking back there do seem to be some very significant moves where prices crosses the yellow DailyWoodPivot line on gold 100 point bricks, so I may should leave it on the chart for a while.

Speaking to Goldfight, how important and how long have you used the "DailyWoodPivot", indi and on a scale of one to ten, ten being the highest, would you rate this indicator on your renko chart setup?
  • #419
  • Jan 28, 2011 3:49am Jan 28, 2011 3:49am
Quoting astom
I put 0 in the end, and is better. Because, with 5 digits here, there are many oscillations. In 5 digits, ten pips means one "normal"pip. All right?!

Like this:
http://img403.imageshack.us/img403/1584/capturartr.jpg

Tks..
RenkoLiveChart 3.2 automatically calculates whether it is 4 or 5 digits, I am not sure about the older 2.1 that is posted here on first page.

Happy pips either way^^
I found a penny today. That's +100 pips for me.
  • #420
  • Jan 28, 2011 11:43am Jan 28, 2011 11:43am
Hi All

I quite like using Renko but it still bothers me that it is not possible to do accurate 0 (ie. current bar) analysis.

Previously when I traded using standard time frames, I had a Multi Time frame indicator to guage what was going on at lower and higher time frames, unfortunately with Renko this is not possible unless you open multiple 1m charts with the EA attached and subsequently open all the offline charts, this can lead to a lot of open charts......

Today I managed to code a Renko indicator that gave values for a different Renko brick size to the one that the indicator is attached too, ie. only one offline chart with my actual brick size (8pip) but the indicator shows values for 2pip.

I will attach the indicator so you can see - but this is only at the moment for investigative purposes. (Parms for indi, Box size - pretty obvious - Sensitivity - moving average, rest pretty obvious - the indicator calculates as a percentage the last close against the moving average - ie. the same as having an additional chart open at 2 pip blocks with a 21 SMA)

I am thinking about expanding it to be able to have multiple brick sizes as inputs and have various different standard indies to be displayed as either Bull or Bear.

My current idea for the indies to be shown are 3 moving averages, ADX (Plus/Minus), RSI

If anyone would like to give input, drop a note on this forum.

Regards
John
Attached File(s)
File Type: ex4 !JMW Renko BullBear.ex4   9 KB | 586 downloads
0 traders viewing now