Price action trading with RENKO | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Renko strategy for price action 20 replies

Renko Trading (Price Action) 46 replies

RENKO Trading SYSTEM - RENKO Indicators 7 replies

Price Action/Renko systems 24 replies

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

Attachments: Price action trading with RENKO
Exit Attachments

Price action trading with RENKO

  • #21
  • Feb 4, 2011 5:14am Feb 4, 2011 5:14am
Quoting Ezakimak
Isn't chasing price around all day pretty much the definition of trading?
Donīt waste your time on that......

Letīs chase price.....
  • #22
  • Feb 4, 2011 5:20am Feb 4, 2011 5:20am
Quoting Ezakimak
Isn't chasing price around all day pretty much the definition of trading?
definition of chasing = renko on the current bar

if we can find a way of generating renko bricks that form correctly then im listening.

you can go upto 30 pips up and down before it prints.
  • #23
  • Feb 4, 2011 5:28am Feb 4, 2011 5:28am
Quoting Ezakimak
Price has moved enough to create a new block so I have moved my stop loss to lock in a couple of pips of profit. Whatever happens now it is a winner!
that got stopped at +1/2 pips profit. but you have had a loser already

so your still negative even after a winning trade.

what is your SL ?

risking 10/15 to make 2 pips?
  • #24
  • Feb 4, 2011 5:29am Feb 4, 2011 5:29am
Ok, stimpy may be saying it "rudely" but, go and have your fun with renko, but then you'll realize what he is saying.

Load up your renko template say 30 pip bricks...then go download a free trial of camtasia, screen recorder.

Set up your MT4 renko chart, and record away...say for 5 hours, come-back and you'll never touch renko again.

I have @ 15 videos of renko-repainting itself over and over (and I have the custom & expensive indy...not the free one found here on FF!)
  • #25
  • Feb 4, 2011 6:25am Feb 4, 2011 6:25am
Hi All,

I think renko is fine to trade with as long as you ignore the current bar (I make my living trading renko).

I dont think today was such a good day to start this as today is NFP, there is very little movement before the announcement - most of the major moves happened when the initial estimates were released at the beginning of the week.

Maybe start on Monday when the market is back to normal (if there is such a definition)

Regards
John
  • #26
  • Feb 4, 2011 6:32am Feb 4, 2011 6:32am
Hi John,

Thank you for this information. Do you happen to have a thread where you show your Renko trading? If not, would you consider starting one?

I've always been interested in trading Renko, but like Cailou have not found a way to do it successfully.

Quoting jmw1970
Hi All,

I think renko is fine to trade with as long as you ignore the current bar (I make my living trading renko).

I dont think today was such a good day to start this as today is NFP, there is very little movement before the announcement - most of the major moves happened when the initial estimates were released at the beginning of the week.

Maybe start on Monday when the market is back to normal (if there is such a definition)

Regards
John
  • #27
  • Feb 4, 2011 7:36am Feb 4, 2011 7:36am
Quoting Dreamliner
Hi John,

Thank you for this information. Do you happen to have a thread where you show your Renko trading? If not, would you consider starting one?

I've always been interested in trading Renko, but like Cailou have not found a way to do it successfully.
Hi Dreamliner

I don't have my own thread, I generally post in Goldflights.

To me it doesn't matter what strategy you use to decide to open a trade (break out, multiple indicators etc.) the thing that is most important is when to exit a trade - unfortunately most people who design new "systems" generally forget this idea, usually saying something like "take profit at your discretion" - Then when looking back you can say "wow that was a good trade (because you left it open and trailing)" or "good job there I put a fixed TP". In this way you can allways win.

As with most people I agree trading on the zero bar is impossible (not just in renko, even on timeframe based charts).

I never look at just the chart (renko block size or timeframe) that I am using for entries, I normally have the same symbol at either different TF's or different box sizes, to get a better prospective. In this way I can guage what the market is doing at a smaller and larger level and exit trades appropriately.

I switched to Renko for cleaner charts (previously I traded using my own modified version of Forex Rebellion). It was very difficult making the switch (in the first 2 months I lost constantly) and now while achieving the same returns as previously on Rebellion I am having less drawdown - which for me is the main benefit (equity being king).

Regards
John
  • #28
  • Feb 4, 2011 8:02am Feb 4, 2011 8:02am
Quoting pilotui
I have @ 15 videos of renko-repainting itself over and over (and I have the custom & expensive indy...not the free one found here on FF!)
I guess the expensive one is worse then, I've had the same renko chart up for a few days, no repaint.
  • #29
  • Feb 4, 2011 9:00am Feb 4, 2011 9:00am
Quoting pilotui
Ok, stimpy may be saying it "rudely" but, go and have your fun with renko, but then you'll realize what he is saying.

Load up your renko template say 30 pip bricks...then go download a free trial of camtasia, screen recorder.

Set up your MT4 renko chart, and record away...say for 5 hours, come-back and you'll never touch renko again.

I have @ 15 videos of renko-repainting itself over and over (and I have the custom & expensive indy...not the free one found here on FF!)

I've been using a version found here on FF and it DOES NOT REPAINT. Once the blocks have been formed, they stay that way.
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #30
  • Feb 4, 2011 4:43pm Feb 4, 2011 4:43pm
Quoting Goldflight
I've been using a version found here on FF and it DOES NOT REPAINT. Once the blocks have been formed, they stay that way.
but that once....

action on the current bar is untradeable on renko.
  • #31
  • Feb 5, 2011 4:00am Feb 5, 2011 4:00am
Hi guys,

In Australia over the last couple of days Cyclone Yasi has hit. Down here in Melbourne last night we caught edge of it as it was blowing itself out. We had a powercut for a few hours so I was unable to post after my last post last night. Lots of flooding everywhere this morning.

Just to clarify, everyone is absolutely correct that you should never trade based on the current (still moving up and down) renko block. As the block has not finished forming, it is telling you nothing.

In the two breakout trades I posted, the trade was initiated after a box had formed and closed outside of the channel. Yes, the first one was a fake out, but look how the second one turned out in the picture below. I only caught a couple of pips of the move, but that's the way it goes sometimes.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 95 KB
  • #32
  • Feb 6, 2011 9:34pm Feb 6, 2011 9:34pm
Quoting Ezakimak
Hello everyone,

In my trading journal, I keep a record of my investigations and discoveries in trading renko. I like to use renko combined with one other indicator.

Let's use this thread to post purely price action based renko trades.

When I trade renko with just price action, I am looking for support / resistance bounces and breakthroughs, double top / bottoms along with my favourite: higher lows and lower highs.

How do you trade naked?

Ezakimak
Dear Ezakimak,

I'm working similiar Strategy right now with some friends (Coder)..
Need to solve Entry/Exit Rules..

Visit this thread

Regards
  • #33
  • Feb 6, 2011 11:11pm Feb 6, 2011 11:11pm
Thanks rnwd,

Looks like you have a good discussion going on there. My Indonesian isn't too good, but the charts look great. Me and Google translate will check in on your progress soon!

Ezakimak
  • #34
  • Feb 7, 2011 1:26am Feb 7, 2011 1:26am
Higher Low / Bounce off Support:
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 74 KB
  • #35
  • Feb 7, 2011 1:36am Feb 7, 2011 1:36am
Locked in some profit now. Set a target up at the recent resistance point.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 78 KB
  • #36
  • Feb 7, 2011 1:42am Feb 7, 2011 1:42am
Another block formed, so have moved stop loss to lock in some more profit.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 79 KB
  • #37
  • Edited 3:23am Feb 7, 2011 1:55am | Edited 3:23am
Hello,
So happy to have found this presentation...
Very intriguing.. Pure price action...

For the last week or so I have been testing a renko ea I found somewhere, sorry I can't remember where I picked it up...
The entries are confirmed by a moving average cross.
Here I am watching a 5ema and 25ema cross. Wood pivots. A support and resistance indi.. and bb macd. All this stuff kind of clouds up the chart a bit and I am hoping I can drop some of this stuff if it proves unnecessary.
New to renko... following your trades is helping immensely.
I may have entered too soon here, since the ema cross may not be fully closed. So I see what they mean by patience with renko.
This is demo.
Thanks again..

Is the highlighted area somewhat of a head and shoulders?

edit:
Amidst the some tech problems, getting the hang of renko set up...
The blocks tuned red. There was slight swing up and I hopped out 3 pips and 5 pips..
No clear trend at this point... Hovering around the daily pivot. I traded what looked like a breakout... false start...
Attached Image (click to enlarge)
Click to Enlarge Name: r.gif Size: 51 KB
  • #38
  • Feb 7, 2011 2:02am Feb 7, 2011 2:02am
Phwoar, look how close price got to my target! Pulling back a bit at the moment, but I have profit locked so am happy with whatever happens from here.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 83 KB
  • #39
  • Feb 7, 2011 2:19am Feb 7, 2011 2:19am
Price pulled back and hit my stop loss. Having locked in some pips earlier, though, we have finished in the positive. Nice way to start the week!
  • #40
  • Edited 2:50am Feb 7, 2011 2:35am | Edited 2:50am
Have sent you a pm with some technical questions...


edit: Okay, seem to have figured out the nuts and bolts..
pm obsolete...
2 traders viewing now