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Price action trading with RENKO

  • #41
  • Feb 7, 2011 2:36am Feb 7, 2011 2:36am
Quoting jiva34
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....
Hello Jiva!

Just had a bit of a chuckle at your bio - hopefully you can stay on this planet long enough for us to share information and learn from each other! Ha ha.

Trading on the cross of a moving average is a common way to trade. There are many versions of which numbers are used. The 5 and 25 you have chosen look good. I would always trade moving averages with something else to confirm - like the BBMACD you have on your chart. Pivots are good, they have a bit of a 'self fulfilling prophecy' thing about them. A lot of people trade to and from them, so they work. I have not used them much so cannot speak with experience.

The good thing about renko is that you can see support and resistance much clearer than on a candlestick chart. Trading just price action is worth practicing on a demo account until you feel comfortable. In my trading journal I also use the BBMACD, with it set at 144,233,1 you get a lovely view of the trend. Trading in the direction of the current overall trend raises the probability of a win. This might reduce some of the indicators on your screen - you mentioned a desire to do this.

Remember with renko that a box is telling you nothing until it has finished forming. The current box (i.e. still going up and down) should not be traded as you don't know where it will close. With renko, the completed boxes are where the story is told.

Let us know how you got in with your trade!

Keep in touch!

Ezakimak
  • #42
  • Feb 7, 2011 2:38am Feb 7, 2011 2:38am
Quoting jiva34
Have sent you a pm with some technical questions...
Just going to have some dinner and will be back soon!
  • #43
  • Feb 7, 2011 3:02am Feb 7, 2011 3:02am
Quoting jiva34
Have sent you a pm with some technical questions...


edit: Okay, seem to have figured out the nuts and bolts..
pm obsolete...
No problem! All questions welcome - I'm no expert, but believe that as a 'village' we can help each other out

I have the attached document saved from somewhere on Forex Factory. It is a really good step by step guide to setting up a renko chart. Keep it for a handy reference! Setting up renko charts can be a pain, but once you get the hang of it, you can do it blindfolded.
Attached File(s)
File Type: pdf Installing Renko script as an EA.pdf   62 KB | 1,501 downloads
  • #44
  • Feb 7, 2011 3:07am Feb 7, 2011 3:07am
Hi Ezakimak

Glad to see your off to a winning start, I have a request though:-

reading through your other thread I noticed you continually misused the word Pip (although in this thread so far only once).

A pip stands for percentage in point, and it is irrelevant whether you use a 4, 5 or even 6 digit broker, a pip will remain a pip, what will change though is the points value.

8 pips - 4 digit broker = 8 points
8 pips - 5 digit broker = 80 points
8 pips - 6 digit broker = 800 points

On your other thread before I looked carefully I saw things like "locked in 50 pips of profit" which sounds great, it is not quite so great when determining that you actually meant 50 points of profit (or 5 pips).

I therefore humbly request that you use the correct terminology when describing your trades.

Regards
John

p.s. in case I forgot to say in my rambling - good luck in your endeavours.
  • #45
  • Edited 3:49am Feb 7, 2011 3:15am | Edited 3:49am
Quoting Ezakimak
No problem! All questions welcome - I'm no expert, but believe that as a 'village' we can help each other out

I have the attached document saved from somewhere on Forex Factory. It is a really good step by step guide to setting up a renko chart. Keep it for a handy reference! Setting up renko charts can be a pain, but once you get the hang of it, you can do it blindfolded.

Still have some tech problems..
Don't want to clutter things up on the thread. You know, "How do I tie my shoes"?
Using pm's can help keep things focused on the thread.
Attitude is everything. Looks like you've got it all.
Thanks for the pdf...

edit:

The pdf got it.. Was trying to run as a script. the ea is much better...
  • #46
  • Feb 7, 2011 3:29am Feb 7, 2011 3:29am
Quoting jmw1970
Hi Ezakimak

Glad to see your off to a winning start, I have a request though:-

reading through your other thread I noticed you continually misused the word Pip (although in this thread so far only once).

A pip stands for percentage in point, and it is irrelevant whether you use a 4, 5 or even 6 digit broker, a pip will remain a pip, what will change though is the points value.

8 pips - 4 digit broker = 8 points
8 pips - 5 digit broker = 80 points
8 pips - 6 digit broker = 800 points

On your other thread before I looked carefully...
Hello John,

Thanks for your input! I noticed that you mentioned in an earlier post that you trade renko - would love to see your charts and methodology. Renko is a great tool and I am always keen to learn from others.

Regarding pips, pippettes, points etc, in recent times I have tried not to mention pip numbers with regards to wins / stops etc because it is a little confusing for everyone (including me!). When someone asks me what size block I am using, I would explain it from a digit point of view. I might steal your little table there in future to better explain. How much to buy the copyright?
  • #47
  • Feb 7, 2011 3:31am Feb 7, 2011 3:31am
Quoting jiva34
Still have some tech problems..
Don't want to clutter things up on the thread. You know, "How do I tie my shoes"?
Using pm's can help keep things focused on the thread.
Attitude is everything. Looks like you've got it all.
Thanks for the pdf...
Feel free to shoot any questions you like - let's figure it out!
  • #48
  • Feb 7, 2011 3:41am Feb 7, 2011 3:41am
Quoting Ezakimak
Feel free to shoot any questions you like - let's figure it out!
But by all means PM me if you want!
  • #49
  • Feb 7, 2011 4:00am Feb 7, 2011 4:00am
Where can i find free Renko charts. Can any body guide me please!
  • #50
  • Feb 7, 2011 5:09am Feb 7, 2011 5:09am
Renko...
Way to go!!

Now that the charts are up and running....
Double top and move below support,
cross of 5 and 25 ema
bbmacd agreement..

probably going a lot lower.
first trade so conservative,
about 20 pips

From what I just experienced this may be too easy!!!

Of course, since this is forex I know better...

When I get some legs with this,
would open 2 positions..
1st to close at 20 pips
2nd move stop to breakeven plus spread....
and wait to catch a big wave..

was away from desk so got in a little late
r/r ratio could have been better..
Attached Image (click to enlarge)
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  • #51
  • Edited 7:19am Feb 7, 2011 5:25am | Edited 7:19am
Go for it again?
GBPUSD.
Entered short partly because EURUSD is dropping.
Dollar strength across the pairs.
But chartwise:
cross of 5 and 25 ema
strong area of support below with the pivot, and a double support..
bbmacd agreement.
2 positions
1st tgt is support line s3 from yesterday...
very often prices will reach a pivot support or resistance from the day before.
2nd target is left open,
try to catch a big wave...

Maybe the 5 and 25 ema cross is not fully confirmed.. Maybe that doesn't happen until the next block forms red.
That's why trading demo is good idea for now...

edit: moved stop a little further away, 40+

edit: Bad trade
Looks like I need to study a little more how to trade the support and resistance relying more on renko then the things I am used to relying on in candlestick trading.
and take advantage of your generosity in sharing your trades, Ezakimak...
GBPUSD wasn't what I "thought it was".
Attached Image (click to enlarge)
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  • #52
  • Edited 5:15pm Feb 7, 2011 9:34am | Edited 5:15pm
I want to learn to trade renko like you do..
so I am gradually dumping the indis.
Boy are they addictive.


edit:
Looks like I am going to need something more than the just the blocks. At least until my eye gets trained to see the possibilities.
Will be using a 13/25 em cross.

With renko it looks like capturing big moves is very possible....
Attached Image (click to enlarge)
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  • #53
  • Feb 7, 2011 11:46pm Feb 7, 2011 11:46pm
What does this mean?
the 2 blocks side by side?
Attached Image (click to enlarge)
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  • #54
  • Feb 8, 2011 12:51am Feb 8, 2011 12:51am
nice going jiva
try trading this on london open,the first 2 hours
on 1
  • #55
  • Feb 8, 2011 1:05am Feb 8, 2011 1:05am
Quoting jiva34
What does this mean?
the 2 blocks side by side?
Hey there Jiva!

Looks like your renko indicator is playing up. The attached Expert Advisor is the one I use. Some awesome coders here on Forex Factory are the authors. Check it out mate....
Attached File(s)
File Type: mq4 RenkoLiveChart_v3.2.mq4   14 KB | 622 downloads
  • #56
  • Feb 8, 2011 1:29am Feb 8, 2011 1:29am
Quoting Ezakimak
Hey there Jiva!

Looks like your renko indicator is playing up. The attached Expert Advisor is the one I use. Some awesome coders here on Forex Factory are the authors. Check it out mate....
All systems GOOOOO!!!
You are ever so right about the awesome coding on this...
Mind boggling..
I tend to be prolific poster, so I don't want to "spam" your thread...
But
Here's a trade I took (demo) Frankfurt...
Swiss Army is managing the trade. trailing stop 50 moves to breakeven+ after 30. maybe a little too much, maybe 20 is more realistic, but don't want to get stopped out on swing.
profit is 50,

edit: changed that trailing stop 40 moves to breakeven + after 25.
Attached Image (click to enlarge)
Click to Enlarge Name: open.gif Size: 58 KB
  • #57
  • Feb 8, 2011 1:51am Feb 8, 2011 1:51am
Quoting jiva34
All systems GOOOOO!!!
You are ever so right about the awesome coding on this...
Mind boggling..
I tend to be prolific poster, so I don't want to "spam" your thread...
But
Here's a trade I took (demo) Frankfurt...
Swiss Army is managing the trade. trailing stop 50 moves to breakeven+ after 30. maybe a little too much, maybe 20 is more realistic, but don't want to get stopped out on swing.
profit is 50,

edit: changed that trailing stop 40 moves to breakeven + after 25.
Looking from a price action point of view, where your lines crossed and those green arrows are, the red brick is a higher low. This is where the market takes a breather in its move before resuming the original direction.

All the best with your trade!
  • #58
  • Feb 8, 2011 1:53am Feb 8, 2011 1:53am
jiva how the hell did u get m2 on mt4
  • #59
  • Feb 8, 2011 1:58am Feb 8, 2011 1:58am
Quoting dragan53
jiva how the hell did u get m2 on mt4
tee hee...
  • #60
  • Feb 8, 2011 1:58am Feb 8, 2011 1:58am
Quoting Ezakimak
Looking from a price action point of view, where your lines crossed and those green arrows are, the red brick is a higher low. This is where the market takes a breather in its move before resuming the original direction.

All the best with your trade!
Would you have entered this at all?
If so where, If you don't mind my asking...
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