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Price action trading with RENKO

  • #101
  • Edited 10:09am Feb 8, 2011 8:52am | Edited 10:09am
EZ, it's kind of odd me trying to help someone else set up renko when today was the first day I got my charts up and running.
The blind leading the blind.. don't you think?

You really have opened up something for me. I do appreciate it...

100 pips today... And that is more or less stumbling around in the dark with this...

It's like getting closer to eternity. Time is conspicuous by it's absence there and the forms are pure and perfect.. trading renko is like trading the spirit of the market...hmmmm
  • #102
  • Feb 8, 2011 10:26am Feb 8, 2011 10:26am
I got it to work Jiva, thanks

Btw, what do you use as an exit signal?
  • #103
  • Feb 8, 2011 11:05am Feb 8, 2011 11:05am
Quoting Finoli
I got it to work Jiva, thanks

Btw, what do you use as an exit signal?
Working on it.
I really want to catch the big moves, 100's of pips..
thinking to open 2 positions. One closes at around 25, then move the stop for the second to just past break even and wait...
If it is a big move trail it..
Greed and fear start to play every time I try to set this up. So I need to work on it.
If I could see several hi probability entries/day then I would probably just try for 10 or 20 pips per entry and be very very happy.
But the most dangerous part of the trade is the initial entry. Did I get it right? So if I could minimize that going in and out for 10 pips here or there and be able to identify the big ones = less risk.
Will have to see.
It's only the first day my charts are up and running..
I sure do like what I see so far.
  • #104
  • Feb 9, 2011 1:14am Feb 9, 2011 1:14am
Will it pop?
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  • #105
  • Edited 2:31am Feb 9, 2011 2:17am | Edited 2:31am
Any wagers? downside...

edit :
You're good..
pop it is... and not down...
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  • #106
  • Feb 9, 2011 2:23am Feb 9, 2011 2:23am
Quoting jiva34
Any wagers? downside...
Time will tell. A true ninja waits for the opportune time to strike.
  • #107
  • Feb 9, 2011 2:30am Feb 9, 2011 2:30am
Higher low on the USDCHF. We seem to be near resistance, but the market is in an overall uptrend. Let's give it a crack....
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  • #108
  • Feb 9, 2011 2:33am Feb 9, 2011 2:33am
Maybe I am trying to see too big a picture. Look a little smaller...
  • #109
  • Feb 9, 2011 2:35am Feb 9, 2011 2:35am
Quoting Ezakimak
Higher low on the USDCHF. We seem to be near resistance, but the market is in an overall uptrend. Let's give it a crack....
I was just looking at that.
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  • #110
  • Feb 9, 2011 2:37am Feb 9, 2011 2:37am
switched sides and doubled up
but I am just demo so don't let me distract you...
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  • #111
  • Feb 9, 2011 2:40am Feb 9, 2011 2:40am
As this is a new high and because I am a chicken, I have moved my stop loss to lock in some profit just in case this becomes a double top...
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  • #112
  • Feb 9, 2011 2:49am Feb 9, 2011 2:49am
Here's one I took earlier
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  • #113
  • Feb 9, 2011 3:07am Feb 9, 2011 3:07am
????
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  • #114
  • Feb 9, 2011 3:39am Feb 9, 2011 3:39am
Not trying to be funny, because I truly appreciate your efforts here and I have picked up a great deal of very useful insights..
But ...
I think renko is itself an indicator...
I know that sounds blasphemous, but really.
I think it can best be used in connection with other charts...
  • #115
  • Feb 9, 2011 3:41am Feb 9, 2011 3:41am
Did you catch the AUDUSD break below support?
  • #116
  • Feb 9, 2011 3:49am Feb 9, 2011 3:49am
Jiva, you are picking some nice ones there mate! Well done. Doesn't it feel good trading without indicators exploding all over the place?!

Don't get me wrong I like my indicators, but I only try and use one or two. I have seen some charts that look like an explosion in a unicorn factory.

Just one thing - the renko on your chart is presenting funny. You should only get those side by side bars with renko range bars. If the script is running properly, there should only be completed boxes and the current box moving up and down. Be careful not to trade a false signal cause somethings buggy.

My USDCHF pull back and hit my stop. Had a couple o' pips locked though, so all good.
  • #117
  • Feb 9, 2011 4:07am Feb 9, 2011 4:07am
Hi Jiva

been looking at your charts and noticed occasionally that you get double bars, now I know why, you appear to have the RenkoLiveChart expert running on the Renko chart as well!!!!

The LiveChart expert must ONLY be run on the 1m chart of the timeframe you wish to analyze, NOT the generated offline chart.

As the generated offline chart is allways one tick behind the original 1m chart there is the possibility that both experts will try to write the same candle to the history file.

To fix, remove the expert on both the 1m & renko chart, close the offline chart, go into history and delete the offline generated file, then re-add the LiveChart expert back only to the 1m chart.

If you are going to trade with Renko let's get the basics correct.

Regards
John
  • #118
  • Feb 9, 2011 5:13am Feb 9, 2011 5:13am
Quoting jmw1970
Hi Jiva

been looking at your charts and noticed occasionally that you get double bars, now I know why, you appear to have the RenkoLiveChart expert running on the Renko chart as well!!!!

The LiveChart expert must ONLY be run on the 1m chart of the timeframe you wish to analyze, NOT the generated offline chart.

As the generated offline chart is allways one tick behind the original 1m chart there is the possibility that both experts will try to write the same candle to the history file.

To fix, remove the expert on both the 1m & renko chart, close...
Boy, are you on top o' things... never would have caught that..But yes that's it exactly!!
I'll have some in a little while to play with the charts again...
That may help to free up cpu which seems to be all gobbled up..... Sticky mouse...
  • #119
  • Feb 9, 2011 5:17am Feb 9, 2011 5:17am
EZ, looks like your USDCHF is right on..
But no loss is a gain...
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  • #120
  • Edited 7:29am Feb 9, 2011 5:24am | Edited 7:29am
Can't help myself I have a serious attachment to macd..

http://3.bp.blogspot.com/_WjTiPvD0ot...anutsLinus.jpg

what do you think about AUDUSD short? GBPUSD short?
This is all demo so far, but I see no difference from live, because if I can't get it right demo there's no sense going live.
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