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Price action trading with RENKO

  • #141
  • Edited 7:03pm Feb 10, 2011 6:45am | Edited 7:03pm
Quoting kapybara
Hi Guys,

I'm watching this thread quietly so far and testing of course (one of the strategy I would apply if I master it).

Here are some helfull links:
1. http://www.forexfactory.com/showpost...&postcount=972
(check 1st two indicators ... congestion and supres)

2. http://www.forex-tsd.com/suggestions...ng-system.html
(here is the renko EA and complete guide)

Enjoy.
Interesting, that was one of the things I wanted to investigate. The cloud...

superb links

Here is a renko ea I was testing. But there is not enough info available for me to see how it is actually opening and closing, etc.
Attached File(s)
File Type: mq4 renko_ma_cross_ea.mq4   15 KB | 499 downloads
  • #142
  • Feb 10, 2011 7:02am Feb 10, 2011 7:02am
Quoting Ezakimak
If perhaps, I could humbly offer some advice...

Focus means focus....
Very nice, I like the stories very much. I learned something. Rules cannot contain the human spirit.
"By waiting a year they improved their chances of success but risked dishonoring the name of their clan, the worst sin a samurai can commit".
  • #143
  • Feb 10, 2011 7:10am Feb 10, 2011 7:10am
Quoting Ezakimak
If perhaps, I could humbly offer some advice...

Focus means focus....
>>Focus means focus. Patience and a steady head is very important.<<

Looks like I am on the right thread. Not just nuts and bolts techniques but psychology as well..
I have been trading a 2 reversal candle breakout strategy for the last little while, but it can't hold a candle so to speak to a renko breakout.
There are a lot of similarities but renko blocks are so much clearer to see.
I set a goal today, to trade the specific strategy and look for 10 pips at least 5 times. I achieved it.
So I will stay with the colorful set up and see how to develop it. It is very very close to the 2 reversal candle strategy but much clearer.
I want to continue with the 10 pip practice as it is helping me to see what are low risk entries and what are high risk entries.

Thank you for the support, encouragement and "the stories".
  • #144
  • Edited 9:54am Feb 10, 2011 8:05am | Edited 9:54am
Bit more practice looking for entries and 10 pips

edit: combined with the osma cross of 0 it's a given......
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  • #145
  • Edited 10:06am Feb 10, 2011 9:51am | Edited 10:06am
more practice
there it is again, the osma cross with 2nd block after ma change..
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  • #146
  • Feb 11, 2011 12:50am Feb 11, 2011 12:50am
Hi Guys,

look at this nice setup, waiting for breakout down, confirming candle - this is high probability setup
Attached Image (click to enlarge)
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  • #147
  • Edited 2:06am Feb 11, 2011 1:43am | Edited 2:06am
Quoting kapybara
Hi Guys,

look at this nice setup, waiting for breakout down, confirming candle - this is high probability setup
Shows up on my radar also. am already in short. tight stop..
  • #148
  • Feb 11, 2011 1:56am Feb 11, 2011 1:56am
what does blue color mean?

Quoting jiva34
how do you like my renko?
  • #149
  • Feb 11, 2011 2:01am Feb 11, 2011 2:01am
Quoting clc4x
what does blue color mean?
I don't have documentation for the indi, maybe I can research this weekend..
looks like it is the middle ground...
like a 0 line would be to a histogram...
  • #150
  • Feb 11, 2011 3:02am Feb 11, 2011 3:02am
Quoting kapybara
Hi Guys,

look at this nice setup, waiting for breakout down, confirming candle - this is high probability setup
Looks good Kapybara. It channeling across, just waiting for an excuse to drop. All the best!
  • #151
  • Feb 11, 2011 3:16am Feb 11, 2011 3:16am
Quoting jiva34
Shows up on my radar also. am already in short. tight stop..
All the best Jiva!
  • #152
  • Feb 11, 2011 3:35am Feb 11, 2011 3:35am
oh boy... Am I panicked....
Shocking how bad mt4 data feed is.
I opened 2 platforms, same broker, for USDCAD. the charts did not look anything alike. How do I deal with this? One of the underlying 1m charts had holes and gaps and that was the one I had just reloaded from the history because the chart was only showing a couple of bars hugging the left side of the chart. I tried to refresh the 1 min and would not refresh.
My main concern now and until I get it set properly is reliable data feed. I chart and chart and chart but if the data is bad......
I just don't know how to deal with this. Decisions made on bad data no matter good the charting is will be wrong.
mt4 is great but it is in it's own little world and might as well be a video game without real time reliable data.
Disgusted. I'll get to the bottom of it and solve the problem but it is a huge insurmountable issue at this point. Techniques and analysis aside.
Good luck making any money with Mickey Mouse data files...
Attached Image(s) (click to enlarge)
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  • #153
  • Feb 11, 2011 3:47am Feb 11, 2011 3:47am
Quoting jiva34
oh boy... Am I panicked....
Shocking how bad mt4 data feed is.
I opened 2 platforms, same broker, for USDCAD. the charts did not look...
Oh dear, that is no good at all. Good spotting! It looks like the charts match up until just before that big northward run on the bottom chart. I wonder if something happened at the brokers end or something? Never seen anything like that before.
  • #154
  • Feb 11, 2011 3:52am Feb 11, 2011 3:52am
Quoting Ezakimak
Oh dear, that is no good at all. Good spotting! It looks like the charts match up until just before that big northward run on the bottom chart. I wonder if something happened at the brokers end or something? Never seen anything like that before.
It happens more than we realize....
with the 1 min running silently behind our renko setups how are we to know??? Frightening...
  • #155
  • Feb 11, 2011 8:00am Feb 11, 2011 8:00am
Still panicky but after running allover the net I can't seem to find forex broker who has renko, (that I can afford at this point).
Am wondering if Dukascopy feed into mt4 is any better or if it is simply a bug in the mt4 platform itself... That the data jams up like that... and weeks of data actually disappears altogether..
But I am attached like anything to my renko charts. So will continue to try to get some clarity on this problem. In the meantime I will check the background m1's for gaps, etc.
some really intersting setups beginning to form for next week. Bagged 60 pips short GBPJPY..
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  • #156
  • Feb 11, 2011 8:53am Feb 11, 2011 8:53am
"I told you so"...so I won't but... If you do some research you'll find the NITRO thread in the trash can here at FF. Besides all the crazy crap that went on with "Edgetrader" there was some serious advances made in the concept/application of trading Renko Live via MT4.

1. The problem you are dealing with has been stumbled upon and thrown up for painful examination dozens of times...I still remember my own Ah-Ha! moment, when I realized that my chart didn't match the freakin' screen shot I took like 3 hours before and was @ 20 pips off of what my dad's screen shot looked like from the same time (AND WE WERE USING THE SAME BROKER)

2. Here's the answer to your problem: The "anchor" point must be set on your M1 Chart as to when you start "recording" ticks to input them into renko blocks...if you don't set a standardized start time, the everytime you close the chart/MT4 and re-open/re-start the renko blocks will shift and start re-calculating. I believe you'll find multiple threads/posts that deal with the resolution of this problem (but none work)

If it looks easy, and fool proof and you can't believe no-one else is trading like you...then it's probably only what you want to see and not reality.

-Darren
  • #157
  • Feb 11, 2011 10:19am Feb 11, 2011 10:19am
Quoting pilotui
"I told you so"...so I won't but......
Thanks..
I knew someone must know something about this..
Anchor point...
could you possible post a link to the "how to set an anchor point" or at least a discussion of this...
Is there no hope, then?
renko sure is attractive...
  • #158
  • Feb 11, 2011 10:27am Feb 11, 2011 10:27am
Quoting jiva34
Thanks..
I knew someone must know something about this..
Anchor point...
could you possible post a link to the "how to set an anchor point" or at least a discussion of this...
Is there no hope, then?
renko sure is attractive...
Just search : NITRO in the search bar...it's like 2,000 pages dedicated to Renko Trading (adapted from the C4 concept)

Just walk away brother!
  • #159
  • Feb 12, 2011 7:01am Feb 12, 2011 7:01am
Quoting jiva34
Thanks..
I knew someone must know something about this..
Anchor point...
could you possible post a link to the "how to set an anchor point" or at least a discussion of this...
Is there no hope, then?
renko sure is attractive...
Hi guys

Checkout this thread - it might help to know others facing similar issue and follow the progress.

http://www.forexfactory.com/showthread.php?t=279934
  • #160
  • Feb 19, 2011 1:21am Feb 19, 2011 1:21am
have any of you guys tried VT trader's renko charts?
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