Ichimoku - RENKO | Forex Factory

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Ichimoku - RENKO

  • #1
  • First Post: Edited May 15, 2011 5:14am May 14, 2011 5:20am | Edited May 15, 2011 5:14am
I'm starting this thread as I haven't seen an Ichimoku thread directly relating to Renko.

For this strategy I'm using a 15 pip box and standard Ichimoku 9, 26, 52.

I'm not sure about using other indicators with Ichimoku, my heart tells me to keep it 'pure' but I always seem to end up with additional 'confirmation' indicators.

I trade long when a box closes outside the Kumo Cloud, the Tenkan Sen is above the Kijun Sen preferably pointing up and the Chikou above the price of 26 periods back, opposite for short.

After trying literally hundreds of 'holy grail' strategies Renko trading combined with Ichimoku has been the first trading strategy that has produced overall consistent profits for me, but I'm always looking for that 'extra edge' to make it better.

As with most strategies this looks great when trending but ranges can produce losses and any way of filtering ranges should be explored.

Anyone not sure what Ichimoku is please check here.

http://www.investopedia.com/articles...6/ichimoku.asp

All contributions and trading ideas welcome.

Please add your own trading strategy, but only Ichimoku - Renko.

Renko EA v3.2 can be downloaded below.

http://forexpowertraders.com/indicators.html#rlc
Attached Image (click to enlarge)
Click to Enlarge Name: ich.gif Size: 36 KB
Attached File(s)
File Type: pdf Renko EA Set Up.pdf   147 KB | 8,689 downloads
  • #2
  • May 14, 2011 6:26am May 14, 2011 6:26am
Hello glad someone else uses renko ... Here is what i am testing ,indicatores are attached ..

Rules : Sell

if in down trend (grey arrow)
i will only take sell signals ( red arrows)

stoploss when price closes out side grey dotted line , or when green arrow appears. (emergency stop at 50 pips)

take profit : When i hit 20 pips i will close 1 position and move the other position to breakeven , and collect profit at 40 pips .

Rules : Buy

if in up trend (green arrow)
i will only take buy signals ( pink arrows)

stoploss when price closes out side green dotted line , or when grey arrow appears. (emergency stop at 50 pips)

take profit : When i hit 20 pips i will close 1 position and move the other position to breakeven , and collect profit at 40 pips .
Attached Image(s) (click to enlarge)
Click to Enlarge Name: RENKO MIN 5A.jpg Size: 103 KB
Click to Enlarge Name: RENKO MIN 5B.jpg Size: 111 KB
Attached File(s)
File Type: ex4 minurri2 profx indi.ex4   7 KB | 3,187 downloads
File Type: ex4 goldminer1.ex4   6 KB | 3,011 downloads
File Type: tpl renko gold1.tpl   3 KB | 2,670 downloads
  • #3
  • May 14, 2011 7:41am May 14, 2011 7:41am
Try this. Below cloud, below 20 simple high/low chanel SHORT ONLY.
Above cloud, above 20 simple high/low chanel LONG ONLY.

20 pip block.
Attached Image (click to enlarge)
Click to Enlarge Name: screen shots 1.gif Size: 24 KB
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  • #4
  • May 14, 2011 8:45am May 14, 2011 8:45am
Quoting Goldflight
Try this. Below cloud, below 20 simple high/low chanel SHORT ONLY.
Above cloud, above 20 simple high/low chanel LONG ONLY.

20 pip block.
Thanks Goldflight looks good.
  • #5
  • May 14, 2011 8:49am May 14, 2011 8:49am
Quoting bobbye
Hello glad someone else uses renko ... Here is what i am testing ,indicatores are attached ..

Rules : Sell

if in down trend (grey arrow)
i will only take sell signals ( red arrows)

stoploss when price closes out side grey dotted line , or when green arrow appears. (emergency stop at 50 pips)

take profit : When i hit 20 pips i will close 1 position and move the other position to breakeven...
Hi Bobbye
thanks for your input, I tend to use the price crossing the TS as a get out signal.
  • #6
  • May 14, 2011 8:58am May 14, 2011 8:58am
Still tinkering. Below cloud, below 20 simple high/low chanel SHORT ONLY.
Above cloud, above 20 simple high/low chanel LONG ONLY.

20 pip block
Add Bill Williams AWSOME INDIE, Put on EMA'S 1 and 3, Take trades only when 1 EMA crosses 3 EMA.

Green lines is where you take trade, Red lines NO TRADE.
Attached Image (click to enlarge)
Click to Enlarge Name: screen shots 1.gif Size: 37 KB
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  • #7
  • May 14, 2011 9:02am May 14, 2011 9:02am
Goldflight do you have the high low chanell indi please.
  • #8
  • May 14, 2011 9:10am May 14, 2011 9:10am
Quoting forex1962
Goldflight do you have the high low chanell indi please.

It is 2 20 simple moving averages, One set to high, the other set to low.
Here is a template.
Attached File(s)
File Type: tpl FOREX 1962.tpl   3 KB | 2,208 downloads
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  • #9
  • May 14, 2011 9:16am May 14, 2011 9:16am
Quoting Goldflight
It is 2 20 simple moving averages, One set to high, the other set to low.
Here is a template.
Ok I get it, would seem to act as a pretty good exit strategy.
Attached Image (click to enlarge)
Click to Enlarge Name: ich.gif Size: 34 KB
  • #10
  • May 14, 2011 9:23am May 14, 2011 9:23am
Quoting forex1962
Ok I get it, would seem to act as a pretty good exit strategy.

Myself, I would exit on first reversal bar.
Attached Image (click to enlarge)
Click to Enlarge Name: screen shots 1.gif Size: 28 KB
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  • #11
  • May 14, 2011 9:25am May 14, 2011 9:25am
Quoting Goldflight
Myself, I would exit on first reversal bar.
Right, but would you then renter after it turns back again and still below chanell?
  • #12
  • May 14, 2011 9:27am May 14, 2011 9:27am
Quoting Goldflight
Myself, I would exit on first reversal bar.
Right, but would you then renter after it turns back again?
I know using a 20 box is going to give a more reliable signal than 15 but could be waiting a long time for a signal, at what point after a kumo break would you NOT enter?
  • #13
  • May 14, 2011 9:28am May 14, 2011 9:28am
Quoting forex1962
Right, but would you then renter after it turns back again and still below chanell?

No, I would wait for next setup. Most of the time price moves back to the chanel.
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  • #14
  • May 14, 2011 9:32am May 14, 2011 9:32am
Entries and Exits.
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  • #15
  • May 14, 2011 9:35am May 14, 2011 9:35am
Quoting forex1962
Right, but would you then renter after it turns back again?
I know using a 20 box is going to give a more reliable signal than 15 but could be waiting a long time for a signal, at what point after a kumo break would you NOT enter?

I would only reenter if all three signals line up. I know sometimes the wait may be long, but may be worth the wait.
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #16
  • May 14, 2011 9:36am May 14, 2011 9:36am
Looks impressive, do you think the chanell is a better idea than using the TS KS & Chikou?
Do you mainly trade Renko, I've read a lot of your comments on ff before & you seem to have a lot of knowledge about it.
  • #17
  • May 14, 2011 9:43am May 14, 2011 9:43am
Quoting forex1962
Looks impressive, do you think the chanell is a better idea than using the TS KS & Chikou?
Do you mainly trade Renko, I've read a lot of your comments on ff before & you seem to have a lot of knowledge about it.

I have never used the TS KS & Chikou indies. The 20 simple moving average is the center line of the 20 bolinger band.

Yes i mainly trade using renko charts, I find them to be a much cleaner chart.
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #18
  • May 14, 2011 9:46am May 14, 2011 9:46am
Quoting Goldflight
I have never used the TS KS & Chikou indies. The 20 simple moving average is the center line of the 20 bolinger band.

Yes i mainly trade using renko charts, I find them to be a much cleaner chart.
Thanks Goldflight your input is very much appreciated, please keep it coming!
  • #19
  • May 14, 2011 9:49am May 14, 2011 9:49am
Quoting forex1962
Thanks Goldflight your input is very much appreciated, please keep it coming!

You are welcome, I will keep a close eye on this thread. Good luck and happy pipping............................GF.
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  • #20
  • May 14, 2011 10:02am May 14, 2011 10:02am
Quoting farsisub
thx GF for new post
it looks like impressive . i have a question how do u put 2 MA ( 1and 3EMA ) on AO indicator ? i catch MA from indicator tab to AO indicator on my chart but MA set in main chart not Indicator window

Go to navigator, then indicators ( NOT CUSTOM INDICATORS) Left click and hold on moving averages, drag to Awsome indicator,go to APPLY TO and click on First Indicator Data. That will put it on the indicator. Also here is the template.
Attached File(s)
File Type: tpl FOREX 1962.tpl   3 KB | 1,411 downloads
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