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Price action trading with RENKO

  • #161
  • Mar 18, 2011 3:05am Mar 18, 2011 3:05am
Hi All,

Check this thread here (Renko SWHP v1.0)..

Perhaps that EA will be one of the best Renko EA, but it needs to improved (Adding MM, Trading Time, ECN enable, etc)..

If someone interested, contact me on [email protected]

Regards
  • #162
  • Mar 19, 2011 1:26am Mar 19, 2011 1:26am
Hi everyone,

Haven't posted here for ages, been having too much fun on Kreslik.

I still trade with the same renko I posted in this thread making lots of pips and having fun. There are always nay-sayers out there (they seem to be abundant at Forex Factory), but renko is a great tool if you learn how to use it and make it work for you. Take the time to learn to work with it and you will be richly rewarded. Screen time is the most important tool you need with trading.

Sayonara.

Ezakimak
  • #163
  • May 18, 2011 4:52am May 18, 2011 4:52am
For those who are interested, Tradestation offers Renko Charts. They don't have wicks and they rebuild every 24 hours, trying to fix that, which changes the running strategy results but it is now free, no rader or chart fees. The language is EasyLanguage which is much easier then MT4 it has many already built composites. You will find your EAs and Indicator react differently but the renko charts are built in house. maybe we should start a Tradestation thread or is this site only for MT4&5??

Thoughts!
  • #164
  • Nov 2, 2011 7:56am Nov 2, 2011 7:56am
Quoting Ezakimak
Hi everyone,

Haven't posted here for ages, been having too much fun on Kreslik.

I still trade with the same renko I posted in this thread making lots of pips and having fun. There are always nay-sayers out there (they seem to be abundant at Forex Factory), but renko is a great tool if you learn how to use it and make it work for you. Take the time to learn to work with it and you will be richly rewarded. Screen time is the most important tool you need with trading.

Sayonara.

Ezakimak
SHOW ME HOW! I just opened three renko charts (all on AUDNZD, & all with the same settings), one demo & two live Alpari accounts - the don't remotely agree with each other.
Even the two live acconts move in different directions.
Bandits or what!
  • #165
  • Apr 30, 2012 1:18am Apr 30, 2012 1:18am
So guys,
What happened with this thread? is it dead????
Are you still trading renko?
  • #166
  • Jul 12, 2012 4:41pm Jul 12, 2012 4:41pm
This system uses breakouts, does anyone use any indicators with Renko? I'm using the Keltner channel and it gives good signals if the pair is in a strong trend but that is only a small part of the time. In my limited experience most pairs seem to be choppy much more than strongly trending. I've always struggled with when to exit. I generally have good entries but struggle on knowing when to exit.

I know this thread hasn't had activity in awhile but I'm hoping someone can help me out. I'm using the Daily chart for trend and one of my systems uses renko for actual trading.

Thanks
  • #167
  • Oct 17, 2012 2:34pm Oct 17, 2012 2:34pm
I have the RenkoLiveTrading v3.2 indicator. However I cannot no matter how much I try get the charts to look like the examples at the start of this thread.

What am I missing? Maybe its the wrong indicator, maybe a setting. Can someone post the indicator used here and perhaps your .tpl file?

Many thanks in advance for assisting.
non si dimentichi mai
  • #168
  • Oct 17, 2012 5:21pm Oct 17, 2012 5:21pm
Try this:
10 pip Renko bars
Latest Matrix/Symphonie system that doesnt repaint -
found at FF "Additional Indicators for the Genesis Matrix".
Take trades when 3 or 4 boxes in the matrix change color.
Enter after a retrace of 5 pips.
Take profit with half position at 10 pips, and second half at 50 pips or let run to when 2 boxes change color.
Stop and reverse at next signal for a stop loss or last significant high/low, or use Nanningbob/s recovery system to recover losses.
Looks pretty good in back testing.
Combine this with all the normal trading stuff - time of day, fib retrace targets, S & R, etc.
Please dont ask me a lot of newbie questions - dont have the time.
JJ
  • #169
  • Oct 18, 2012 8:08am Oct 18, 2012 8:08am
Quoting plus50
I have the RenkoLiveTrading v3.2 indicator. However I cannot no matter how much I try get the charts to look like the examples at the start of this thread.

What am I missing? Maybe its the wrong indicator, maybe a setting. Can someone post the indicator used here and perhaps your .tpl file?

Many thanks in advance for assisting.
Haven't found a mt4 renko indi that's reliable.
They make pretty charts but they're not actually following price action properly.
So they make a good video game.
Gave up on it.
Trading price action trend and support and resistance and doing fairly well.
  • #170
  • Oct 20, 2012 8:23pm Oct 20, 2012 8:23pm
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 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...
I think and I might be wrong but did or are you using 1m charts to obtain the renko's? If so then im guessing that the 1 min chart must have froze hence why the timeline on the bottom of your bottom chart differs so much. Surely thats a clue to you that this has happend?
One solution if this is correct is not to use 1 m time frames to obtain renko's use 5 min charts.
  • #171
  • Oct 21, 2012 2:26am Oct 21, 2012 2:26am
Quoting icwalter
This system uses breakouts, does anyone use any indicators with Renko? I'm using the Keltner channel and it gives good signals if the pair is in a strong trend but that is only a small part of the time. In my limited experience most pairs seem to be choppy much more than strongly trending. I've always struggled with when to exit. I generally have good entries but struggle on knowing when to exit.

I know this thread hasn't had activity in awhile but I'm hoping someone can help me out. I'm using the Daily chart for trend and one of my systems uses...
I have been developing a couple of renko based ea's that are coming along ok. My take on renko is that you need to be very clear what your intent is, (as everything seems so clear with renko which is the attraction) eg scalp 1 or 2 blocks, take a chunk of the daily range say 5 blocks or trend trade using a trailing stop.

I don't know keltner channels well but if it works for trending periods find a way to filter ranging periods out and then create a different strategy for ranging or sit out.

What I have learnt is that a absolute line is needed to define whats going on - eg if the price is above this point then I believe the market to be trending , if not it is ranging or retracing, in each situation I either use my strategy or sit out for that pair.

Once clear of your intent its then slightly easier but not easy as most EA's and many trading strategies for regular bars don't work is different markets either.

My thoughts are that indicators that trigger entries are useless ( I have tried many) and it is better to just use renko block action as triggers. The reason I like renko is the consistency of entry and exit points.

Filter this with MA's or whatever for direction and maybe something else for momentum. eg I use a MTF momentum indicator on the 1hr timeframe as a filter to limit entries in one case.

For exits use a multiple of block size eg 5 blocks x 10 pip blocks = 50 pips or a trailing stop for trend trading.

One of the things that has helped me is to define the block size correctly for my strategy. If trading intra day I use the pairs daily range / 15. This provides enough movement to give me the entries I need while for trend trading I think a larger block is better say daily range /10 or even larger.

rgds

Peter
  • #172
  • Oct 21, 2012 7:03am Oct 21, 2012 7:03am
Quoting jiva34
Haven't found a mt4 renko indi that's reliable.
They make pretty charts but they're not actually following price action properly.
So they make a good video game.
Gave up on it.
Trading price action trend and support and resistance and doing fairly well.
First sorry for my english, it's not my native language but i hope you can understand..

Most of renko chart builder indicator or EA or script.., forget the major concept of renko. it is price slicing base visual indicator, that of course really different with standard chart that was time slicing base visual indicator.

In standard chart (bar or candlestick or line), every new candle created base on slicing time you choose like every 1 minutes or every 5 minutes etc.. so there always starting point base on time, let says 3 months or 1 years ago,, etc..

For Renko chart or kagi chart or point n figure chart, that only slicing the price range so you can see visually the real price action regardless the 'time' , if your starting point keep changing or different with the others then you will always get different result.

So, you need starting point in price as a base of renko calculation. for example let says in EURUSD you start to slicing the price begin from 1.2000 or for more detail let says 1.21310 (as EU median). then you choose to create renko chart with 5 point brick, then your renko chart builder tools will start to 'slice' the range between that 1.21310 price to current running price in 5 point incremental but still base on the high/low point at M1 standard chart (for MT4), to determine bullish or bearish form of the renko 'brick'.

Renko Chart is 'range' visualizer.. and as a common sense 'range' measured with 'percentage' of movement (you always 'calculate' growth of your money in 'percent' right...lol)... so, again for example EU median price at 1.21310 if we take only the round number 1.2000 as base of median, 1.6000 as highest and 0.8000 as lowest we will hv 8000 point range, 4000 point above median and 4000 point bellow median. If we set the median of 1.2000 as 0%, 1.6000 as 100% and 0.8000 as -100% then every 1% movement equal to 40 point.
or every 0.1% equal to 4 point.

If your renko 'brick/box' for EU is not multiply by 4 point then maybe you will get different perception of price movement.

Most of 'averaging' indicators that base on 'price' in their 'line calculation' but base on 'time' in their 'range' period constant will fail to give you 'real' visual of Price Action. Good 'averaging' calculation need constant data flow and because we 'average' the price then we need 'constant' price data flow and not that constant 'time' data flow with inconsistent price data flow like in standard chart.

Hope it help...
best regards.
  • #173
  • Feb 19, 2013 10:42am Feb 19, 2013 10:42am
Quoting jiva34
Haven't found a mt4 renko indi that's reliable.
They make pretty charts but they're not actually following price action properly.
So they make a good video game.
Gave up on it.
Trading price action trend and support and resistance and doing fairly well.
under settings set the show wicks option to "false"
  • #174
  • Feb 19, 2013 10:46am Feb 19, 2013 10:46am
Quoting jiva34
Haven't found a mt4 renko indi that's reliable.
They make pretty charts but they're not actually following price action properly.
So they make a good video game.
Gave up on it.
Trading price action trend and support and resistance and doing fairly well.
I don't think people really understand what renko bars are showing. Maybe some are confusing with range bars and thus thinking something is wrong when the current bar so called repaints. Renko bars, unlike range bars will only print a permanent bar when the range is all in one direction. With a 10 pip range bar, if price drops 2 then goes up 8, then conditions are met to print a bar - not the case with renko... price must go 10 pips up or 10 pips down to print.


Hope that clears up some of the reprint issues.
  • #175
  • Oct 13, 2015 7:54am Oct 13, 2015 7:54am
It's been more than 2 years since this thread died. Hope to pick up some pieces to continue the discussion.

I have a chart with 25pips median renko and a grid builder in place. Looking at pure price action, I have a question on the chart. That is determining the next move the price might travel. So, question is what is a good determinant to trade for a higher probability of winning. Open to the floor.....
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDM213102015.png Size: 33 KB
The market pays you to be disciplined
  • #176
  • Oct 13, 2015 8:31am Oct 13, 2015 8:31am
Renko is just another way to show price in chart form, except it does not show all actual prices at reversal renko bar locations. To me, I consider that like ignoring showing the wicks in candles... less noise, but giving up some benefits when nearing support and resistance levels (but you know what the non-plot part of the bars are so would be easy to eyeball it).

Renko seems to work better in persistence trends. How about trading it this way -- if the renko bars are below a nice looking moving average, keep shorting the red bars at reversal points (immediately after green bars). Initial stop 2.5x renko brick size (for mean renkos). Trail the profit stop also at 2x renko brick size. But if the market is choppy, Renko will lose money.

If someone would test this or improve the rules, and let us know the results, that would be great. Appreciate it.

Bill
  • #177
  • Oct 13, 2015 8:46am Oct 13, 2015 8:46am
Quoting TraderInc
It's been more than 2 years since this thread died. Hope to pick up some pieces to continue the discussion. I have a chart with 25pips median renko and a grid builder in place. Looking at pure price action, I have a question on the chart. That is determining the next move the price might travel. So, question is what is a good determinant to trade for a higher probability of winning. Open to the floor..... {image}
Looking at that chart you posted, i'm guessing if you threw in a stochs or an RSI you would have had a divergence right there. Adding some stuff to your screenshot. Would be great if you follow back with the stochs or RSI and confirm my suspicion.

Attached Image (click to enlarge)
Click to Enlarge Name: chart.png Size: 35 KB

So to answer your question, i'd say it would have had to be a bullish divergence that would have signaled a short term reversal/correction to the downtrend.

And being a bit optimistic, i'm betting there was a hidden bearish divergence (not shown in my chart) off the peak at 1.575 and maybe one of the previous highs at 1.58, which saw the downtrend resuming again.
  • #178
  • Oct 13, 2015 9:27am Oct 13, 2015 9:27am
Quoting jw1981
{quote} Looking at that chart you posted, i'm guessing if you threw in a stochs or an RSI you would have had a divergence right there. Adding some stuff to your screenshot. Would be great if you follow back with the stochs or RSI and confirm my suspicion. {image} So to answer your question, i'd say it would have had to be a bullish divergence that would have signaled a short term reversal/correction to the downtrend. And being a bit optimistic, i'm betting there was a hidden bearish divergence (not shown in my chart) off the peak at 1.575 and maybe...
HI jw1981,

thanks for your observation and reply. I have added both oscillators to check on the divergence. Apparently the readings are in line with the price movement. No divergence there. Stoc is Weighted on close. Hope to have more sharing here

Peace.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDM213102015a.png Size: 48 KB
The market pays you to be disciplined
  • #179
  • Oct 13, 2015 9:32am Oct 13, 2015 9:32am
Quoting calaxcorp
Renko is just another way to show price in chart form, except it does not show all actual prices at reversal renko bar locations. To me, I consider that like ignoring showing the wicks in candles... less noise, but giving up some benefits when nearing support and resistance levels (but you know what the non-plot part of the bars are so would be easy to eyeball it). Renko seems to work better in persistence trends. How about trading it this way -- if the renko bars are below a nice looking moving average, keep shorting the red bars at reversal points...
HI Calaxcorp,

I have added a 25LWMA to have a view on your suggestion.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDM213102015b.png Size: 33 KB
The market pays you to be disciplined
  • #180
  • Oct 13, 2015 9:35am Oct 13, 2015 9:35am
Hi Calaxcorp,

I had initially did away with the wicks. However, I do find the wick helpful at time as it give an indication that the continuation of the momentary direction is well supported. I guess it's a preference and a different reading of the price movement by individuals.
The market pays you to be disciplined
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