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Renko system

  • Post #1
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  • First Post: Edited 2:20pm Dec 1, 2009 2:09pm | Edited 2:20pm
Hey, here is a promising renkobar system i'm testing.
Opened a real account today for it. Yeah, i know its "kamikaze" account with that kind of money because no micro lots allowed on the broker.
Current floating account profits from todays trading "only" +80%


Don't mind the the orange Finnish text(the rules) in the picture.

http://img.skitch.com/20091201-m9gmh...ji.preview.jpg
Click for full size

Indicators:
Renko bar(20pip) (I'm using free NinjaTrader renko indicator for it)
EMA (7)
Stochastics
PSAR dot(0.09,0.2)

Rules:
====
Long:
Enter when a renko bar has penetrated the EMA to upside, and the renko bar has also the PSAR dot.
You can use Stochastic as a filter (valid signal only if stoch is hovering near 20% or 80%).

Short:
Reverse the Long rules.

Stop loss and Take profit:
No stop loss, but recommend to put stop at breakeven after about 40 pips(2x20pip renko bars) So dont let the winning trade to change loser.

Take profits taken when reversing position from Long -> Short and via versa.
Quoting johto
Hey, here is a promising renkobar system i'm testing.
Opened a real account today for it. Yeah, i know its "kamikaze" account with that kind of money because no micro lots allowed on the broker.

Current floating account profits from todays trading "only" +80%...
Hello good setup but you dont need open new thread on Discusion you have 3 thread about Renko include mine...

Good thing about your system is simplicity but show to us picture for example when is market raining ? also bad thing is SL wich is the most important rule on Forex world...
Also biger box size on Renko mean biger SL in Forex you must know Risk is most important part..


Cheers
"Buy on fear, sell on greed !!!
Quoting Petar_Serbia
Hello good setup but you dont need open new thread on Discusion you have 3 thread about Renko include mine...

Good thing about your system is simplicity but show to us picture for example when is market raining ? also bad thing is SL wich is the most important rule on Forex world...
Also biger box size on Renko mean biger SL in Forex you must know Risk is most important part..


Cheers
How is it possible to put a moving average on a renko indicator?
This is the same thing as this system.

http://breakpointtrades.com/Camtasia...nkosystem.html
Quoting billbss
This is the same thing as this system.

http://breakpointtrades.com/Camtasia...nkosystem.html
Yeah, its exactly the same.. however having watched that video of the guy explaining it, I have to say he's an idiot.

First he keeps talking about "Time Frames" while the nature of Renko Charts means time frames are NOT relevant.. so using it on "15 Minute, 60 Minute, or Daily Chart" as he describes in the video is just out there...

Then he talks about following the "rules" of the system, but if you look closely at his charts you will see that he FAILED to follow the rules of the system.

For instance he describes it as a Pure SAR system, where you only enter/exit trades on the crossing of the 80/20 Stoch in conjunction with the P-SAR and 7 EMA.. yet you'll see several trades when he reversed his position with no input at all from the Stoch cross.

Honestly, this system would be better served by removing MACD, which serves no purpose according to the rules.. Removing the Stoch, which once again seems to be there simply to have an extra indicator.. and adding a 1 EMA.

Change the rules to:
BUY:
1 EMA Cross above 7 EMA with P-SAR Support
SELL:
1 EMA Cross below 7 EMA with P-SAR Resistance

The P-SAR will keep you out of "Most" whipsaws and keep you in the trend, even if the 1 EMA Cross's over the 7 EMA for 1 or 2 bars.

Why a 1 EMA? Because trying to figure out if "Price" is above the 7 EMA when you have "Wicks" is very hard; otherwise I'd say just use price.
Quoting Zurathustra
Change the rules to:
BUY:
1 EMA Cross above 7 EMA with P-SAR Support
SELL:
1 EMA Cross below 7 EMA with P-SAR Resistance

The P-SAR will keep you out of "Most" whipsaws and keep you in the trend, even if the 1 EMA Cross's over the 7 EMA for 1 or 2 bars.

Why a 1 EMA? Because trying to figure out if "Price" is above the 7 EMA when you have "Wicks" is very hard; otherwise I'd say just use price.
Good points. I especially like the use of the PSAR to avoid whipsaws. Agree about the need to use EMAs (or other line chart) to see crosses more clearly. I'll try to write a strategy for this to do some testing.. Renko opens up a whole new world of price data analysis...
Doesn't work.
You get chopped to death eventually.
Quoting Zurathustra
Yeah, its exactly the same.. however having watched that video of the guy explaining it, I have to say he's an idiot.

First he keeps talking about "Time Frames" while the nature of Renko Charts means time frames are NOT relevant.. so using it on "15 Minute, 60 Minute, or Daily Chart" as he describes in the video is just out there...

Then he talks about following the "rules" of the system, but if you look closely at his charts you will see that he FAILED to follow the rules of the system....
----------------
Corrective combination Patterns
Anyone still using this simple idea?
Please share the indicators & template for this system,johto!
I like this system very much. Am forced to use the script version of Renko Live Chart, probably because there is not enough history to use the ea or indicator written by the same people. All are available here: http://www.forexfactory.com/showthread.php?t=189584

If you have 5 places after the decimal point it is necessary to multiply the timeframe by 10. (Also, if the schizphrenic 10th-of-a-pip tic chart slows your trading platform down, hit "Hide All" after right clicking on Market Watch pairs and that will reduce the amount of tenth-of-a-pip info.)

Instead of 20 pip bars, am using ten (with the script on the one-minute chart set for 100) and this seems to work nice and give a little extra insight on price movement in my pound-yen-obsessed world. Sixths indicator is set for the default 50 look-back.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYRenko10pip.jpg Size: 164 KB
Here is another system that works very well with Renko.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 20 Pips Renko.png Size: 29 KB
Quoting Hutch
Here is another system that works very well with Renko. {image}
may you tell us the setup / indicators
thank you
  • Post #14
  • Quote
  • Last Post: Apr 9, 2019 5:11am Apr 9, 2019 5:11am
Quoting hundsbua
{quote} may you tell us the setup / indicators thank you
These two threads will provide you with information about the system with templates and indicators.

https://www.forexfactory.com/showthread.php?t=540706

https://www.forexfactory.com/showthread.php?t=575363
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