My attempt with renko bars

I opened a demo account with Oanda so I can try trading with renko bars. I have no idea what I am doing. This journal is made so I can document the trades for my later reference. In other words don't expect to find something useful here. My approach is to apply traditional technical analysis (as I understand it) to renko bars.

The charts are generated from 4H charts with 50 pips block size.

If after 30 trades my account is still green maybe I will take it live.

Good luck to me

AUDCAD after consolidating between 1.0000 and 1.0500 finally made a series of higher lows and broke to new highs. MA(10) is up, ADX(14) rising and the birds are tweeting in the Bull Country.

Long @1.07055
SL @1.058
TP @1.1

NZDCHF looks like it has overcome an important resistance point at 0.75. After it broke that level it consolidate for a while and now it broke from that consolidation. The price looks like it also found support at the MA(10) which is pointing up. The only bad thing is the ADX(14) which tells that the price is getting tired, but then again it may be telling that price just took a breather.

Pending order
Long @0.7654
SL @0.7437
TP @0.8

EURCAD after a downtrend. bounced back and then broke the 5 days DC downward.

Short @1.30289
SL @ 1.32
TP None

When I enter on DC breach the stop is placed on the other side of the channel. This stop is just a doom's day prevention. After the creation of an opposite color block the stop loss will be moved upon my discretion.

It seems that this trade will be a looser but let's wait for the block first to be completed.

GBPJPY

120.00, 121.00 and 122.00 look like important areas to watch. Price has bounced from 120, moved throug 121 and looks like it is headed towards 122.

Long @121.18
SL @119.54
TP @121.95

http://www.forexfactory.com/showthre...90#post5359690

Wow, the euro is roaring all over the place today. I had moved the stop 25 pips above the completion of the first blue block. That stop got hit and I am out with -96 pips

http://www.forexfactory.com/showthre...22#post5359722

This trade has hit my TP and I am +77 pips but with the same amount of money I lost from the previous trade.

A first observation about the renko blocks is that some times the don't move at all but when they move they move very fast. Right now this trade is printing a second block. The previous EURCAD trade has completed two blocks and it is heading for the third within one day. I am a bit worried that this is not a good strategy to follow for daily trading by someone who works long hours.

EURNZD Was in down trend. Th 1.6 level is a level where price has flipped many times in the past. Now price has been rejected again from that level and looks like it is headed down. There seems to be a support point at 1.58 and there is where I am putting the TP.

Short @1.5878
SL @1.6005
TP @1.58

http://www.forexfactory.com/showthre...65#post5380665

TP got hit and I gained +78 pips

CHFJPY was in a downtrend, price made a reverse H&S formation and continues higher. The 84.00 level has proven it's value. Resistance @85.5.

Long @85.04
SL @84.00
TP @85.59

CADJPY prety much the same story with CHFJPY above. Higher higs and higher lows plus breach of 5 days DC. The 79.00 number looks important so there is where I an putting my TP

Long @78.149
SL @76.85
TP @79.00

http://www.forexfactory.com/showthre...83#post5384083

TP got hit. +55 pips

EURAUD in a downtrend. Now it is consolidating. Found resistance @1.23 and turning back down. Let's not be greedy and take profits @1.22

Short @1.23
SL @1.2505
TP @1.22

TP got hit. +55 pips

http://www.forexfactory.com/showthre...04#post5384104

TP got hit. +85.2 pips

http://www.forexfactory.com/showthre...85#post5385485

TP got hit. +100 pips

EURUSD was in uptrend, consolidated, moved higher, failed and now has broken down. Has broken the DC(5).

Short @1.3015
SL @1.3150
TP @1.2930

USDJPY 3 triple bottom, going up. Not much to comment here.

Long @78.438
SL @77.315
TP @79.500

http://www.forexfactory.com/showthre...89#post5392889

SL got hit. -134.5 pips

Oh well. It happens

http://www.forexfactory.com/showthre...36#post5392936
TP hit. +106 pips