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RSS10 System

  • #1
  • First Post: Sep 20, 2012 4:10am Sep 20, 2012 4:10am
First all apologize my bad English please.
I want to show all two simple strategy based on renko charts. No indicators.
I test manually but the problem is the execution. This system needs a full time trader or an EA running 24 hours for the correct execution.
System #1:
Chart: Renko blocks of 10 pips.
Stop Loss: 20 pips + spread or 2 Renko blocks of 10 pips + spread.
Buy: Open a Buy Stop order when a bullish Renko block close above previous bearish Renko block. Close position when opposite rule occurs.
Sell: Open a Sell Stop order when a bearish Renko block close below previous bullish renko block. Close position when opposite rule occurs.
Wath do you think about it?.
Example:
Attached Image (click to enlarge)
Click to Enlarge Name: template422.jpg Size: 134 KB
That which you give to others, life will return it in spades
  • #2
  • Sep 20, 2012 12:03pm Sep 20, 2012 12:03pm
System Alternative 1: Same rules of buy and sell. But in this case, you must enter a buy or sell order in the trend direction at every 10 pip renko. The stop of each position moves to BE when price reaches 20 pips profit. When contrary rules occur, loss will be ever 30 pips (20 pips from the last order and 10 pips of the penultimate order), the previous order will be closed at BE and the rest will be closed at profit.
Attached Image (click to enlarge)
Click to Enlarge Name: template422.jpg Size: 149 KB
That which you give to others, life will return it in spades
  • #3
  • Sep 20, 2012 8:18pm Sep 20, 2012 8:18pm
I like Renko charts , its awsome tool , but what about just taking the trades that it seems in a trend like the one that gave you +300 pips , we can draw trend lines depending on renko blocks and usning support and resistance too ,
instead of entering every single trade and that wants a 24 hour trader as u said ,
Sorry for my english it's not my first language ,
tell me about what you think and we can figure ideas .
  • #4
  • Sep 20, 2012 8:31pm Sep 20, 2012 8:31pm
And please if there any indicator can make Renko charts on Metatrader it would be fine to share it , because i only can see Renko charts on VT
  • #5
  • Sep 20, 2012 9:20pm Sep 20, 2012 9:20pm
I was trading a similar system last year but couldn't find renko bars for.mt4 that didnt repaint
  • #6
  • Sep 21, 2012 1:20am Sep 21, 2012 1:20am
Hi: thanks for the comment. I use Renko Live Chart v2.1.
Attached File(s)
File Type: mq4 RenkoLiveChart_v2.1.mq4   9 KB | 680 downloads
That which you give to others, life will return it in spades
  • #7
  • Sep 21, 2012 2:47am Sep 21, 2012 2:47am
Quoting Jaquemate
System Alternative 1: Same rules of buy and sell. But in this case, you must enter a buy or sell order in the trend direction at every 10 pip renko. The stop of each position moves to BE when price reaches 20 pips profit. When contrary rules occur, loss will be ever 30 pips (20 pips from the last order and 10 pips of the penultimate order), the previous order will be closed at BE and the rest will be closed at profit.
It looks great on a trendy part of the chart. Almost every system does. Did you check how would it perform in a range?
  • #8
  • Sep 21, 2012 3:11am Sep 21, 2012 3:11am
Hi there,
Good on you for starting this thread. I have been interested in Renko charts for some time and whilst they remove lot of noise, it is very difficult to trade them as you do not know when the next candle would be created.
Any trading stratgey on Renko requires automated trading unless you have someone watching the charts 24 hours a day.
cheers, ForexMastery
  • #9
  • Sep 21, 2012 4:22am Sep 21, 2012 4:22am
Quoting Barbossa
It looks great on a trendy part of the chart. Almost every system does. Did you check how would it perform in a range?
Barbosa, you are correct. The negative side is drawdown. All semiautomatic systems with pre-defined rules have large drawdown in range periods , but on the contrary, when you the trend is form, the accrued benefit is more thandrawdown.
That which you give to others, life will return it in spades
  • #10
  • Sep 21, 2012 4:26am Sep 21, 2012 4:26am
Quoting ForexMastery
Hi there,
Good on you for starting this thread. I have been interested in Renko charts for some time and whilst they remove lot of noise, it is very difficult to trade them as you do not know when the next candle would be created.
Any trading stratgey on Renko requires automated trading unless you have someone watching the charts 24 hours a day.

Forex Mastery, As you say, the problem of renko charts is that you don’t know when it forms. This requires a 24 hours EA otherwise you can lose a good trend at one hour candle but form a significant number of renkos.
That is why I started this thread. First time cause renko remove noise and give you a clear trend. Secondly, I trade this system in demo and the results are promising. The issue is the need to test it with an EA to evaluate and refine the rules.
The basic idea of ​​this system is very simple, a fixed stop and unlimited profit. More renko formation = more number of orders and accumulated profit until end o trend. And again, and again.
I hope my English limitation allows me to express myself properly so that you understand everything I try to explain.

Cheers
That which you give to others, life will return it in spades
  • #11
  • Sep 21, 2012 6:52am Sep 21, 2012 6:52am
Quoting Jaquemate
Barbosa, you are correct. The negative side is drawdown. All semiautomatic systems with pre-defined rules have large drawdown in range periods , but on the contrary, when you the trend is form, the accrued benefit is more thandrawdown.
Don't get me wrong, I like trend following systems.
By the way, you don't need renko charts for this kind of system. Simply draw lines on the chart with fixed spacing (there should be a script around doing this) and mark trades according to the same rules. I'm not sure how accurate renko charts are when produced off historical data.
  • #12
  • Sep 24, 2012 7:47am Sep 24, 2012 7:47am
Te he enviado un PM, para comentar temas de renko

Lordorly
  • #13
  • Oct 4, 2012 11:30am Oct 4, 2012 11:30am
Hello I did not saw this thread before... but I came up with same idea, and made already EA for this strategy...
I am testing it on all major pairs couple of days...
Best results are on EUR-USD

Here it is and needs more testings...

I am not pro programer I used forex generator but this EA will do the work...


Attached File(s)
File Type: ex4 Renko 1bar EA.ex4   11 KB | 458 downloads
Always think twice...
  • #14
  • Last Post: Nov 19, 2024 4:01am Nov 19, 2024 4:01am
which set?
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