Another Renko PA system (not finished yet) | Forex Factory

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Another Renko PA system (not finished yet)

  • #1
  • First Post: Oct 18, 2012 2:33am Oct 18, 2012 2:33am
Hi
A new idea just come to me.It's very easy and looks good so i post it here.Hope we can make it better.

This is renko chart with a fractal indi.
http://www.forexfactory.com/attachme...1&d=1350545366
you can see the higher-highs lower-lows and so on as the fractal tells you that.
I think we can do wave trade with it.

If we only care about last 3 fractal,say what will happen?
1:up-fractal,down-fractal,up-fractal.
2:down-fractal,up-fractal,down-fractal.
3:may be anything else.
In case 1,if the 2nd up-fractal is lower than the first one,we think it is an down-trend and we sell when the price break the down-fractal.
In case 2,same to case1 but we buy.
In case 3,we do nothing.

http://www.forexfactory.com/attachme...1&d=1350545366
this is the case 2.

http://www.forexfactory.com/attachme...1&d=1350545393
here we buy

http://www.forexfactory.com/attachme...1&d=1350545393
when to close?

so,when to close?IDK the best answer.close however you like and be kind to share the way you close.

mahanxiong
Attached Image (click to enlarge)
Click to Enlarge Name: 1.png Size: 8 KB
Attached Images
  • #2
  • Oct 18, 2012 4:19am Oct 18, 2012 4:19am
the downside is... trading Renko isn't as easy as you see from the chart. Try search for another renko EA which shows the high and low of each bars, then you will get what i'm saying.

http://www.forexfactory.com/attachme...1&d=1350545393

Try to do a simulation in the strategy tester. And experience it in tick mode of Renko bar with high low. In your case 2, once you open a buy position, the price may go down, hence drawing a red down Renko bar, instead of drawing a green up Renko bar.

In other word, if you want to confirm whether renko bar is really going up, you will have to wait for one bar higher than the previous fractal to be printed.
  • #3
  • Oct 18, 2012 4:26am Oct 18, 2012 4:26am
Quoting wilsonch
the downside is... trading Renko isn't as easy as you see from the chart. Try search for another renko EA which shows the high and low of each bars, then you will get what i'm saying.

http://www.forexfactory.com/attachme...1&d=1350545393

Try to do a simulation in the strategy tester. And experience it in tick mode of Renko bar with high low. In your case 2, once you open a buy position, the price may go down, hence drawing a red down Renko bar, instead of drawing a green up Renko bar.

In other word,...
I know what you mean&what you say is just right.
but what I mean is that you open at the price break the Higher-high/lower-low,not the Renko bar.
  • #4
  • Oct 18, 2012 4:32am Oct 18, 2012 4:32am
I like to trade this as scalp.
this is what i just do.every trade takes about 3 mins.when you are right than close.when you are wrong or don't know it than close it as well.
the spreed need to be very small.(0.4-0.8 for me)
this kind of trade needs your feelings to the market more than a system and this is a good way to build the feeling.
but anyhow this is not the place to discuss "feeling"...
gl
Attached Image (click to enlarge)
Click to Enlarge Name: 5.png Size: 14 KB
  • #5
  • Oct 18, 2012 4:37am Oct 18, 2012 4:37am
Quoting mahanxiong
I know what you mean&what you say is just right.
but what I mean is that you open at the price break the Higher-high/lower-low,not the Renko bar.
i got your idea now. Seems interesting. I thought you are buying and selling based on the Renko bar last swing high and swing low. Sry for misunderstanding. Keep up the good work!

Renko trading has always been one of my favourites.
  • #6
  • Oct 18, 2012 6:11am Oct 18, 2012 6:11am
Hi. were i can get the renko chart?
  • #7
  • Oct 18, 2012 6:14am Oct 18, 2012 6:14am
Hii,

I'm renko trader too... by the way what block size you're using in your technique ??

i'm using 15pip charts


Please post template too...

Happy Winning ,

Makz
Not all treasure is silver and gold, mate
  • #8
  • Oct 18, 2012 6:26am Oct 18, 2012 6:26am
Quoting wilsonch
the downside is... trading Renko isn't as easy as you see from the chart. Try search for another renko EA which shows the high and low of each bars, then you will get what i'm saying.

http://www.forexfactory.com/attachme...1&d=1350545393

Try to do a simulation in the strategy tester. And experience it in tick mode of Renko bar with high low. In your case 2, once you open a buy position, the price may go down, hence drawing a red down Renko bar, instead of drawing a green up Renko bar.

In other word, if...

The high or low of a renko bar is always the closing.
But I know what you mean. To better grasp the price action the bar should include the tail. If not, any strategy looks good at first glance.

J.
  • #9
  • Oct 18, 2012 6:43am Oct 18, 2012 6:43am
Quoting wilsonch
i got your idea now. Seems interesting. I thought you are buying and selling based on the Renko bar last swing high and swing low. Sry for misunderstanding. Keep up the good work!

Renko trading has always been one of my favourites.
Nothing
Sorry for my poor english,it's not my 1st language.
gl
  • #10
  • Oct 18, 2012 7:20am Oct 18, 2012 7:20am
Quoting abroco
Hi. were i can get the renko chart?
here it is
Attached File(s)
File Type: mq4 0-RenkoLiveChart_v3.3-Labels.mq4   18 KB | 1,008 downloads
  • #11
  • Oct 18, 2012 8:54am Oct 18, 2012 8:54am
Quoting mahanxiong
here it is
What block size do you use?
  • #12
  • Oct 18, 2012 9:21am Oct 18, 2012 9:21am
Quoting aelimian
What block size do you use?
I fail to see how does that matter. You could use 10, 20, 50 or 100 pips, and the charts are still going to look the same way, with the same 1-2-3 patterns shown by the fractals. Just on a different scale.
  • #13
  • Oct 18, 2012 10:10am Oct 18, 2012 10:10am
Please post template & preferred block size please ....

Looking forward
Not all treasure is silver and gold, mate
  • #14
  • Oct 18, 2012 10:17am Oct 18, 2012 10:17am
Quoting Barbossa
I fail to see how does that matter. You could use 10, 20, 50 or 100 pips, and the charts are still going to look the same way, with the same 1-2-3 patterns shown by the fractals. Just on a different scale.
I use renko for years, if you want to see PA in real, ideally you should use 1 point block renko. But, its consume MT4 resources and sometime make MT4 crash.
I'm not use 'fractal' but 123 pattern indicator it's same concept I think..
and combine it with divergence..
keep up the good work, you are in the right track..
  • #15
  • Oct 18, 2012 10:31am Oct 18, 2012 10:31am
Quoting Kiads
I use renko for years, if you want to see PA in real, ideally you should use 1 point block renko. But, its consume MT4 resources and sometime make MT4 crash.
I'm not use 'fractal' but 123 pattern indicator it's same concept I think..
and combine it with divergence..
keep up the good work, you are in the right track..
Just to make sure I understand that correctly - when you say "divergence", you mean applying an oscillator-type indicator on the renko chart?
  • #16
  • Oct 18, 2012 10:38am Oct 18, 2012 10:38am
Quoting Barbossa
Just to make sure I understand that correctly - when you say "divergence", you mean applying an oscillator-type indicator on the renko chart?
yup, oscillator type indi like MACD.., it's work for me..
  • #17
  • Oct 18, 2012 10:48am Oct 18, 2012 10:48am
Quoting Kiads
yup, oscillator type indi like MACD.., it's work for me..
here is the SS of my RC
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-10-18 renko 5point block 123pattern.jpg Size: 354 KB
  • #18
  • Oct 18, 2012 12:01pm Oct 18, 2012 12:01pm
Excellent charts dude...

btw, what block size it is???

you trading 1-2-3 breakouts with this charts ?

I'll share my setup soon..

Kudos !
Not all treasure is silver and gold, mate
  • #19
  • Oct 18, 2012 1:33pm Oct 18, 2012 1:33pm
Quoting makzer
Excellent charts dude...

btw, what block size it is???

you trading 1-2-3 breakouts with this charts ?

I'll share my setup soon..

Kudos !
sorry for my english,
Thx, that SS is 5 point renko brick/block. but ideally the real Price Action Renko is 1 point brick so you can really 'see' what's going on with 'price movement' that sometimes even 1 minutes standard TF can't show you.

With 1 pont renko brick, almost all indicators that use OHLC data feed will work 'better' than in standard TF..

and yes, I use 123 breakout concept for my 'renko trading' that similar to this thread concept especially at trending market.

A lot of people complaining about 'renko' as unreliable chart type..lol.

But, for all 'renko lover', maybe some of you doesn't know yet, that the 'real' secret of renko is 'combined 1 point renko brick' with ichimoku 5-25-50 setting.. just try it out and see for yourself.

watch the 'interaction' between 1 point renko brick and ichimoku 'kumo' cloud.
I hope all of you can 'see' the 'secret'..
  • #20
  • Edited 2:05pm Oct 18, 2012 1:54pm | Edited 2:05pm
Hii Kiads!!!

My hearty thanks for your valuable comments & special thanks for your renko secret!!!

Anyway , i'm fully satisfied with renko charts for past 2 years ... & i'm Happy

I'm posting my very simple setup here

It's 15 pip chart though

Thanks Again ,

Makz
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-10-19_00-22_MetaTrader.jpg Size: 431 KB
Not all treasure is silver and gold, mate
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