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Renko and Ichimoku Cloud Cross

  • #1
  • First Post: Edited Feb 26, 2013 1:35pm Oct 28, 2012 1:38am | Edited Feb 26, 2013 1:35pm
This trade journal is based off the trade system called Ichimoku Cloud Burst found in the Trade Systems in the forum.

I wanted to take all that information I have learned from the posters in that system and show how I applied to my trading. For me the system works and i wanted to focus on what is working and gather feedback from other traders who use the system and as a group create a stronger ever changing system.

Granted its not a holy grail and i dont claim for it be a holy grail its a system that is working right now for me. We all know that market changes anytime it wants too im looking to keep what i have and adapt what i am using to the ever changing market.
  • #2
  • Oct 28, 2012 1:52am Oct 28, 2012 1:52am
Trades taken on 10/26;The example are trades for EUR/USD EUR/JPY both winners.

EUR/JPY 5 lots $243.21 - total pips 40
EUR/USD 5 lots $62.50 - total pips 12

As for the settings here is how you set your chart up. Make sure you do STEP ONE THEN OPEN THE OFFICE LINE CHART AND THE OTHER STEPS TO THE OFF LINE CHART.

1 - open a 1M chart of EURUSD and place RenkoRangeBarsV.2_R_kg (found below) with the following settings - 10,0,2 False, True, False

2 - Go to your MT4 at the top pick File - Open Offline - Select EURUSD M2. Now you have the Renko chart

3 - Place Ichimoku Kinko Hyo settings 9,26,52 (i dont use this is just for comparison to the standard setting of Ichimoku)
Place another Ichimoku Kinko Hyo settings 8,5,3
Place the Indicator "%23Heiken Ashi_SW" (attached below) you really dont need this but i like to have it. It just tells me what color the Henki Ashi candle is. Im sure as we go there is more to this indicator but what it is i dont know.

Thats it then all you do is trade when the candle crosses and closes out side AND is not TOUCHING the Ichi 8,5,3 (blue cloud). Enter 1 tick above below. There are examples below from last night.

I will do my best to show all trades that are taken by me. I would like to open the floor to others that trade with Renko and Ichimoku and gather the input.

I only use this system from Midnight New York time to 7:00 am - I dont know how it preforms on the other times.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPY 1.jpg Size: 44 KB
Click to Enlarge Name: EURUSD 1.jpg Size: 48 KB
Click to Enlarge Name: TRADES 1.jpg Size: 41 KB
Attached File(s)
File Type: ex4 RenkoRangeBarsV1.2 R_KG.ex4   11 KB | 985 downloads
File Type: ex4 %23Heiken Ashi_SW.ex4   3 KB | 939 downloads
  • #3
  • Edited 4:37am Oct 28, 2012 3:00am | Edited 4:37am
As a rule, are you setting your stop loss above the cloud for a sell and below for a buy?
  • #4
  • Oct 28, 2012 3:16pm Oct 28, 2012 3:16pm
Quoting 4xplosion
As a rule, are you setting your stop loss above the cloud for a sell and below for a buy?
For the stop loss i like to use a hard number of 15 pips because i know i can gain a min of 20 per trade. Sense i trade in a certain window i rather leave the day 5 pips up than break even, then again this is just what i prefer.

An example would be lets say i entered on the short side. I then open a 1 min chart and place a line 15 pips above where i placed the trade then watch and see what price is doing. Sense my Renkos are 10 pip bars i know that if i get a move to the upside by 10 pip its a caution for me to keep an eye out on price. Most of the time i noticed that once i enter the market tends to move up a bit then back down. But over all it moves up about 10 then heads down. once 15 pips is hit most of the time it will reverse and head the other way.

To answer your question i just place a hard stop of 15 pips i dont really use the cloud when placing a stop loss i mainly use the cloud as my entry. As i post more trades i will try and rember to post that 1 min chart to show you what i am looking at.
  • #5
  • Oct 28, 2012 11:03pm Oct 28, 2012 11:03pm
Want to post a chart example here, but really haven't done much posting in FF....do I go to "insert image", Attachments???
  • #6
  • Oct 29, 2012 6:46am Oct 29, 2012 6:46am
Quoting 4xplosion
Want to post a chart example here, but really haven't done much posting in FF....do I go to "insert image", Attachments???

I do a screen print and then use the attach option.
  • #7
  • Oct 29, 2012 6:50am Oct 29, 2012 6:50am
As of 7:46 there are 3 trades open. I am going to see where they are at in 15 min then have to close them out i need to head into work.
Attached Image (click to enlarge)
Click to Enlarge Name: TRADES 1.jpg Size: 49 KB
  • #8
  • Oct 29, 2012 7:13am Oct 29, 2012 7:13am
Attached are the closed trades for today -

I could have just left it with the standard stop loss of 15 pips and the target of 30 pips but sense today is MONDAY and from experience things tend to move slow so a 22 total pips for the day is a good cover. I'm sure the New York session can always run up and i could have gotten more but i feel better with profit than sitting at work HOPING it will go in my favor.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: MULTITRADES.jpg Size: 175 KB
Click to Enlarge Name: TRADES 1.jpg Size: 26 KB
  • #9
  • Oct 29, 2012 8:53am Oct 29, 2012 8:53am
took the eurjpy sell too...+20 PIPS....and gbpusd (attached)...however, the gbpusd was already selling off in the Asian Session...which absolutely hate..so was somewhat leary of it.....though it might retrace....
Attached Image (click to enlarge)
Click to Enlarge Name: renko.gif Size: 33 KB
  • #10
  • Oct 29, 2012 9:17am Oct 29, 2012 9:17am
Quoting 4xplosion
took the eurjpy sell too...+20 PIPS....and gbpusd (attached)...however, the gbpusd was already selling off in the Asian Session...which absolutely hate..so was somewhat leary of it.....though it might retrace....
That was a good trade entry for both and you thought like i did about GBP. I am happy to get 20 pips when i can from it.

Do you trade the Asian session or you the Europe time trading.
  • #11
  • Oct 29, 2012 9:25am Oct 29, 2012 9:25am
Here is an indicator that will place lines at the round numbers. For example 1.29000, then 1.29100, etc...

I like this for Renko as it shows Targets and Support a lot better. Not sure who to credit for the build on it as i forgot where i got it.
Attached File(s)
File Type: mq4 Grid10.mq4   8 KB | 804 downloads
  • #12
  • Oct 29, 2012 12:56pm Oct 29, 2012 12:56pm
Quoting jacioux
Here is an indicator that will place lines at the round numbers. For example 1.29000, then 1.29100, etc...

I like this for Renko as it shows Targets and Support a lot better. Not sure who to credit for the build on it as i forgot where i got it.

As for Sessions I prefer the London....but do occasionally venture into the "Mirage" called the Asian...but try to be very very cautious of it...due to reversals in the London.

Thanks for the indicator, will try it out!
  • #13
  • Oct 29, 2012 3:16pm Oct 29, 2012 3:16pm
If I understand correctly, then, when price comes out of the cloud south and prints a renko bar, or north, you can place a sell or buy stop order in advance at your entry point (after the next bar has printed in the same direction) at the appropriate 10, with your defined SL and TP. Or can the cloud position change after each bar has printed (e.g. the next printed bar is bullish before another bearish bar prints)?

Example of this morning's EURJPY trade: when the bar with the low at 102.90 printed, you could then set up your SELL STOP order at 102.80?
  • #14
  • Edited 11:37pm Oct 29, 2012 3:41pm | Edited 11:37pm
Just throwing this out for discussion...

Here's an image of the EURJPY action today on a chart using range bars. Notice that you see price retracements and movements that are not displayed by the Renko bar chart. Does the range bar chart potentially provide greater value to intent on this thread?

>>Later edit>> I'm thinking not necessarily. The Renko indicator is set up to not display wicks. Will test this setting later after I address a problem with my MT4 charts with my broker.

And the Ichi cloud may well appear different as the number of loaded bars in the offline RB chart is not the same as the Renko chart.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy2910rangebars.gif Size: 20 KB
  • #15
  • Oct 29, 2012 3:45pm Oct 29, 2012 3:45pm
Quoting fxtradera
If I understand correctly, then, when price comes out of the cloud south and prints a renko bar, or north, you can place a sell or buy stop order in advance at your entry point (after the next bar has printed in the same direction) at the appropriate 10, with your defined SL and TP. Or can the cloud position change after each bar has printed (e.g. the next printed bar is bullish before another bearish bar prints)?

Example of this morning's EURJPY trade: when the bar with the low at 102.90 printed, you could then set up your SELL STOP order at 102.80?...
good observation...my entry was at 102.83 on eurjpy.....and my Exit was at 102.61...I've only done Market orders so far......can't answer your question about Pending Orders..but on the surface....I don't see why that wouldn't work being that the cloud isn't that dynamic where it's going to blow in or out of your range that rapidly...but then, I'm new to this thread....the main feature that I like about the cloud is that by the time price reaches the aforementioned perimeters with the cloud there is enough volume to carry it through...however, the same can't be said about all pairs...the audusd was just terrible last night.....in that it did pullback considerably after entry....and didn't reach target till today!
  • #16
  • Oct 29, 2012 4:00pm Oct 29, 2012 4:00pm
Quoting fxtradera
Just throwing this out for discussion...

Here's an image of the EURJPY action today on a chart using range bars. Notice that you see price retracements and movements that are not displayed by the Renko bar chart. Does the range bar chart potentially provide greater value to intent on this thread?

And the Ichi cloud may well appear different as the number of loaded bars in the offline RB chart is not the same as the Renko chart.
I am just showing the use of Renko bars with a setting of ten. So price has to move by at least 10 pips for a bar to form. That is why the charts i post may look different from the rang bars you are showing.

This journal is about Renko and Ichi i have never used or looked into range bars.
  • #17
  • Oct 29, 2012 4:08pm Oct 29, 2012 4:08pm
Quoting fxtradera
If I understand correctly, then, when price comes out of the cloud south and prints a renko bar, or north, you can place a sell or buy stop order in advance at your entry point (after the next bar has printed in the same direction) at the appropriate 10, with your defined SL and TP. Or can the cloud position change after each bar has printed (e.g. the next printed bar is bullish before another bearish bar prints)?

Example of this morning's EURJPY trade: when the bar with the low at 102.90 printed, you could then set up your SELL STOP order at...
Honestly i wait for the bar to print before i even enter a trade. Once a bar prints i know that 2 things have happen.
1 - the bar has moved 10 pips in a direction
2 - Its printed outside the and is not touching the cloud. Then i enter.

Also once a bar prints i like to look at a 1 min standard candle chart and see if it pulls back a bit to get a better entry. This is just what i prefer and what i do when i trade. It gives me more control and sometimes a better entry.

I dont see why a pending order could not work as long as the Renko bar has posted and is outside the cloud.
  • #18
  • Oct 29, 2012 4:19pm Oct 29, 2012 4:19pm
Quoting 4xplosion
good observation...my entry was at 102.83 on eurjpy.....and my Exit was at 102.61...I've only done Market orders so far......can't answer your question about Pending Orders..but on the surface....I don't see why that wouldn't work being that the cloud isn't that dynamic where it's going to blow in or out of your range that rapidly...but then, I'm new to this thread....the main feature that I like about the cloud is that by the time price reaches the aforementioned perimeters with the cloud there is enough volume to carry it through...however, the...
I noticed that AUDUSD as well last night. I have to admit its not a favorite pair of mine to trade. I can never seem to get a feel for it like i can with EUR pairs.

The pairs i am trading right now and will post are. I only trade them is conditions are meet in the hours i trade. Like last night i only got the 3 signals but i expected that as it was a Monday as the week goes on watch how we go from 1-2 traded to all get traded then dies out again by Friday.

EURUSD
USDJPY
USDCHF
GBPUSD
EURJPY
  • #19
  • Oct 29, 2012 4:24pm Oct 29, 2012 4:24pm
Hi Jacioux,
Thanks for the new thread, back from holidaytoday so my ideas are -
Let's have the objective posted with a time limit (end of November) - for some good coder to make an EA of the safest trades, or, at the very least, an alert/signal.
Interested/experienced traders post their favourite trade set ups using Renko and their specific indicators.
Coders should home in on the thread and, hopefully, be able to code an alert/signal first and the after testing, code an EA.
Let's not do anything in haste.
How does that sound?
George
  • #20
  • Oct 29, 2012 4:30pm Oct 29, 2012 4:30pm
Quoting 2george
Hi Jacioux,
Thanks for the new thread, back from holidaytoday so my ideas are -
Let's have the objective posted with a time limit (end of November) - for some good coder to make an EA of the safest trades, or, at the very least, an alert/signal.
Interested/experienced traders post their favourite trade set ups using Renko and their specific indicators.
Coders should home in on the thread and, hopefully, be able to code an alert/signal first and the after testing, code an EA.
Let's not do anything in haste.
How does that sound?
George

Hello George,

Hope you had a good holiday. Right now i am getting an EA coded that we can use should be done this week some time. Its a basic cloud cross with time entry nothing fancy but should help out.

I think its a great idea to post ideas about Renko and Ichi and other input. I will still focus on the manual side of trading the cross as i prefer it.
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