I might be able to do a crude'ish indicator or EA, depending on what exactly you need the item to do. Can you be specific about the exact requirements at this time.
The purpose of this thread is to get an alert/signal and possibliy an EA from the entries using RenkoRangeBar indicator and at least two other indicators.
We will all look at the indicators used and fine tune our own systems to suit ourselves BUT the common denominator is the RenkoRangeBar indicator.
I use three indicators to help filter out possible whipsaws.
My primary indicators are CCI and two separate settings of the MACD although I have stochastics as well (not necessary for an alert/signal/EA).
The CCI settings are good for most charts but the MACD indicator is specific to a chart because it is triggered when it goes over or under a set level.
EG - there will be different settings of levels on the MACD for 5, 10 and 15 setting of RenkoRangeBar indicator. FOR THE EU CHART ONLY on a 10 RenkoRangeBar setting the primary MACD is a crossover alert and that dictates DIRECTION. The settings of this are 34 fast, 89 slow and signal 5. This is the MOST important directional signal.
The secondary MACD has settings of 8 fast, 13 slow and signal 5 but a signal is only triggered when levels of .00035 and -.00035 are crossed. Once this level has been crossed it is an early warning that the price may accelerate past the .0005/-.0005 level which is my signal to check the chart urgently.
CCI 34 is triggered when it exceeds 75 or -75, this is standard for all initial signals for all charts irrespective of any other setting.
It does not matter which of the CCI or secondary MACD signals come first but they must both cross their respective levels FOLLOWING the MACD crossover signal.
I confirm all signals before entry through a diagonal trap line. My own view is that it is probably too early to start meaningful work until others have had time to give their comments and specifics on their own systems so we can see which are the safest signals to follow.
Perhaps at the end of the month the visitors to this thread can review.
Regards
George
I had a couple bad entries on EURJPY its more of a times issue I entered on an anticipated move down and it never happen. This is to be expected a small draw down nothing to be to concerned about. Im not not going to start changing how i trade this losing is part of trading.
I also want to point out that when i trade i am focused on the time of day and the day of the week. I know a lot of people are looking for a set it and forget indicator but you have to treat each time period (Asia, UK, US ) as a different beast. Just because something works in one time period does not mean it will work in all of them.
MY trading period is the UK open and from trading it i know that with in the first 2 hours is where i see the most volatility then it tapers off about an hours before the US open. I also now from trading it so much that you cant have a firm target everyday. For example starting Monday I like to aim 20 pips then increase by 10 pips each day till Friday. Friday i treat like a Monday just aiming for 20 pips as the market is not as volital and if i am up for the week its more of a bonus day.
Just keep all this in mind as we go forward and you can see what i am taking about when looking at your charts. I will continue to trade the a standard way each day hard stop loss of 15 and firm target of 40 on each move. I also have a hard close out of ALL positions at 7 as that is when i go to work and i am unable to manage the trades.
I want anyone reading this to look and think for themselves and see that somedays are more of a 20 pip day and some are 40.
Hello
I wanted to know if you would agree to use a trailing and a first target for closing part of position. For the remaining part is possibile to use a breakeven.
Hello
I wanted to know if you would agree to use a trailing and a first target for closing part of position. For the remaining part is possibile to use a breakeven.
Ignored
If you would like to apply a trailing stop please do and let me know how it goes for you.
I am going to continue to trade the same way as this is on a demo account and its hard to trade this account plus my live one that is the main reason i dont really do trailing stops with this. It an entry with a target and hard close at 7:00. BUT all my trades are displayed so you could check and see "had i not closed and trailed a stop" where it would be.
Given this is a Renko 10 i would suggest using a trailing of 10-15 and see what you come up with.
Looks like you got a better fill on the GBP than i did. I closed after it hit 30 pips for what ever reason 30 seems to be a magic number with GBP on Renko charts.
Looks like a good start to the week for you keep me posted on how you do.
Trades from last night. As most know its an election day i was on the fence if i wanted to trade it most of the time its not worth it as the markets tend to just stall and wait.
Sense this is a demo account i went ahead and traded and you see the results ALL losses. This is a time where caution is advised much like the night before NFP. I reduced the lot size but if any newbies are reading this is why you dont need to trade everyday.
So, you opened a trade after the close of the second Renko bar below the amended Ichi cloud, as per the rules you specified earlier? Again, just wondering if you could set up buy and sell stop orders in advance, rather than sitting there, or are you considering any other price action or conditions immediately before entering the trade, e.g. time of day, upcoming news?
So, you opened a trade after the close of the second Renko bar below the amended Ichi cloud, as per the rules you specified earlier? Again, just wondering if you could set up buy and sell stop orders in advance, rather than sitting there, or are you considering any other price action or conditions immediately before entering the trade, e.g. time of day, upcoming news?
Ignored
I wait for the first bar to close outside the cloud then enter 1 tick above/below is what the basic rules are. I dont set limits as i feel more comfortable entering and managing the trade by myself. I trade a live account when this demo is running so its open and i just trade it when trading my other account.
I dont see any draw back with placing limits i just have never done it.
Trades from last night. Not sure what to say but this market is going sideways OTHER than the JPY pairs. I have not changed anything in the system still waiting for the cloud cross and then enter stop loss of 15 target 40.
RICK that chart is EUR/USD i just sent you an email about it.
