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RENKO system with Mihailo!

  • #2,001
  • Sep 17, 2013 8:27pm Sep 17, 2013 8:27pm
Quoting halfdaytrade
{quote} While that could be a reason another reason could be the same that I started looking elsewhere. This thread has become an EGO fest of who can get the most pips. It ran off the rails of teaching a while back. Your last chart is a perfect example. There are, I think multiple opportunities to trade on that chart yet you took only 1. Why is that? What was the trailing stop that you used? What are your settings for the coral? What info did your chart provide? Answer: NONE its just another posted trade that offers no insight at all to how it was...

Accordingly to the rules I see just one opportunity and that's what he did! If I am not totally mistaken the Trade was entered on the 2nd blue candle above the Coral with a TS of 15 Pip. Absolutely correct!

Is it hard to understand or to identify? Why don't you post your charts and show your mistakes that we can discuss about it? There is no reason for the successful Traders to show anything, they know how it works! But they can help you to become more successful.

regards nasap
The little nut in your head is called brain. Use it!
  • #2,002
  • Sep 18, 2013 1:17am Sep 18, 2013 1:17am
Quoting nasap
The perfect timing to enter in a Trade! This is just a quick lesson to perform your entries. The small letters abc are for the better orientation, to show where we are on M2 / M3. {image} I bet most will enter on level (b) becoz of not studying enough the charts or just becoz of being impatient. Ok, just look back on your charts and you will find many of those setups. After PA is breaking the Coral (M2) it will pull back. The end of that pull back should be the Coral (M3). Means PA is very close to the Cloud & Coral! If using the #Pallada VQI, there...

Very clear and informative.... packed with good insight .
Thanks for the chart

If this was just a blue u buy and red you sell set-up than there would be over trading and letting the mkt slowly but surely erode your acct with its ebb and flow.
hahahahah
Here's a clue for those too focused on candy colors.... structure leaves clues. )
  • #2,003
  • Sep 18, 2013 6:04am Sep 18, 2013 6:04am
Hi guys,


Quoting halfdaytrade
{quote} While that could be a reason another reason could be the same that I started looking elsewhere. This thread has become an EGO fest of who can get the most pips...


I’m sorry that you feel that way. I can’t agree with you entirely. Sure there are some people in this thread who maybe just want to boast how many pips they earn without sharing much.
That is not my intention. I post my entries in accordance with this system. I could have written down the entry rules in my posts but they were mentioned tons of times before. And what I mean by „this system”? I think that the foundation of this system consists of the renko charts, the 4 histograms (cci, stoch, osma and fim), the cloud and the coral. Everything else is an extra. I’m starting to like the Pallada indi more and more too.


The settings have been shared a few times in the past by Mihailo and by nasap as well. I use the default settings for the coral (55) and for the charts. nasap uses slightly different settings (you can find it in the thread) because nasap is more confident and experienced than for instance me. But you too have to experiment with it, test and fine-tune it to your personality. That doesn’t mean that the rules of the system change.


And you can use trailing stop the way it fits you (and adjust the trailing step –the number of pips it trails behind of your order - accordingly). I use an EA for it but MT4’s inbuilt TS feature is also an option. It’s also a way to exit a trade but of course you have to be profitable for that.

It just would be nice to see some involvement from people other than asking questions that have already been answered in this thread.

As I have already said I’m only a newbie but if anybody has any questions about the indicators I use or regarding the charts I post just ask them away.





One trade today...for now:

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You can see how price broke out from ranging (Pallada + TLs). I was a little late entering this trade and stopped out with +20 pips (using trailing stop).

Good luck folks!
  • #2,004
  • Sep 18, 2013 6:54am Sep 18, 2013 6:54am
Entry on brake TL, easy 20 pips

Now we reached 50% fibo and brake S1, if PA will be above 61,8 % and coral i'll entry for buy, if PA will be below 38,2% and cloud i'll enrty for sell.

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  • #2,005
  • Sep 18, 2013 10:41am Sep 18, 2013 10:41am
Quoting Harada
Hi guys, {quote} I’m sorry that you feel that way. I can’t agree with you entirely. Sure there are some people in this thread who maybe just want to boast how many pips they earn without sharing much. That is not my intention. I post my entries in accordance with this system. I could have written down the entry rules in my posts but they were mentioned tons of times before. And what I mean by „this system”? I think that the foundation of this system consists of the renko charts, the 4 histograms (cci, stoch, osma and fim), the cloud and the coral....
Harada Nice trade well thought out. Halfday I agree with him just ask but also read the thread and from what I understand you are receiving free coaching so be patient.

Last night was a scalp trade on the range break pretty much the same type set up as Harada for those new to trading one big benefit of this type of trading style is that it makes it very easy to spot a range. As many have a found out ranges lead to whipsaws, whipsaws lead to draw down, draw down leads to depression and anger which eventually will lead to a blown account.

As you can see there is another range forming right now. Which will break when the FED announces that they will not taper (my personal belief).

Any ideas out there on which way the fed will go or how it will effect the market going forward?

Be patient in waiting for a set up and the right conditions and the pips will come.
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  • #2,006
  • Sep 18, 2013 2:17pm Sep 18, 2013 2:17pm
UJ sell - price touched 50% then broke cloud and coral,
exit at B0 line

+25 pips = ok for me, I play about 7% of the deposit and risk 20% depo at SL = 50 pips

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  • #2,007
  • Sep 18, 2013 3:44pm Sep 18, 2013 3:44pm
And....they decide not to taper
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  • #2,008
  • Sep 19, 2013 9:44pm Sep 19, 2013 9:44pm
So markets seem to have calmed a bit I sold AUD/USD on the double top and drop. Locked in 40 pips with a trailing stop of 15 pips
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  • #2,009
  • Sep 20, 2013 3:54pm Sep 20, 2013 3:54pm
stopped out on AUD at 105 pips have a good weekend everyone
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  • #2,010
  • Sep 20, 2013 6:05pm Sep 20, 2013 6:05pm
Quoting halfdaytrade
{quote} This thread has become an EGO fest of who can get the most pipsl
haha nice one.
I agree some people just don't get it.
Such posts are of no value to anyone so they should stop posting because they look silly and annoy everyone else who tries to trade the original system.....
Have a nice day
  • #2,011
  • Sep 22, 2013 5:46am Sep 22, 2013 5:46am
Hello Traders, a bit earlier in this thread I was talking about the right timing. Today another small lesson how you can benefit from the Renko Thv 5!.

While analyzing the charts I always was thinking about your questions on MM / RM / RR, the right timing and very special the S/L. By using the normal settings it is a bit difficult not just for beginners. For this I changed the settings of the RenkoLiveChart EA. The result is realy amazing! Have a look on the 2 charts below and think about the entries I have drawn. Doesn't look good? Yep, you are right!

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Let's have a look on the 3rd chart. It shows what I have changed in the settings of the RenkoLiveChart EA.

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Now back to the charts 4 and 5. The same charts like before but much more clear to identify the entries buy / sell. Analyze your charts and carefully watch the cloud! The entry is always in / on the low / high of the cloud and there is always a confirmation by the 4 block indicators.

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Happy trading and always lots of Pips.

regards nasap
The little nut in your head is called brain. Use it!
  • #2,012
  • Sep 22, 2013 8:52am Sep 22, 2013 8:52am
Many thanks Nasap. I see the price breakout very clearly but do you mean the cloud has to make higher highs - lower lows? I also see that you have stopped using the stratman mini chart. Any reason as why? Thanks
  • #2,013
  • Sep 22, 2013 10:22am Sep 22, 2013 10:22am
Quoting Zoog
Many thanks Nasap. I see the price breakout very clearly but do you mean the cloud has to make higher highs - lower lows? I also see that you have stopped using the stratman mini chart. Any reason as why? Thanks
I'm still using the Stratman but for this post I decided to delete it, because it does not give additional useful information. With Stratman I can not go back in the chart for 2 weeks or so.

Look this chart, no more candles, only the cloud with the marked entries. Maybe this will make it a bit more clear.

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regards nasap
The little nut in your head is called brain. Use it!
  • #2,014
  • Sep 22, 2013 11:06am Sep 22, 2013 11:06am
Quoting nasap
Hello Traders, a bit earlier in this thread I was talking about the right timing. Today another small lesson how you can benefit from the Renko Thv 5!. While analyzing the charts I always was thinking about your questions on MM / RM / RR, the right timing and very special the S/L. By using the normal settings it is a bit difficult not just for beginners. For this I changed the settings of the RenkoLiveChart EA. The result is realy amazing! Have a look on the 2 charts below and think about the entries I have drawn. Doesn't look good? Yep, you are...

Thanks and interesting post.
Here is something to consider... with wicks on , the trader knows where the price had actually traded to . Think about this, how long can a 5 pip renko be ?
The average would be about 14 pip swing approx. Thats the ave.
So would taking price information away be beneficial ?
Unless of course one increases the SL .

Frankly by reducing the SL ( ie: not showing the whole information) it may be giving a false sense .
But it all depends on one's understanding of trading renko ierice and what a trader wants to achieve from it.
) a 3 box stop is always quite acceptable to many but on occasion one can get away with less... which is dependant on mkt conditions.

Just my take on how i trade with renko

Best regards to everyone's trading )
  • #2,015
  • Sep 22, 2013 8:23pm Sep 22, 2013 8:23pm
Quoting jonjon
{quote} Thanks and interesting post. Here is something to consider... with wicks on , the trader knows where the price had actually traded to . Think about this, how long can a 5 pip renko be ? The average would be about 14 pip swing approx. Thats the ave. So would taking price information away be beneficial ? Unless of course one increases the SL . Frankly by reducing the SL ( ie: not showing the whole information) it may be giving a false sense . But it all depends on one's understanding of trading renko ierice and what a trader wants to achieve...
Many tnx jonjon for additional informations and you are absolutely right. We should never forget that Renko with HA overlay makes a chart looking nice and smooth. But there are lots of tools help us in almost all situations. Therefore I use an indicator to predict the range of the actual candle.

Attached File(s)
File Type: mq4 RangePredictor.mq4   5 KB | 898 downloads


What we want to achieve with Renko Thv 5!

Each of us should think about first, what are the goals. Are you more a friend of a long term trade or more a short term trader like a scalper? Of course you can combine both!

Imho a combination of both will be the very best solution. But you have to find out what fits you the best!

regards nasap
The little nut in your head is called brain. Use it!
  • #2,016
  • Edited 10:44pm Sep 22, 2013 10:32pm | Edited 10:44pm
Nasap ,

Thanks for the rangeprdictor , very much like something I used on NT7 when i developed the range bar strategy. Did not know there was something similar for mt4.
Many thanks again


Yes agree with you .... I dont hold overnight on renko or range. Combo of scalp and intra-day swing.
Cos regardless of position size its the probability i work off . So we use bigger sizes .
Much counter to the conventional propergated MM "wisdom"
For 3-5 pips we are quite happy. So for 15-30 pips we are laughing.

Best regards and capture those pips
J

## you are a good mentor and I hope the people on the thread can learn from what you've shared.
Cos I see only a handfull that get some of it. )##
Since I dont have the patience to "mentor" , let me share one key .... every strategy has its strength and weaknesses but it all works.
The difference is the trader and price action. In the case of renko and fixed pip boxes price action it is geometric structure and continuation structures.
For range, there are a few identified continuation structures like 2bar, 3 bar and 4 bar structures which we have documented. For renko its a lot cleaner.
But overlayed with HA it becomes different and less clear.
You have showed this in your trading approach, thought I highlight it .
  • #2,017
  • Sep 23, 2013 3:43am Sep 23, 2013 3:43am
Just to show it realy works! Good Trade with nice +50 Pip

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regards nasap
The little nut in your head is called brain. Use it!
  • #2,018
  • Sep 23, 2013 4:27am Sep 23, 2013 4:27am
Thanks for the stratman info and chart. Just to be clear may I ask again. Does the cloud need to make higher highs etc. On the example you give the first five trades are clear but why not take the very last trade at the end of the chart 11 September? The cloud is lower, below coral etc. Thanks
  • #2,019
  • Sep 23, 2013 5:11am Sep 23, 2013 5:11am
Quoting Zoog
Thanks for the stratman info and chart. Just to be clear may I ask again. Does the cloud need to make higher highs etc. On the example you give the first five trades are clear but why not take the very last trade at the end of the chart 11 September? The cloud is lower, below coral etc. Thanks
Hello Zoog, I have drawn some examples on the chart only. Of course there is still another opportunity but since direction of PA is sideways it depends on M2 chart also.

regards nasap
The little nut in your head is called brain. Use it!
  • #2,020
  • Sep 23, 2013 7:43am Sep 23, 2013 7:43am
Hi Nasap. Understood, Many thanks for this and all your excellent other posts.
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