RENKO system with Mihailo!

Thx maestro nasap it works

Alles gute in Zukunft

Not much left for London Session.
Big moves overnight.
I had 2 small losses yesterday, left the trades running while sleeping.
I can see clearly the opposite signals, so I would have earn a lot of pips if I were working during night.
Asia Session rocks!!!

To Mara1... try installing MT4 on C:>, but not inside Programs, just on C: That way Windows doesn`t interfere and manage it.



Because I am learning this method, I am posting my losses, with reason why I entered those trades.

Thx Keno I will try thos version to fact is I dont have probl with my CPU

reg

Nasap ,

the arrows on ur charts i presume signals cloud breaks , am I wrong ?
is it possible to share that indi with me .

Many thanks in advance

Finally we get some movement!!!!! 6 trades so far 4 still running. Bagged 32 on a EUR/JPY scalp at the asia open and currently have 23 locked in on the short trailing the stop by 20 pips. 132 locked on GBP/USD and 56 locked on the Euro. Also had a net of 41 on Yen long and currently short with a tight 17 pip stop.

Total if all stops hit for week so far 424

Hi nasap
i have a big request, can you share your template with Pallada indicator?unfortunately i cant run ex4 files on mt4 platform and template is the only way to have this indi on my screen. I will be grateful for your help.
Best regards.
luko

Hi Kickme,

I noticed that you are using a "smoothed version" of the Renko chart. Which indicator/EA are you using to generate these charts? Could you please share?

Also you have an indicator that colors the candles Red/Blue. I noticed that it's a commercial indicator. Could you please share the name of this indicator so I can look to purchase it too?

Thank you!!

Update:

Yen trade stopped out -6 Euro trade got out for 57 GBP got out for 142 EUR/JPY 26

hello toall

by my first trading day EUR.USD 3 time 42 pips gbp.,jpy 2 ord with each 30 pips great system good bles you all

Not good day for me, opened trades inside ranges and got bitten 8 times in a row. Not much action between 8am until 7pm, bet I was bored.

I wasn`t in the mood to enter the big spikes at 7pm on FOMC Meeting Minute News (like Mara1)

I realized this template is very difficult to trade News, price goes to places were it doesn`t show an HA Bar, due to Renko creating them.
Also with the 7pm spikes, suddenly you see 5-6 new blocks at once. And they take some few seconds to appear on screen due to EA working on Renko Bars.

I also realize my SL based on previous high/low are not really valid since here I am missing some points.

I also stop and reverse a couple of times, just to see price coming back to were it was on the first place.

Very dissappointing day for -100 aprox.

Trading real money is a lot more difficult than watching pictures of perfect setups


Questions for Nasap
1. I have being trying to place my SL behind previous high / low, as near as I can, 30 pips away in some pairs, about 45 pips away in JPY pairs. Is that what you do?

2. Do you always place Target Price for a portion of the position? Some of your exits seem to be inch perfect. Today I missed a profit of 30 just because of greed, I wanted more.

3. I understand you stop and reverse on opposite signal, right? Because you said that Initial Stop is hardly never touched. Do you refer to a higher timeframe to make the decision of reversing or just reverse quick based on the signal on this M3 Chart?

4. For exits again:
After about 30 pips into profits, if you exit manually (you used to do it) what is best...
a) Trix change color
b) See 1M chart
c) Wait for cross of Cloud / Coral
d) Previous High/Low

I understand you wait for opposite signal for your last portion, but I am not sure about the 2 first other portions. I know you are using a trade manager but I don`t understand the logic behind to replicate manually.

5. Do you wait for blocks with right color to enter into a trade?
I did wait for them, but later I noticed the color disappear or even change to other color. Because of the wait, I ended buying and selling at very bad levels in some cases, but also saved me of a wrong signal where price continue the previous trend.
On the other hand, I know this is a trending strategy, and therefore those colors are supposed to protect me. I don`t fully get it now having traded for real in a ranging day.

6. Do you determine TREND or RANGE condition looking at something on this template ? Or do you use a higher timeframe for that?


I thought I got this system right, but today I have all this bunch of questions and a bad day behind me. I am still learning it. Very optimistic of course.

post your charts from today and maybe we can help

Trades Wednesday 09

Have you considered adding your own filters?
For example, when your renko system gives you a short or long signal, you could use a currency strength indicator as a confirmation.

So you'll check on this indicator and you would only be taking a short GBPUSD trade
when the USD is the strongest and GBP is the weakest as was the case yesterday.
Have a look at the ICSM indicator
I don't know if it will fit on your template because it sits on the bottom left hands side of the screen
but you could have it running on a separate chart
http://www.forexfactory.com/showthre...38#post6979538

The other thing to consider is key structural levels and daily range.
If the market has already moved a lot for the day, it has broken through a couple of key structural levels
and is is a approaching 1 more key structural level, it is now weakening and it is less likely that it will break through to the next level.
Do some homework before you enter a trade so you have the odds on your side and you should be right.

Hi, Keno this is the dis-advantage of modified offline chart. because it will 'visualized' after at least 2 step, write the data to a file and read it to build that 'renko (renga) candle/bar (brick). Heiken Ashi in the other hand, actually the 'way' to bridging between Japanese Standard Candlestick chart and Japanese Renga (renko) Brick chart. So u can see 'renko' in Standard Candlestick Chart.

Putting HA on Renko Chart will 'add' another 1 step to visualize price movement. Bigger box size of renko will also 'delay' the visualization, since HA didn't receive any data before the chart builder create new brick/bar.

Use of Renko chart or other 'price base' chart maybe good if you use geometrical trading system. trend lines, Fibonacci or any system that generally watching HH LL HL LH.

Use of any 'averaging' calculation tools, maybe less effective since 'renko' itself also averaging tool base on price range (box size). Any averaging tools / indicators will look perfect in renko chart history, but tell you nothing in real time.

hope it help
best regards..

hello

waths wrong here

osma,cci,fim etc not same ,and why? eur/usd

Thanks for comments.
Just entered a BUY on EURUSD, and checking on Currency Strength makes sense. EUR stronger than USD at the moment, which gives me confidence. Also EUR news are behind.

About Structural Levels, I will need more explanation to work out that.
What I did today is on a Daily chart 21 EMA to show me a long term trend (21 days is about a month), and 5 EMA to show me Momentum (5 days is a week) and right now we are in a retracement in EURUSD.

Apart from that, I don`t know how to see more structure.

Hi Again Keno...

Please.. check your Currency Strength Meter calculation code.. then you will know that high number at that strength meter 'meaning' the price 'already' move that far.. base on 100 point measurement..
for example according to your Currency Strength Meter at that moment EUR is strongest and JPY is weakest, at this point, EURJPY already up for several hours.
so it is not wise to go long with EJ, and maybe better if we wait JPY move from 8 to 7 (stronger) and EUR from 1 to 2 (weaker) at that Currency Strength Meter, to start looking Short opportunity with EJ.

I hope i can explained better but sorry for my English..
best regards..

hhi to all

it is a good entry now?

Mara

Judging from your coral you don't have enough data points

Kiads ,

Is that a pic of your trading Station ??

If it is are you using a detach chart program for your mt4 ?