Animal Farm (Renko system)

Hi wab how are you doing .

i have read about the new changes in MT4 but i am still using your renko median indicator you have posted but there is a new directory to place the indicator and expert that's what i have done and it seems to be working i hope it will help ,



then you put your indicator ,script and Expert in
MQL4/Experts
MQL4/Indicators
MQL4/Scripts


then restart your platform and i think it will work .

Good stuff Kmalex.

I found this on youtube.



I tried out Kiads Renko indicator in the indicators folder and we are (somewhat) back in business.

Glad to help as this really nothing compared to what you are doing and offering here

Thanks kmalex.

Now that we are mostly by the 600 bricks, speed bump, I couldn't resist.

Hah! I accidentally posted this on the MT4 New build 600 is released thread.

Here we go:

Go to File Open Data Folder to do this as in the video above.

Put the RenkoMeanLiveChart Indi MT45.mq4 in the indicators folder.
The other Indicators are also put in the new MT4 600 indicators folder as shown on the video.
The template goes in the Temple folder, as shown on the video.

Restart MT4 build 600.

Open a (M1) chart and drop the RenkoMeanLiveChart Indi MT45.mq4 indicator on the chart.
Open the indicator to select the Brick size etc.

Open the offline chart as prompted by the RenkoMeanLiveChart Indi MT45.mq4 indicator.

Then the MT4600renkotemplate is applied to the offline chart.


It should look like this:



We are back in business.

I have lost some indicators that I really like and some other things no longer work, but onwards and upwards.

(Thanks to Jeff Glenellis for the helpful video.)

Wab Hello!
I am somewhat confused because my systems updated but did not need to do any of these settings! I hope not to have problems later!

going back to trades!

A few posts back (before the new build distracted us) ducka asked about some entries that I took.
To answer his question I will use a chart and show how I combine Fibonacci with the HH HL LL LH count.

When the trend changes direction, that gives a chance to catch a third wave of some degree.

What is happening at a change in trend, is also known as a 1, 2, 3 trade or an A, B, C, D trade.
In Elliott Wave, this would generally be a new 1,2 waiting for a 3 or a new A ,B, waiting for a C.
All of the labels used in different ways makes for a lot of confusion.

The wave counting, 1,2,3 and A, B, C, D stuff is nice if you understand it, but not essential.

Let's look at the chart and relate this to HH HL LL LH.



On the left we start off with HH HL count and the last HL level is broken as price drops.

Ideally, I will draw a Fib from the last HH to the first LL if I can figure out where the LL is.

A good rule of thumb is draw the Fib from the last HH to the first down fractal that forms below
the last HL and then adjust, if necessary, it as the LL LH picture becomes clear.

Of course we don't know where the LH will form, but it will form at or near a Fibonacci level, generally
between 61.8 and 78.6.. This is the Fib Retrace Sweet Spot. I have placed an ellipse over it and very
often this is where the next Wick Entry sell signal occurs.

Often, that is all you have to do to find a good entry after a reversal in the trend.

However, markets are nothing if they are not fickle.

Our next chart is a continuation of the above one and shows how we have to dance with the evolving
LL LH until it becomes clear.



Now we can see how each of the Fib Retrace levels provides a place to be alert for WE trades.
Just look at how those WE and Fibonacci levels are right on the mark!

I am so confident with this that I can place pending or limit orders at the Fib levels. If price doesn't
retrace to one or more of those levels, no harm done.

My stop stays just above the last HH and I can let entries run with a minimum target at the 61.8 level,
shown below the 0.0 Fib level.

Of course there is also the break out trade as the price moves below the 0.0 Fib , which is of course also the LL level.

A note on the MT4 Fibonacci tool.

If you examine how I use Fibonacci, I am interested in the retrace levels from LL all that way back to the last HH.
A 100% retrace means I have to have the 100% label at the last HH. A 61.8% retrace has to follow this logic and
therefore level of 0.0 is where I break into a new wave.

My 61.8 or 161.8 targets are therefore actually entered into the Fibo properties as negative values ; -0.618 and -1.618.

All this takes practice and as I said above, when you get confident with your HH HL LL LH and draw the Fibs on the
trend changes, you get very confident that the WE will form at Fib retrace levels.

There are other ways to use the Fibs that we will explore later.

For those of you who want to set your Fibonacci Tool to match mine, here are the settings that I use.


0.0
0.236
0.382
0.5
0.618
0.786
0.86
1.0
1.618
-0.18
-0.27
-0.618
-1
-1.618
-2.0
-2.618
-4.235

And, here is how you can get the levels and prices to show on the chart.
Click on Fibo Properties and set the levels like this for each value.

you are a true master, Wab! my eyes are open enough to Fib after this explanation! thank you very much, I'll keep practicing and watching you ...

Wab hello! I will bother you again ... haha when the amount of retraction in fibo is below 50, you consider the input or remains out of operation? some analyzes showed me retractions in 38.2 and not know if it's an interesting value to consider the input as good!

thanks again master!

ducka have a look at any info on the Elliott Wave Oscillator. (Same as the 5, 34, 5 MACD.)

Some pairs (GBPUSD for example) will favor a 50% retrace on wave two. Others, the sweet spot is at 61.8 to 78.6%.

Here is a PDF that explains how to count the waves fairly well in Elliott terms. The HH HL LL LH works with this as well.

http://www.esignal.com/support/advan...manual_ch7.pdf

that excellent tips, Wab! quite interesting and enlightening ... then it would be interesting to wait for the pattern that is formed in wave 4 to wave 5 (divergence) and to monitor the emergence of wave 3? I believe the most obvious sign that the trend will change sign is the same pattern of divergence!

thank you very much.

Hi Wab
Thank you for starting this thread, your insights into Elliot wave and Fibonacci are eye opening to me.
I am very much indebted to you for lifting the veil.
This new build is a bitch and I hope that it doesn't affect your thread inputs to much.
Having wakened to a new dawn I am hungry for morsels.
All the very best to you

Yes indeed, the new build is a pain. I am sure it will soon settle down and
we can get back to trading instead of trying to get our MT4 working.

Hi Wab, your strategy is awesome, Can you attach the OCL fractal trailing stop EA here because i like it to use for for moveing Stop loss to maximize my profit. ALso, For the renko chart new build 600, when we use 1min chart for EUR/USD, we dont need to hold the HOME button to get the data right? Thank you

The LOC trailing stop is not mine to attach. It is a commercial product, well worth the price in my opinion.
I am not an affiliate, just a satisfied customer. (I hope that is not considered commercial content.)

I apologize for the lack of posts. I have had a lot of issues to sort out with the new 600+ builds, along
with other things requiring lots of my time. I hope to get back to this soon. Patience is appreciated.

I will be getting the LOC tool it is well worth it...

I am using attached Renko builder modified by Mladen

Thanks for that Blaiserboy.

I have been using Kiads new Renko accelerator offline chart. It doesn't work on build 610 and I think he is working on yet another fix.
It will be a while before the MT4 upgrade is more user friendly.

I have also been working on a trade manager for Renko, but that all got messed up and requires a lot of sorting out.

Mladen and Mr Tools are really good about trying to keep us running, they have only so much time in a day and they are swamped at this time.

Good people.!!

I have been using the Hopwood trade manager, I guess I am used to it.

Once the Mt4 Transition is complete, I will attempt an EA for Renko, I am hoping that we can backtest easily as it becomes like Mt5

This could be an exciting future with Mt4.

Recent post in Kiads thread listing some revised indicators

I have not used them

http://www.forexfactory.com/showthre...34#post7303534

Hello,
Netpicks sent me a free Renko system the other day. Possibly because it no longer works with the Metatrader platform upgrade! What is interesting about their Renko system indicators is that Heiken Aishi has been attached to the Renko bars.

Here is a link to the webpage that has the downloads and instructional videos.
http://forexchanneltrading.com/?page_id=163

I cannot post the indicators myself as the system is stating that I have reached my up load quota with only two attachments.

Regards.

If anyone would like me to post them, in mq4 format, I can do this one or two attachments at a time.