Animal Farm (Renko system)

Here is an image of the template.

The channel looks nice, but I couldn't figure out the settings as I couldn't get the template to work.

Hi,

Have you placed it on Metatrader build 509?

No I just put it on 604. Good thought, but it didn't work.

OK, I got the channel working when I realized that there were four channels with different settings. I now have it working in 604.

Hey Wab,
nice Thread! I am not through all the Posts but as far as I can see, its all about PA without lagging or repainting indicators.
I am a part time trader. Yes, I need to go to work as well
So...often when I am infront of my computer I missed nice entry signals. I am wondering if we could make an EA out of this - at least for alerts...
looking forward to set up my charts

I have been experimenting with a way to have an ea open trades and then have LOC manage them. Stay tuned.

upload indicators and templates


thank you
advance
rkkgs

If you would look down a few posts you would see the URL to download the template and indicators

I placed a sell limit order right @ broken trendline. SL is above the upper fractal.
I hope that trade works out, as I am new to that system.

I have an idea that this trade did not work for you as the pair climbed after you made your entry.

I would like to suggest that before you pull the trigger on an entry that you determine all of the reasons to make the trade and also.......... reasons to not make the trade.

You can look back through the thread to see the reasons, this will be a terrific exercise for you as it is going to teach you about entries and exits.

I suggest that you continue to mark up charts and put your thinking on them, you do not have to post them, just keep them in a folder for future reference, or post them with a couple questions and all the readers can benefit.

I also suggest that you prepare yourself by marking support and resistance on some higher time frame charts so that you can get an idea as to where price may bounce or sit in a range.

I hope that helps a bit.

One thing that works Apfelsaft is to only go long when the MACD is above zero and only short when MACD is below zero.
The exception being when a divergence occurs.

GBPJPY

I like the Bill Williams approach even though it is old fashioned to some... I am old fashioned LOL

I find this chart quite effective and simple and also lucrative.

I add positions at the fractals, no complex entries, when price crosses a fractal I add.

This is trend following, I have to do no special work, no lines to be drawn, I just have to observe.

I do keep a lot of daily charts open and do a bit of analysis on each one so I have an idea as to what may be coming, but for trading I use this and similar.
Depending on my 'mood' I will exit a retrace based on the awesome oscillator, the red line and whatever else may come to mind at the time.

I like to see the slope of the alligator a bit more steep than this chart shows. reflect momentum and volatility.

I have a second simple chart that I use, I trade according to the trend line and the Hama, I use the timing indicator to detect the end of a move approaching(not for entry)

Whatever we use, it has to 'talk' to us and once we have one that speaks loudly, then that is the one to use. There ios no perfect chart except for the one that talks to us the loudest at the time and that can vary from week to week.

Have a great day, everyone.!!

Hello Blaiserboy,
thanks for your input. My Trade did not work out your right.
I posted my chart to early. The Idea was to discuss the Entry.
what was your entry point on the first chart?

Thanks also to you wab.

Wab,

do you place sell/buy stop orders @ significant levels?
like Breakout point DTL, SR,...

I will defer to Wab to reply to your question re entry point...... he has some interesting views that may be much more beneficial than what I would say.

Perhaps look back in the thread also as he has some neat tools that he applies.

Thanks Blaiserboy. An honor to be deferred to by yourself.

Apfelsaft, before you have any success with indicators in my opinion, you need to be able to read the bare chart itself.
Learn to identify the support and resistance areas. Once you master this you will throw away most of the indicators
as you will no longer need them.



On the chart, I have identified waves, steps, zigzags, whatever you chose to call them. I have labelled them HH HL LL LH accordingly. Each label is on a Fractal.

You have to master this yourself. There is no indicator that does it properly in MT4. (At least none that I have found anyway.)

Once you can do this you will know more about a chart than any of the indicators can tell you.

Every single chart has this structure and every single trend ends like this. Once you can spot the structure and identify the components
of it, you can find great entries like the ones above and trail your stop down fractal by fractal.

You can study Elliott Wave for years and try thousands of indicators and it will not put you very far past this.

Having said that, I use a bare minimum indicators.

I like the De Mark Trend lines because it identifies the fractals and also draws the current trend lines correctly.
It is an indicator that helps identify or confirm structure that I can already see myself. Makes me feel good when
it does what I have already anticipated.

I use the 5 34 5 MACD for a variety of reasons: The main one is again that it identifies wave structure when you learn how to read it.
(That gets into Elliott Wave and Fibonacci and the Alligator and so on. Interesting stuff but all built on HH HL LL LH.)

The HH HL LL LH and trend lines alone is most of a very good system of trading. Once I understand that I found that additional indicators that
are actually useful are few and far between.

I constantly try new things but the essence of what I believe is useful in charting is in the chart above.

Exactly 100% correct

Kiads and Wab have studied trading for more than a few weeks even though they are both only in their late teens... and they spend their time mentoring us young guys, hopefully to impart some of what they have learned. Between them they know a lot of stuff.

1.Higher Highs and Lower highs... the first entry after a trend change is after the lower high.

I feel it is most important that we trade with trend, I know others will differ.

As Wab pointed out. learn this technique until it comes naturally.

2. Trend following is as simple as a moving average. Put a 17 ma on a renko chart and you will have something that indicates trend.

An entry has to follow that line and the line has to have a good slope. 'Without slope, there is no hope'.

3. A nice thing that I use is a 30 ema and a 50 ema. if price is near those two or between them.... trade something else

I have mentioned three moving averages and reaffirmed the HH LH HL LL, there is not much more you need to trade Renko.

Hi My Friend Wab, maybe my fractal indicator can help you little bit.. (compiled with MT4 build 610)



Hope it help and best regard
MTH