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Renko 12MTR

  • #161
  • Apr 16, 2014 10:08pm Apr 16, 2014 10:08pm
hey smokeyD, apologies for the extra indicators!
was testing a few indicators to spot a runner so i can stay in the trade longer. thats all!
i might have found one. will post it later.
anyways,

GA buy.
bought at blue
TP at yellow
15 pips
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  • #162
  • Apr 17, 2014 1:44am Apr 17, 2014 1:44am
Hi, I´ve triggered a trade in GBPCHF entry2 if I´m correct. Sorry for asking about the maybe obvious, but when loading the offline charts of GJ, GA and Gold I get the box size wrong, measuring them to 28 pips. What value to use instead of 8 in the RenkoEA?

Regards

Waez

http://i62.tinypic.com/jglgex.gif
  • #163
  • Apr 17, 2014 1:46am Apr 17, 2014 1:46am
Quoting saticdoor86
hey smokeyD, apologies for the extra indicators! was testing a few indicators to spot a runner so i can stay in the trade longer. thats all! i might have found one. will post it later. anyways, GA buy. bought at blue TP at yellow 15 pips {image}

Very Nice @saticdoor86!

As you're probably aware, the next phase of this system will be building a strategy to stay in a run... AFTER the majority of the daily pip requirements have been met.

I would be interested in what you have so far, and possibly as a group we can settle on what we'll use.

I STRESS THOUGH...that the daily business requirements be met before searching for BONUSES!!
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  • #164
  • Apr 17, 2014 2:03am Apr 17, 2014 2:03am
Quoting Waez
Hi, I´ve triggered a trade in GBPCHF entry2 if I´m correct. Sorry for asking about the maybe obvious, but when loading the offline charts of GJ, GA and Gold I get the box size wrong, measuring them to 28 pips. What value to use instead of 8 in the RenkoEA? Regards Waez {image}
Hello Waez

Yes..that is an Enrty #2. Let us know how it works out. Please remember...my experience with this system is GJ, GA, and XU only. I think we would all gain hearing from others using different pairs. @Forex_Dimi seems to be having success with GBPNZD.

If you're using the EA I supplied in Post#1 to create your offline charts...

GJ and GA RenkoBozSize should be 8
XU will be 80
RenkoTimeFrame can be any number you wish...all that does is attach a number to the name of the offline file. I chose 8 also so I have a designation on my chart that matches the box size.
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  • #165
  • Apr 17, 2014 2:12am Apr 17, 2014 2:12am
Hi all, remember Waez to put false in the Atr based Boxes (that might be the reason for so many pips brick size)
  • #166
  • Apr 17, 2014 2:19am Apr 17, 2014 2:19am
Quoting SmokeyD
{quote} Very Nice @saticdoor86! As you're probably aware, the next phase of this system will be building a strategy to stay in a run... AFTER the majority of the daily pip requirements have been met. I would be interested in what you have so far, and possibly as a group we can settle on what we'll use. I STRESS THOUGH...that the daily business requirements be met before searching for BONUSES!!

yes, sure!
  • #167
  • Apr 17, 2014 2:28am Apr 17, 2014 2:28am
Speaking of GNZD, took 2 trades in that pair. In the 1st one got too early and got lucky, the 2nd one is still open, and I might leave it open till 906.
Missed a good trade in gold because I got afraid and didnt enter.
Waez gchf is a pair for carry trades, not so sure if could operate with this system, but good luck.
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  • #168
  • Apr 17, 2014 2:48am Apr 17, 2014 2:48am
okay here goes. tested a few, and this is from a system that I used to follow but it required constant monitoring so i stopped.

Bascially, its ADX levels. Adx shows the momentum of the trade. (IT DOES NOT TELL YOU TO SELL OR BUY. Rather, it tells you WHEN its a good time to enter a trade)

Settings

5 levels. 7-Green -fixed min 0 Fixed max 100 Levels 30 and 50
18- Blue- uncheck the boxes and no levels
42- Orange- uncheck the boxes and no levels
89- Pink- uncheck the boxes and no levels
144-White- uncheck the boxes and no levels

+DI
-DI

None for both.

Im gonna use a normal chart first, then later show it on the renko charts. Can be hard to grasp at first. but its easy as you get used to it.

Okay. the first thing you look for is the compression of all 5 levels.
In the first screen shot, the red line. its all compressed together. This means the market is probably ranging or the trade has lost power.
What it also tells you is, its powering up the next move. Rmb- it shows the momentum of the trade.

What we want, ideally is the Fan effect. as shown by the blue line.
Shortly after, we can see a 20 pip drop.

Another example is the second screenshot, compression at red line, fan effect at blue line.
What we want is all 5 adx levels to be up to show that a trade has strong momentum.

So basically. when its long and flat, there's no power. when its compressing, its gearing up for a big move.
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  • #169
  • Apr 17, 2014 2:51am Apr 17, 2014 2:51am
here is one from the renko charts.
compression at red line. Fan out at Blue.
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  • #170
  • Apr 17, 2014 2:57am Apr 17, 2014 2:57am
This system is not perfect and feedback is def encouraged! we can def work together to improve.

ok, second part of this indi, is. EG: there is a strong trend, and you missed the entry. when the ADX-7 - the brown one in my renko charts. goes down and cuts back up to 50, that is a good time to enter the trade.

Note: when all ADX are powering downwards. most prob, that particular trend has lost momentum.
An eg:

Using smokey's system, the entry is at blue line.
In case you missed it. and you see all adxs are powered up

Entry can be when ADX 7 cuts 50 upwards on both red lines.

Note: ADX shows when to trade, not buy or sell! dont get confused! took me awhile though.
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  • #171
  • Apr 17, 2014 3:11am Apr 17, 2014 3:11am
In a nutshell,

1)to spot a trend, look for the compression and the fan out

2) to renter a trade during a trend, look for the 7 and 18 ADX. 7 must cut 50 up and 18 must be in sync (not pointing downwards)

please let me know what you guys think and lets work together to improve this!
  • #172
  • Apr 17, 2014 3:40am Apr 17, 2014 3:40am
another example. Compression at Red line


Blue line it fans out. Continues at 1st green line.

At second green line we can see that the trend has changed but the ADXs are still powered up. means probably another long run.
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  • #173
  • Apr 17, 2014 3:55am Apr 17, 2014 3:55am
@Saticdoor86...Great info!

I suggest anyone wanting to present a case for the development strategy of staying in a run, present a detailed 2 month analysis of an indicator(s), with at least 2 pairs of your choosing.

I have a couple ideas that I need to research, but probably won't get to it until this weekend.

I will not loose the core of this system, and that is to take a couple, or three, small pieces of the market each day...Consistently. Making a decision to catch a larger trend will be purely looked at as "taking a bonus". Bonuses are not what's going to put food on the table or pay the rent/mortgage.
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  • #174
  • Apr 17, 2014 4:05am Apr 17, 2014 4:05am
hey smokeyD

Yea, i'm still testing this indi and will show more examples/analysis and trades as time goes.

And i agree with you that 2 or 3 trades are the core of the system. thats whats gonna add up to provide the stable income.

thank you!
  • #175
  • Apr 17, 2014 4:27am Apr 17, 2014 4:27am
Quoting SmokeyD
{quote} Hello Waez Yes..that is an Enrty #2. Let us know how it works out. Please remember...my experience with this system is GJ, GA, and XU only. I think we would all gain hearing from others using different pairs. @Forex_Dimi seems to be having success with GBPNZD. If you're using the EA I supplied in Post#1 to create your offline charts... GJ and GA RenkoBozSize should be 8 XU will be 80 RenkoTimeFrame can be any number you wish...all that does is attach a number to the name of the offline file. I chose 8 also so I have a designation on my chart...
Hi Smokey and forexDimi, thanks I´ve got it right now. The trade in GC is still alive hoovering around the entrypoint.

Waez
  • #176
  • Apr 17, 2014 4:33am Apr 17, 2014 4:33am
Good morning;
EA and EJ trades, each for 16 pips.

Cheers SmokeyD

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Ale
  • #177
  • Apr 17, 2014 4:41am Apr 17, 2014 4:41am
Quoting aleandro2002
Good morning; EA and EJ trades, each for 16 pips. Cheers SmokeyD {image}{image}
Excellent!
Now go have a beer/glass of wine/tea/coffee...and do it again tomorrow!
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  • #178
  • Apr 17, 2014 4:58am Apr 17, 2014 4:58am
Took the same EURJPY, little late entry,so it was "only" 17 pips.TP was 25 pips...
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  • #179
  • Apr 17, 2014 5:10am Apr 17, 2014 5:10am
Quoting fxHighlander
Took the same EURJPY, little late entry,so it was "only" 17 pips.TP was 25 pips... {image}
Very Nice fxHighlander...and all of you!!

Just a couple little pieces each day...time will look after the rest.
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  • #180
  • Apr 17, 2014 5:15am Apr 17, 2014 5:15am
I wish I had a couple to share...but I've been caught in a ranging period on both GA and XU for the last couple hours.

A Buy on XU and Sell on GA...neither have shown me an opposite signal so I'm still in there.

If I get an opposite signal at even 2 bricks in DD, I will close the trade. Your MM is going to make or break you as a trader.
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