Trading is as simple as ABCD

GBPUSD is not one of my favourite pairs because its got so many counter trend traders all over it so my trend following system is a bit hit and miss with it, however its been going up since market open up about 178 pips today so possibly time for some profit taking... time for a reversal maybe??

Well I've sold that 100lwma break and retest not very well should of got in about 2 or 3 candles earlier but its holding so lets see how it goes...

Hi Mr V.

Hope the move goes smoothly. Yep its been an interesting morning where I've tried to get in to the moves a bit earlier, just watched a couple of our favourites until I saw a strong AB then jumped on and its provided some bigger winners today..

I love my TTindy but it can get us in a bit late sometimes and then the runs are fairly small.. This way getting in just after a slope change is proving OK today...

Hope all goes well today catch up tomoz..

I think whats helped me today is getting into these trends a bit earlier before they appear in my TTindy...

This GBPUSD is a typical setup , its been strong all day so top of the 5 min TTindy so look for a strong AB move the other way taking out the last HL in the uptrend and crossing the 100lwma with authority... Then just wait for the next LH maybe double top and away you go...

Its another way to use the TTindy, trade with the strong trenders for as long as they keep putting stronger drives in the direction of the trend but also keep an eye out for a strong AB the other way...then either sell the first LH CCI signal or if an uptrend buy the first HL CCI signal...

Took 16 pips out of that move, bit concerned the counter trenders were going to step in and take it back up at this first real level on way back down...

Might sell it again if it sets up...especially as its now top of my TTindy...

First trade today in nice an early in the move but a top trender to boot so looking to hold this entry.. I#m hoping these early entries will shoot away and give my trade some room to breathe...

Renko chart of GBPAUD looks good to go too....

Took my first entry at BE but setup still good to go so back in again and at BE so hopefully its away this time...

Notice that GBPJPY also going so either TT's would of been nice this morning..

having the positive renko chart is giving me confidence in this trade too..

Still playing with these renko charts in the background looking for signals off of them then 1 min entries with tighter stops...

This GBPJPY setup beautifully with a break and retest of Asian range , a very good entry that Mr V. is very very keen on...

GBPAUD still proceeding nicely ...

Getting to like these Renko charts even helps with my exit dilemmas ... nice 36.5 pips to start the day off nicely..

Now the question is should I be going back in on next Renko green candle...bit too far away from my 100lwma for me so will let it come back a bit, not in any rush to give my 36 pips back today..

Just took a crappy breakout trade but had to sweat through a drawdown till it came right then got up 6 or 7 pips so moved to BE to be taken out. Lost another 8 doing something similar...

The problem with breakouts is you're buying at resistence and you're selling at support. Which means buying the top of a wave or selling the bottom and to me thats the exact opposite of what we should be doing.... Look at my CCI 's when they're oversold, thats the only time to enter in a strong uptrend like this. I know I harp on about it but its my biggest issue with my trading, I get carried away with the positive momentum and buy at the tops of waves and sell at the bottoms, I have to learn to hold fire and wait for the pullback...

Its what all traders struggle with buying when something is moving the other way, the secret is pending stop orders so the price has to come back your way with the trend to get you in...

The bottom line is buy wave bottoms in an uptrend sell wave tops in a downtrend and DON'T get it arse about face....

Well thats my weekly rant about break outs out of the way....

Great stuff Clive, doesn't get a better set up than that.

I'll need another day or two to get sorted before we are back in the saddle.

No need to rush Mr V. these 1 min charts are setting up all day everyday so take your time....

Just have a look at this GBPAUD setups this morning, TTindy plus Renko and its as simple as ABCD.....

Sorry ....i can't find settng for renko charts... I've tried to have same of you for GBPAUD and similar but not the same are original chart 5tf renko size 3 ..
Could you hel pme for right setting?
Regards
Thanks

Whilst I'm waiting for news to passby , heres some thoughts on trading these Renko charts...

Use a 100lwma and wait for it to change slopes eg turn red to green as in this chart, then buy every HL or double bottom colour change from red to green. Either close out on every candle colour change or hold the earlier entries until the 100lwma turns back down again or do both, close half on candle colour change leave half at BE and hold on 100lwma change...

Heres the GBPJPY chart from this morning... Oh should add works well around market opens, when we can expect to see some price movements...

Just gonna add another thought about trading these REnko chart ABCD moves...

Why not wait for a 100lwma slope change eg from Red to green then look to buy HL's or double bottoms??

Entry is pending buystops above first green candle sells are the opposite pending sell stops under the first red candle...

Only take the first 3 before trend gets exhausted bank half of each move on candle colour change move other half to BE and hold until 100lwma changes colour again...

Something like this GBPJPY chart yesterday morning, typical mid morning reversal picked up by the 100lwma colour change look for a nice strong AB move to cross the 100lwma then start buying those HL's/DB's . Look at the lovely sells on the way down then the nice buys on the way back.



I would only trade volatile pairs with good ATRs like GBPJPY, EURJPY, GBPAUD, GBPUSD, EURAUD, GBPNZD,EURNZD etc....

There you go a nice little Renko trading strategy...

Hmmm might give it a go myself..

Hi Cescof

I use 1 min charts for the control chart where I put my renko expert adviser and heres my settings for the renko expert...



Hope that helps,,,

Before anyone asks here's my Renko templates...

I use FXCM so the market open times are set for FXCM trading times so adjust to suit your broker times etc...

Last post before I go to work...

Just look how well Renko and TTindy are working today... Gotta be the way forward surely?????



Gonna give this a go all this week see how I get on...

It just keeps giving....