TMS Renko Variant | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

RENKO Trading SYSTEM - RENKO Indicators 7 replies

New Renko Bar and Reversal Renko Bar Indicator Alert Help Please 5 replies

Variant Perspective Trading 36 replies

PA patterns with TMS system 45 replies

Polapip The Meandering System (TMS) 29 replies

Attachments: TMS Renko Variant
Exit Attachments

TMS Renko Variant

  • #1
  • First Post: Edited 7:30am Dec 12, 2014 6:58am | Edited 7:30am
I've been trading Eeelfranz Trading Made Simple for a couple of years, it is a profitable and pleasant system to trade, little stress, nice thread here on FF & good returns.

Recently I started to play with Renko bricks combined with Eelfranz TMS system and it looks like there could be a good system in the making.

This thread is here to explore that possibility.

There is no magic bullet, I do not have all the answers and if you ask me a question I may not know the answer.
Do not follow this thread if you are looking for a system which guarantees you a profit today, this week, or next month.

following are some screenies and what currently passes for my 'system' I doubt much of it is original or new and I don't claim credit for anything until I take the first barrow load of cash to the bank.

please contribute constructively and generally in line with the discussion, if one develops.

Cheers.
Don't ask me, I have no idea what's going on.
  • #2
  • Dec 12, 2014 7:05am Dec 12, 2014 7:05am
Here's the first screenie, renko bricks are 10pip, this seems to work nicely in a trending market, and with several pairs.
I am using the TDI indicator with default settings from TMS
I have the FF calendar in the corner for news.
I also use renko colour change indicator for alerts 'cos I don't sit watching the screen all day.
I will put the indicators, template etc up here shortly.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenShot008.jpg Size: 133 KB
Don't ask me, I have no idea what's going on.
  • #3
  • Dec 12, 2014 7:07am Dec 12, 2014 7:07am
Because this is a trend following system I use a multi chart setup with Heiken Ashi candles to decide which pairs I will trade for the session, I then set them up in MT4
Don't ask me, I have no idea what's going on.
  • #4
  • Dec 12, 2014 7:08am Dec 12, 2014 7:08am
Quoting Gizzledonk
Because this is a trend following system I use a multi chart setup with Heiken Ashi candles to decide which pairs I will trade for the session, I then set them up in MT4
damn, forgot the screenie.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenShot009.jpg Size: 252 KB
Don't ask me, I have no idea what's going on.
  • #5
  • Dec 12, 2014 7:28am Dec 12, 2014 7:28am
Here are some indicators and a template.

AAA RenkoLiveChart_v3.3x2.ex4 is an EA and goes on a bare M5 chart. There are many Renko indi's out there and some work better than others, this one is well written and allows me to have 3 different MT4's open each with half a dozen Renko's running. some I found grind the machine to stop with more than a few pairs running.

TDI red limegreen is the Traders Dynamic Index - TDI - from the TMS thread. I've fiddled with the colours a bit but nothing else.

M3 base renko is a template to apply to a bare M5 chart.

The TDI can be applied to the M3 Offline chart along with the FF calendar etc.

AA Renko Offline alert TDI is a template you can apply to the M3 offline chart to make it look like mine, if you want to.

Sonic_5 FFCal Panel (Black) this is the FF calendar - apply it as an indicator.
Attached File(s)
File Type: zip RENKO indis.zip   34 KB | 723 downloads
Don't ask me, I have no idea what's going on.
  • #6
  • Dec 12, 2014 7:46am Dec 12, 2014 7:46am
So how does it work?

The TMS system indicates a (long) trade when the green line crosses up through the red, ideally this cross occurs above the yellow and also above the 50 line, however you have to use trader discretion with this according to the market. This and other signals are widely discussed in the TMS thread.

Large round numbers and other validated support and resistance levels are good for trading from and using as stop loss and take profit levels.

Many renko systems say a trade is indicated when the new colour renko block closes with trend, I like this basic simplicity, the key thing – as with many systems – is to make sure there is a trend and you are trading with it. Hence the mini charts.

There are many methods used to create entry points. I am testing both an immediate entry on candle close and also a pending order a few pips up.
Don't ask me, I have no idea what's going on.
  • #7
  • Dec 12, 2014 7:51am Dec 12, 2014 7:51am
History so far,,

I have had a fairly stable system running on 10pip Renko now for about a week using the barest set of indicators as above.
It looks profitable so far but there is not enough data yet and also I have tweaked the system a bit here-and-there and run it on about three different accounts so don't ask for stats yet 'cos I haven't go any and they'd be pretty worthless at this stage anyway.
Don't ask me, I have no idea what's going on.
  • #8
  • Dec 12, 2014 8:02am Dec 12, 2014 8:02am
Hi Gizz,

I'm a big fan of renko and also a big fan of TMS. I have been trying to put both together and i faced some challenges the biggest one is that TMS rule is to enter from the second candle after TDI cross, but with renko most of the time the cross happens on the second candle which means i have to pull the trigger on candle #3 which is against the rules. the chart below will give you the idea of what I'm talking about

Attached Image (click to enlarge)
Click to Enlarge Name: Renko.png Size: 35 KB



Edit: I guess we have to figure out the suitable box size with TDI crosses
  • #9
  • Dec 12, 2014 8:15am Dec 12, 2014 8:15am
Quoting 0Bid
Hi Gizz, I'm a big fan of renko and also a big fan of TMS. I have been trying to put both together and i faced some challenges the biggest one is that TMS rule is to enter from the second candle after TDI cross, but with renko most of the time the cross happens on the second candle which means i have to pull the trigger on candle #3 which is against the rules. the chart below will give you the idea of what I'm talking about {image} Edit: I guess we have to figure out the suitable box size with TDI crosses
Thanks for your comment,

I also noted the entry on Renko is often a bit 'slow' compared to TMS - somewhere a rule will have to break or be adjusted I think, not sure where yet though, either it's a late entry by TMS standards or an early one by Renko.
My general principle for trading is that I'd rather have a more reliable small chunk from the middle of a move than try to get in early and out late for max pips. So my inclination is to go with a late TMS entry. I'm playing with both. I don't have any fixed rules yet.

best regards,

GD.
Don't ask me, I have no idea what's going on.
  • #10
  • Dec 12, 2014 8:30am Dec 12, 2014 8:30am
Quoting Gizzledonk
{quote} Thanks for your comment, I also noted the entry on Renko is often a bit 'slow' compared to TMS - somewhere a rule will have to break or be adjusted I think, not sure where yet though, either it's a late entry by TMS standards or an early one by Renko. My general principle for trading is that I'd rather have a more reliable small chunk from the middle of a move than try to get in early and out late for max pips. So my inclination is to go with a late TMS entry. I'm playing with both. I don't have any fixed rules yet. best regards, GD.
I'll try for now to enter from the third candle (TDI cross) stops above the previous candle plus spread (20 pips + spread) and see how it plays out.. will post my trades..
  • #11
  • Dec 12, 2014 8:33am Dec 12, 2014 8:33am
Here's one from this morning, 'could have got more but got some!
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenShot010.jpg Size: 157 KB
Don't ask me, I have no idea what's going on.
  • #12
  • Dec 12, 2014 8:33am Dec 12, 2014 8:33am
Maybe try 5 pip renko bars if you are finding you are entering late on the 3rd candle...
  • #13
  • Dec 12, 2014 8:36am Dec 12, 2014 8:36am
here's another that I bottled out of with a very short tp
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenShot012.jpg Size: 154 KB
Don't ask me, I have no idea what's going on.
  • #14
  • Dec 12, 2014 8:38am Dec 12, 2014 8:38am
this one was late in and early out, still got a bit though,
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenShot013.jpg Size: 157 KB
Don't ask me, I have no idea what's going on.
  • #15
  • Dec 12, 2014 8:40am Dec 12, 2014 8:40am
This one was disappointing,
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenShot014.jpg Size: 155 KB
Don't ask me, I have no idea what's going on.
  • #16
  • Dec 12, 2014 8:42am Dec 12, 2014 8:42am
here's one I made earlier,,,
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenShot015.jpg Size: 156 KB
Don't ask me, I have no idea what's going on.
  • #17
  • Dec 12, 2014 8:43am Dec 12, 2014 8:43am
UJ -- will see how it plays .


Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY.png Size: 36 KB
  • #18
  • Dec 12, 2014 8:46am Dec 12, 2014 8:46am
Quoting EmptyEterniT
Maybe try 5 pip renko bars if you are finding you are entering late on the 3rd candle...
Nice thought, thanks for the comment,

I am also playing with 5 pip renko using the same setup, for the last couple of days I haven't pursued it though as it pings alerts too often and interferes with my other work, I plan to have a better look next week with just 1 or 2 pairs running, it'll be easier to analyse what's going on as well. 'think I've really got too much running at the moment.

Cheers,

GD
Don't ask me, I have no idea what's going on.
  • #19
  • Dec 12, 2014 8:59am Dec 12, 2014 8:59am
Quoting 0Bid
UJ -- will see how it plays . {image}

now breakeven. I'm using trailing stop 25pips

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy2.png Size: 30 KB
  • #20
  • Dec 12, 2014 9:03am Dec 12, 2014 9:03am
Quoting 0Bid
{quote} now breakeven. I'm using trailing stop 25pips {image}
looking good, 'got to go and get kids etc now and am closing mt4 down for the day.
will watch to see how your's pans out, good luck!

GD
Don't ask me, I have no idea what's going on.
0 traders viewing now