As simple as possible: RENKO M5 trading | Forex Factory

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As simple as possible: RENKO M5 trading

  • #1
  • First Post: Dec 22, 2014 7:47am Dec 22, 2014 7:47am
It is time to give my contribution for FF community and provide the simplest RENKO trading that just recently discovered.
Headline starts with "As simple as possible" due to respect for an Udine to his 00 trading strategy. Best portfolio/risk management advises are given in that thread, plus i use some indie's that i found at Udine's thread.

So what you need for profitable RENKO trading:
1. RENKO bars on chart (M5 period with bars range of 5) (i am using s-Renko bars EA)
2. M-candles indicator with 1H time-frame (can find in Udine's thread)
3. Daily open line indicator (can find in Udine's thread)
4. Absolute Strength Histogram indicator (can find in Udine's thread)
And that's it!. Looks simple, yes?

Let's talk about entry signals. When you put all indies on your chart you need to consider these main points (for LONG entry):
1. Price should be above DO line
2. M-candle indicator should be green
3. Absolute Strength Histogram should change color from red to green
And that's it!. Looks simple, yes?

Let's talk about points to consider before entering a trade:
1. No longs @0.9 and shorts @0.1 levels
2. Spot support/resistance levels at renko chart
3. Avoid RED news time
And that's it!. Looks simple, yes?

I am using TP5 and SL10 pips for this strategy. Currently trading pairs which have high ADR and spread not bigger than 1.5 pips.
Example:

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot4.png Size: 66 KB


DONE. PDF & Happy trading.
  • #2
  • Dec 22, 2014 8:57am Dec 22, 2014 8:57am
Orangutangas,

good luck with your thread..

I trade renko differently, but there are many roads that lead to Rome

I am sure this could work very nicely indeed.

Again good luck and I will be following

Udine
Sleep less, live fast, as it aint gonna last
  • #3
  • Dec 22, 2014 9:03am Dec 22, 2014 9:03am
Quoting Udine
Orangutangas, good luck with your thread.. I trade renko differently, but there are many roads that lead to Rome I am sure this could work very nicely indeed. Again good luck and I will be following Udine
Appreciate, sir So far today 3 trades into TP. So 3% today
  • #4
  • Dec 22, 2014 9:05am Dec 22, 2014 9:05am
Hi Orangutangas,

Can you post s-Renko bars EA and other indicators here ?

Tq
  • #5
  • Dec 22, 2014 9:13am Dec 22, 2014 9:13am
Quoting bahamed
Hi Orangutangas, Can you post s-Renko bars EA and other indicators here ? Tq
Here you go
Attached File(s)
File Type: rar indies+EA.rar   54 KB | 3,201 downloads
  • #6
  • Dec 22, 2014 9:25am Dec 22, 2014 9:25am
Just wondering why u are using M5, because that's a MT4 chart timeframe and shouldn't be used for offline charts
The wicks of your bricks are looking really strange. They are sometimes expanding over several bricks
  • #7
  • Dec 22, 2014 9:32am Dec 22, 2014 9:32am
Quoting iwjw
Just wondering why u are using M5, because that's a MT4 chart timeframe and shouldn't be used for offline charts The wicks of your bricks are looking really strange. They are sometimes expanding over several bricks
Well M5 works for me well so using this time-frame.
  • #8
  • Dec 22, 2014 9:32am Dec 22, 2014 9:32am
Quoting iwjw
Just wondering why u are using M5, because that's a MT4 chart timeframe and shouldn't be used for offline charts The wicks of your bricks are looking really strange. They are sometimes expanding over several bricks
The wicks that you see come from the M-Candles and not the Renko bricks.

GREEN pips to all.
  • #9
  • Dec 22, 2014 12:21pm Dec 22, 2014 12:21pm
anyway you can post the M candles indi here? Couldn't find in Udine thread....
  • #10
  • Dec 22, 2014 12:23pm Dec 22, 2014 12:23pm
Quoting 4xplosion
anyway you can post the M candles indi here? Couldn't find in Udine thread....
it is in attachments of this thread already
  • #11
  • Dec 22, 2014 12:24pm Dec 22, 2014 12:24pm
Last of today. I am not a fan of trades after London close, but took this one. GU to TP
Good night everybody
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 68 KB
  • #12
  • Dec 22, 2014 4:05pm Dec 22, 2014 4:05pm
regarding rule number 3. "Absolute Strength Histogram should change color from red to green"

Does this mean that we need a pull back before taking a trade?

(for longs) the ASH has to be red and *then* change to green

good luck with the new thread

PGPB
  • #13
  • Dec 22, 2014 5:37pm Dec 22, 2014 5:37pm
Quoting orangutangas
Last of today. I am not a fan of trades after London close, but took this one. GU to TP Good night everybody {image}
Hello Orangutangas,

I am using similar stuff based on Udine's teachings but also offline charts as i am big fan of those charts....

Be aware: you need 10 pips to form opposite brick but if you not using wicks it can come to -8 or -9 (depend on your broker spread) and can take you out...You will not see that on chart so would be better to turn wicks ON to have true situation...

I have few questions:
1. How long you using method this way?
2. Are you entering only 1 trade per hour or you reentering when you see pullback ((opposite brick) and H1 candle is still in direction
3. Are you entering on with pending orders on 05 and 10 lvl's or with market order?
4. Are you using capital protection (wheelbarrel)
5. Regarding ASH-you wait for brick close or enter right away when change colour?
6. Are you using range high and range low like Udine or not?
7.Is it ok to enter if brick not closed but 1h may vary if goes opposite (now green and if brick didnt close H1 goes to red teritorry)?

This questions are really important to trader result in the end especially in this method when RRR is not so good...

Thanks in advance....

Regards!
  • #14
  • Dec 22, 2014 5:41pm Dec 22, 2014 5:41pm
Quoting Udine
Orangutangas, good luck with your thread.. I trade renko differently, but there are many roads that lead to Rome I am sure this could work very nicely indeed. Again good luck and I will be following Udine
Udine would you please explain your renko trading approach.
Many thanks to you and to Orangutangas.
  • #15
  • Dec 23, 2014 12:21am Dec 23, 2014 12:21am
Quoting pgpb
regarding rule number 3. "Absolute Strength Histogram should change color from red to green" Does this mean that we need a pull back before taking a trade? (for longs) the ASH has to be red and *then* change to green good luck with the new thread PGPB
Yes, correct
  • #16
  • Dec 23, 2014 12:28am Dec 23, 2014 12:28am
Quoting Zokynho
{quote} Hello Orangutangas, I am using similar stuff based on Udine's teachings but also offline charts as i am big fan of those charts.... Be aware: you need 10 pips to form opposite brick but if you not using wicks it can come to -8 or -9 (depend on your broker spread) and can take you out...You will not see that on chart so would be better to turn wicks ON to have true situation... I have few questions: 1. How long you using method this way? 2. Are you entering only 1 trade per hour or you reentering when you see pullback ((opposite brick) and...
Zokynho,
As it is pullback trading so i am not entering on first change of renko bar, so it does not kick me out. Also check M1 timeframe, what candles are saying.
Answering your questions:
1. Still not long time period, just figured out it worked well all last week, checked same system on August, when it is not recommended to trade, it worked also well, so i am sharing it with you now.
2. I am reentering if possible and all criteria are met
3. No pendings orders for this system, as it is sometimes takes trade very quickly.
4. Yes i am using wheelbarrel
5. I am waiting for a confirmation of brick to be closed.
6. I am not trading pairs if there already reached their daily ADR
7. No enters while brick is not closed.

Cheers
  • #17
  • Dec 23, 2014 1:46am Dec 23, 2014 1:46am
Hello,

Very interesting thread and thank you orangutangas for sharing, I will try.

Could you explain how to install Renko bars charts correctly and the settings of the EA are you using, please?

Thanks in advance,
  • #18
  • Dec 23, 2014 1:57am Dec 23, 2014 1:57am
Quoting sEit89
Hello, Very interesting thread and thank you orangutangas for sharing, I will try. Could you explain how to install Renko bars charts correctly and the settings of the EA are you using, please? Thanks in advance,
You need just open M1 chart of currency pair, drag on it s-Renko EA with settings of timeframe and bars 5 and then go to file->open offline and chose your currency pair M5 offline chart
  • #19
  • Dec 23, 2014 2:08am Dec 23, 2014 2:08am
Quoting orangutangas
{quote} You need just open M1 chart of currency pair, drag on it s-Renko EA with settings of timeframe and bars 5 and then go to file->open offline and chose your currency pair M5 offline chart
Are you aware that chosing a standard timeframe (ie. M5) as offline chart, you are overriding the standard M5 datas ?

You should chose any number except standard ones (1-5-15-30-60-240-1440-10080-43200). The number isn't important ... it doesn't change the offline chart structure ... The brick size is what matter.
MT4/MT5 EAs/Indicators/Alerts coder
  • #20
  • Dec 23, 2014 2:13am Dec 23, 2014 2:13am
Quoting FerruFx
{quote} Are you aware that chosing a standard timeframe (ie. M5) as offline chart, you are overriding the standard M5 datas ? You should chose any number except standard ones (1-5-15-30-60-240-1440-10080-43200). The number isn't important ... it doesn't change the offline chart structure ... The brick size is what matter.
Brick size to me is working well and new one is created after 5 pips move as i wanted even on M5 chart
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