Animal Farm (Renko system)

I will have a look at that Kiads. Thank you.

Thank you Wab & Blaiserboy for your advice! I really appreciate your efforts!
Amazing chart setups and explanations!

Its not easy to read the chart correctly...
What do you think is the "best" renko bar size for part time trading?
I guess for daytrafing its between 5-10 pips

Wab is a price action trader and he seems to like the faster charts as he is quite skilled at reading them.

I prefer them to be a little slower, I use 15 or 20 pips.... just my preference.

Best to use a larger block size to start and get used to and then reduce it as you gain confidence. You have to build a chart that 'talks' to you loud and clear... easier to use larger blocks to start.

Wab will probably have a couple ideas for you also.

Keep in mind that nothing is written in stone, your screen time and experience will give you solutions that may vary from week to week.

Notice the Macd in Wab's chart...... that one indicator will tell you so much....

When I trade regular charts, I prefer to use H4 or even daily. The trades are slow moving and there is no hurry to jump in.
Having said that, I do a lot of research in lower time frames because you can see how things work, or don't work more quickly.
I think it is the same in Renko. Four pip bricks move fast enough that you can test out your ideas and gain experience.

What is important is to have a system that you own. It must be something that you understand as well as you can and have as much
confidence in as you can. That only comes with lots and lots of practice, research and so on. If you are reading stuff here and
on other threads, you will gather enough ideas and fit them together in a way that suites you and works for you.

I know a lady, who drives from the next town (no bank there) several times a week and moves her money back and forth between a Canadian
Dollar account and a U.S. Dollar account. That is how she trades Forex. No leverage, no charts, just what she sees on the news.
She makes close to a 100 K a year, just doing that.

Her daughter asked me to show her mother how charting works and her mother just laughed at the whole idea. She understands what she is
doing and is good at it.

I know another old fellow (that is getting to be a term I can use less and less often) who trades stocks every day. He just watches
the business News Network and is very successful. He has made a million twice. He defies my logical thinking processes but he is amazingly
successful.

I like charts. I have studied charts for along time, especially Elliott Wave and Bill Williams' ideas. That is what makes sense to me. I look at
methods other people use and if it works for them, that is perfect.

My interest in Renko has been more to find a short-term method that will compliment the long term ones that I already use. No matter what time frame
I work in, the MACD or the AO and AC and the Alligator are the best in my opinion. With Renko the Heiken Ashi Smoothed is also amazing.

As Blaiserboy says, work at it until the charts are talking to you, then be patient and wait until they do so clearly. Patience is the most important
thing. We cannot take money from the market until it clearly offers it to us.

I have been working on an idea that will perhaps help a lot with the box size issue. I will start showing some charts on that soon. As yet, I do
not have firm conclusions but I am sure some of the expertise here will help out.

I will support you 100% My Friend, keep up the good work..
MTH

Thanks Kiads, I really appreciate that.

Build 625 has messed up a whole lot of good things again. If your indicators quit working check the build number.

MT4 is really starting to be so improved that hardly anyone will be able to use it anymore.

Have you a Renko indicator for new build?

One is attached and you can also look at Kiads Arts thread on the first post for some very interesting varieties of Renko and the indicator that generates them.

Have fun.

On the chart a break of a fractal is identified as a trend reversal. I thought it was the break of a LH/HL?

(Chart is first chart of post #237)

Referring back to this chart, in an uptrend, the higher lows are covered by rule #1, but how do you determine the higher highs?

Is the market structure here correct?

If you label your chart with the Brick Size that would help me match the chart.

I did a 5 pip brick median Renko chart and it shows some useful content so I went ahead and used it to somewhat answer your question.



You will see that there are usually sub waves inside the larger HH HL LL LH waves that we look for. (Sometimes we cannot see then but they exist between every pair fractals. When you go to a lower time frame they are always there.)

Between the top HH and the first LL there are in fact five sub waves formed between the fractals. The fifth one is the one that
confirms a reversal in trend as it is below the last HL. However the blue De Mark trend line was broken a lot earlier and it is a good
early warning of a potential trend reversal. Each break of the blue De Mark Trend lines is a useful signal.

The overall trend is down until we get a reversal pattern -where that last LH is broken after a De Mark line is broken

The AO or a MACD gives you the direction to trade until a divergence cautions you to expect a trend reversal. If the AO is above zero
take long trades. If it is below zero take short trades. If the AO shows divergence watch the De Mark trend lines and the HH HL LL LH for
a reversal.

Eurix, I have the indicators, can you share how you set up your renko? Mine looks different than yours, what block size do you use? Thanks..

Hi Fellow traders
do somebody have the !MTH B 610 Pa MACD for Georenko?? which comes from KIADS, our great helper.
Thanks for posting

This one?

Hi Goldenboy this is my setup

Hi EURIX
thanks a lot. I will do a EA with one of the other MTH indicators which I just found.
Thanks again

Thank you so much Wab for this instructive thread.
Regards

Second that Miche, obvious I am late to the party but have been hooked on it for past 10 days including as much side reading as I can!

I am mainly a NinjaTrader so am having to resaech the available options and what I need to do myself.

Hope the thread conrtinues.

Cheers and thanks to Wab.