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  • #2,501
  • Jul 10, 2015 11:04am Jul 10, 2015 11:04am
DE30 +63 +110. Not much left for me to go at, but at least I got some points on the board. Waiting for the pullback to the trend line and the BRN was excruciating and I jumped the gun a little but if I was wrong I could pull the plug for 30 at the top of the consolidation so it was a safe trade what ever happened. I was going to pull the plug on the 2nd half because price started to struggle but the 10 pip stochs stayed above the 80 line so I let it be, I really did not think that it would run all the way up to my 2nd TP, I thought 110 pips was a bit much even for the DAX on a friday afternoon but a last gasp effort into the session close did the job. So congrats to me for keeping TFS at bay as this was my only trade today it was not easy to do.

I see a few of you have been having fun.
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Cut your Losers short and let your Winners run.
  • #2,502
  • Jul 10, 2015 11:18am Jul 10, 2015 11:18am
Quoting amfx
{quote} Hello dee, What is BPC? Is it bullish pennant? Also within the BPC there was a divergence indicating a short. What was the reasoning for not taking that? Sorry if it's in obvious question
Breakout Pullback Continuation.

GAP UP. very weak attempt short back into the gap very strong push back up, look at the tails on the bars the sellers tried to push it back down but on each bar the buyers won, last green bar had a small tail showing seller capitulation, look at 50 ema, practically vertical as it followed price, there really was nothing here that said to me go short with the divergence, quite the opposite.
Remember. I said that every trade has to have a reason for it and the more reasons the better. Divergence on it's own is not a reason for a trade there has to be some thing else with it.

OH! Sorry for taking so long to answer, fridays are my hospital days some times it is quick some times not, depends on how many sick people there are, today because of the heat there were quite a few more.
Cut your Losers short and let your Winners run.
  • #2,503
  • Jul 10, 2015 2:49pm Jul 10, 2015 2:49pm
Hello everyone!

I need some help, please!

I want to integrate renko trading in my trading system. I think that it can offer me better entries and in case things go wrong I can exit with smaller losses; there have been enough times when I entered, price hunted my stop and went the "right" way and I think renkos would help me in that matter. Until now I used tick charts for entries but they can be messy and the Log/Print indicators I use are a bit annoying...anyway...

How I trade: I trade using some VSA and Wyckoff principles, especially accumulation and distribution. I try to catch price as it's about to run after a congestion period and I try to catch PBs.

The part where I need help is to better read renko charts.

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I've been looking at the chart above for some time and I would really appreciate your take on it.

Why the 2nd 123 did not hold, in your opinion?

My take on it is: there is a bullish divergence, price looks like it wants to get back up above the 1.5400 BRN, a long at the second entry from below looks like an acceptable long to me. However on the other hand price did not went above any significant high points; in my opinion the high above the 1.5425 is the high that would have to be surpassed for a change in trend.

If I look at time charts (big picture) and the renko (for entries; I can't get my head around using renko for bigger picture) things seem much more clear, but I was wondering if I missed something on the renko chart.

Dee, I've been looking at your entries and you tend to enter after a 2nd / 3rd test (when going against trend) but you don't always wait for an important high (longs) or low (shorts) to be taken out; I think I am missing something. I really thought the 1st push under the 1.5400 was a fake break confirmed by the 2nd dip below and return above with a retest.

So...any input is appreciated guys; no need to be polite just lay it on me

Also, sometimes I feel that with renko I could overtrade...how do you guys deal with that.

After I get my head around renko entries I will start posting charts with trades; so far I've been a silent lurker because, I didn't used renkos....but I always came back to see you guys trade.
  • #2,504
  • Jul 10, 2015 3:01pm Jul 10, 2015 3:01pm
Look at the whole trend, it made lower low. Lower High, and the second 123's high did not pass and hold Previous lower high

Quoting MisterC
Hello everyone! I need some help, please! I want to integrate renko trading in my trading system. I think that it can offer me better entries and in case things go wrong I can exit with smaller losses; there have been enough times when I entered, price hunted my stop and went the "right" way and I think renkos would help me in that matter. Until now I used tick charts for entries but they can be messy and the Log/Print indicators I use are a bit annoying...anyway... How I trade: I trade using some VSA and Wyckoff principles, especially accumulation...
Never say no to PIPS
  • #2,505
  • Jul 10, 2015 4:31pm Jul 10, 2015 4:31pm
Quoting MisterC
Hello everyone! I need some help, please! I want to integrate renko trading in my trading system. I think that it can offer me better entries and in case things go wrong I can exit with smaller losses; there have been enough times when I entered, price hunted my stop and went the "right" way and I think renkos would help me in that matter. Until now I used tick charts for entries but they can be messy and the Log/Print indicators I use are a bit annoying...anyway... How I trade: I trade using some VSA and Wyckoff principles, especially accumulation...
hi MisteC!

mmmh
for me hard to say without seeing a more complete picture,
dee can probably solve the equation with his eyes closed...
This is also the reason why accompany two TF with renko ...
if one comes out a bit of mess, the HTF can clarify things and give a neater and clearer.
I highlighted the prices you report in a standard chart 4H. (blue zone)
is an area where the price has reacted several times, and still seems to me a sensitive area (not too much.
seeing your chart I would have entailed about so ..
This is very little, but I hope can help a bit.
We expect the most expert opinion ..
in the meantime, welcome aboard
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nescentia necat
  • #2,506
  • Jul 10, 2015 4:38pm Jul 10, 2015 4:38pm
Quoting MisterC
How I trade: I trade using some VSA and Wyckoff principles...
:nerd:
will study a little .. it seems interesting!
nescentia necat
  • #2,507
  • Jul 11, 2015 1:20am Jul 11, 2015 1:20am
I think these patterns are useful for here.
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Persian Gulf forever
  • #2,508
  • Jul 11, 2015 1:31am Jul 11, 2015 1:31am
Most of the files I've been here.http://www.forexfactory.com/showthread.php?t=345586

Continuation...
Attached Images
Attached File(s)
File Type: pdf pattern_buy1.pdf   257 KB | 774 downloads
File Type: pdf pattern_sell1.pdf   258 KB | 644 downloads
File Type: pdf Reversal Patterns.pdf   625 KB | 3,274 downloads
Persian Gulf forever
  • #2,509
  • Jul 11, 2015 10:50pm Jul 11, 2015 10:50pm
Dee, did you throw in the towel on the Trade Manager you were trialing? I was hoping to try that one out and wondered what your final thoughts were.
  • #2,510
  • Edited 6:55am Jul 12, 2015 5:59am | Edited 6:55am
Quoting MisterC
I've been looking at the chart above for some time and I would really appreciate your take on it. Why the 2nd 123 did not hold, in your opinion? My take on it is: there is a bullish divergence, price looks like it wants to get back up above the 1.5400 BRN, a long at the second entry from below looks like an acceptable long to me. However on the other hand price did not went above any significant high points; in my opinion the high above the 1.5425 is the high that would have to be surpassed for a change in trend. If I look at time charts (big picture)...
I rarely trade the GU it is not a pair I like, so I have not taken into consideration the characteristic of the pair or the prevailing sentiment at the time. Although the 10 pip renko chart and the Daily make it pretty clear. Have a look from this perspective and see if you still think the same.
1st chart is 5 pip renko, 2nd chart is 10 pip renko, 3rd chart Daily line chart.

123s. a good 123 setup is when the 3 point pulls back no further than the 61.8% any thing deeper and you have to assume that price is not likely to go much further than the 127% exp. This is trading so it is not an absolute!!
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Cut your Losers short and let your Winners run.
  • #2,511
  • Jul 12, 2015 6:15am Jul 12, 2015 6:15am
Quoting gizmo40
Dee, did you throw in the towel on the Trade Manager you were trialing? I was hoping to try that one out and wondered what your final thoughts were.
The trade manager was fine for EU but was no good for the DAX. On EU you could move to B/E +2 at 5 - 7 pips and be pretty sure you would not get stopped too early , but on the DAX it is a different ball game and I have found I have to manage it manually which makes a TM redundant for me. I would still use a TM for scalping but most of the free ones suffice for that as all I need then is TP and Sl set when I enter.
I did find a bit of a lag in the TM display and when adjusting TPs or closing a trade, nothing too dramatic, but that might be because of my old computer rather than a problem with the TM.

Generally I found the TM to be well thought out and easy to use.
Cut your Losers short and let your Winners run.
  • #2,512
  • Jul 12, 2015 6:26am Jul 12, 2015 6:26am
Quoting dee50
{quote}I rarely trade the GU it is not a pair I like, so I have not taken into consideration the characteristic of the pair or the prevailing sentiment at the time. Although the 10 pip renko chart and the Daily make it pretty clear. Have a look from this perspective and see if you still think the same. 1st chart is 5 pip renko, 2nd chart is 10 pip renko, 3rd chart Daily line chart. 1 thing to note, you should change your offline charts to the lowest TF that you can, for instance you currently appear to have your 5 pip renko chart running on a M7...
Damn, I forgot to mention the renko size! I used 3 point renkos. The indicator prints the same be it M2 or M23; but I will switch to M2 for posting purposes.

I think I have to head to your old thread on 123s and look more at examples to better understand them. When I pull up my time charts, it does make more sense and I would not have entered long, the M15 alone tells me that; I was wondering if I missed anything on the renko chart...and apparently I did.

I think I focused too much on the possibility of a reversal and I did not bothered to look at all the factors.

Thank you to everybody who answered, is much appreciated!
  • #2,513
  • Jul 12, 2015 6:41am Jul 12, 2015 6:41am
Quoting MisterC
{quote} Damn, I forgot to mention the renko size! I used 3 point renkos. The indicator prints the same be it M2 or M23; but I will switch to M2 for posting purposes. I think I have to head to your old thread on 123s and look more at examples to better understand them. When I pull up my time charts, it does make more sense and I would not have entered long, the M15 alone tells me that; I was wondering if I missed anything on the renko chart...and apparently I did. I think I focused too much on the possibility of a reversal and I did not bothered...
Save your self some time and just read the attached PDF, plenty of examples in there.
"How to use the 123 Strategy Effectively"
Attached File(s)
File Type: pdf 'How to use the 123 strategy effectuvely.pdf   1.6 MB | 1,931 downloads
Cut your Losers short and let your Winners run.
  • #2,514
  • Jul 12, 2015 6:43am Jul 12, 2015 6:43am
Quoting dee50
{quote} Save your self some time and just read the attached PDF, plenty of examples in there. "How to use the 123 Strategy Effectively" {image}
I was going through it right now . I have it saved from a previous post of yours.
  • #2,515
  • Jul 12, 2015 6:52am Jul 12, 2015 6:52am
Quoting MisterC
{quote} The indicator prints the same be it M2 or M23;
You are right, my apologies, please ignore my previous statement about Offline chart TF, I just wanted to add to the general confusion about Renko charts.

I have edited that post and removed the offending statement.
Cut your Losers short and let your Winners run.
  • #2,516
  • Jul 12, 2015 8:48am Jul 12, 2015 8:48am
Thanks Dee!
  • #2,517
  • Jul 13, 2015 2:35am Jul 13, 2015 2:35am
GM all!

usdjpy 4H
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buy @123.169 (in late but all position @BE)

dax W

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buy dax @11423
nescentia necat
  • #2,518
  • Jul 13, 2015 3:39am Jul 13, 2015 3:39am
Quoting friska
GM all! usdjpy 4H {image} buy @123.169 (in late but all position @BE) dax W {image} buy dax @11423
dax out @11460 +37 +29
nescentia necat
  • #2,519
  • Jul 13, 2015 4:12am Jul 13, 2015 4:12am
DE30 +2+26+31+40+25+48+ongoing. Morning All. "Hands off Cocks and on with Socks" any of you had the pleasure of hearing that phrase at 5 o'clock in the morning. totally pointless question really, no idea why that sprang to mind??
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Cut your Losers short and let your Winners run.
  • #2,520
  • Edited 4:35am Jul 13, 2015 4:15am | Edited 4:35am
While we were talking my TP was hit. You know what is great about working for your self, Monday morning, struggling to wake up after another night of temperatures of 30 degrees centigrade in the house, I can sit here in my underpants and a tee shirt making money and sipping my 3rd cup of coffee thinking I should go and feed the cats and the magpies, yes, I will have to take a photo of that, the cats and magpies eat together at the same time. things are pretty tough here in the campo for the animals, we have had no rain since February and all the vegetation has been killed off with weed killer, so there is no food or water for the animals. We have frogs and the occasional whip snake in the swimming pool, rabbits and black birds eating the water melons, cucumbers and tomatoes, magpies eating the cat food oh and a family of partridges has just turned up trying to drink from the pool. HAH! This is a nature reserve not our home, but as long as nothing makes a mess on the laundry peace will reign.

OH! The 2nd trade the one for 26pips, notice how the marker is in mid air, that is a sign that you have been slipped a few pips, in this instance it was only 3 pips.
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Cut your Losers short and let your Winners run.
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