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  • #4,281
  • Dec 8, 2015 2:31am Dec 8, 2015 2:31am
dax 26,25,26,24,23,24,22,33,32
WE had divergence and OS on both the renco 5 and 10.....in a bit early on 7 positions and endured a bit of DD down to S&R as well as fib 50 On the ren 10 chart.[the 10 chart kept me in] PA at the bottom indicated the reversal so added 2 more positions. Out at OB stochs and BRN...hoped it would break the 900 but PA to the upside vanished so closed her.

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  • #4,282
  • Dec 8, 2015 2:54am Dec 8, 2015 2:54am
We all make mistakes.....

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I have traded FDAX futures during the European morning for many years, but it's a large & volatile beast, so I have been looking into the new FXDM half-size, mini DAX future. Seeing that FXDM trades in points like the GER30 CFD, rather than half-points, & discovering that I do in fact have GER30 available through my NinjaTrader FXCM FX account, I put a chart up this morning, duly adjusted to half-size bars to more or less match the underlying futures.

So, let's try a SIM trade, I thought, using an FX template that trades 2 half-size lots of $50k each.... I hit t1 and to my astonishment my DOM says I just made $114k... one phone call to FXCM in London later and I realise that it's 10c / 1 unit (I thought 10c for 1,000 units, like FX), so I put on a position of $5,000 / pip....

Chalk this one up to experience....

Anyway, GER30 "in for observation" (as well as the Renko vs Range bar basis).
  • #4,283
  • Edited 4:20am Dec 8, 2015 4:03am | Edited 4:20am
Hi Everyone.

Just a few dumb questions here. Sorry. Can you trade EUR/USD using your method. Renko 3,5,10.
My trading platform is with FXCM.

My concern is that when I place the renko 3,5,10 charts offline using M4 they all look the same?

Maybe you must trade Dax or something different to use the Renko bars.

I've always trading using fibo's, support, resistance etc. But always found Renko bars to be intriguing as they are solely based on price movement rather than time like conventional charts.

Has anyone tried implementing Elliott wave to renko bars?

You also must refresh them, correct as they are technically offline. Right? Crazy question I realize.

Great blog interesting stuff here. Thanks for all your help.
  • #4,284
  • Dec 8, 2015 6:13am Dec 8, 2015 6:13am
Quoting mitch
Hi Everyone. Just a few dumb questions here. Sorry. Can you trade EUR/USD using your method. Renko 3,5,10. My trading platform is with FXCM. My concern is that when I place the renko 3,5,10 charts offline using M4 they all look the same? Maybe you must trade Dax or something different to use the Renko bars. I've always trading using fibo's, support, resistance etc. But always found Renko bars to be intriguing as they are solely based on price movement rather than time like conventional charts. Has anyone tried implementing Elliott wave to renko...
Are you serious Mitch, I broke the PDF down into smaller parts so you could access it, what is being traded in Part 1 and Part 2. Cmon, you need to make some effort here as well.

You need to open 3 separate M1 charts each with its own offline chart for each Renko size, so for 3 pip you will need M2, 5 pip M3 and 10 pip M4.
Cut your Losers short and let your Winners run.
  • #4,285
  • Dec 8, 2015 6:23am Dec 8, 2015 6:23am
GER30.+20+20+22+29+30+1+3+55. It is not rocket science, all the answers are on the chart.

Remember this is scalping, you want quick in and out trades minimizing your exposure to risk taking quick pips, if you are going for bigger pips you are not scalping.
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Cut your Losers short and let your Winners run.
  • #4,286
  • Dec 8, 2015 6:47am Dec 8, 2015 6:47am
Quoting jtrade
We all make mistakes..... {image} I have traded FDAX futures during the European morning for many years, but it's a large & volatile beast, so I have been looking into the new FXDM half-size, mini DAX future. Seeing that FXDM trades in points like the GER30 CFD, rather than half-points, & discovering that I do in fact have GER30 available through my NinjaTrader FXCM FX account, I put a chart up this morning, duly adjusted to half-size bars to more or less match the underlying futures. So, let's try a SIM trade, I thought, using an FX template that...
I think this is a problem that only Tall people have, I unfortunately have never had a 114k single trade, although I must admit, you have put thoughts into my mind of a means to early retirement assuming that my heart could stand the stress of taking on such a trade. What would have been the margin required for that size trade?
Cut your Losers short and let your Winners run.
  • #4,287
  • Dec 8, 2015 6:47am Dec 8, 2015 6:47am
Quoting dee50
GER30.+20+20+22+29+30+1+3+55. It is not rocket science, all the answers are on the chart. Remember this is scalping, you want quick in and out trades minimizing your exposure to risk taking quick pips, if you are going for bigger pips you are not scalping. {image}
Hi dee50,
Thank-you so much for your willingness to teach others.
You make it look so easy that I am starting to think that I am a lot thicker than I thought.
I have a question regarding your chart. Could you please tell me why you didn't take the trade where the blue arrow is?
As far as I can see it appears to meet all your entry rules.
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  • #4,288
  • Dec 8, 2015 6:47am Dec 8, 2015 6:47am
Quoting dee50
GER30.+20+20+22+29+30+1+3+55. It is not rocket science, all the answers are on the chart. Remember this is scalping, you want quick in and out trades minimizing your exposure to risk taking quick pips, if you are going for bigger pips you are not scalping. {image}
  • #4,289
  • Dec 8, 2015 6:49am Dec 8, 2015 6:49am
Quoting Matomi
{quote} You mean "Jaquemate" like this ? {image}
Yes. But using the 3EMA as a dynamic trendline.
Cut your Losers short and let your Winners run.
  • #4,290
  • Dec 8, 2015 6:51am Dec 8, 2015 6:51am
Quoting des_b
{quote} Dee, is it the 5 MA which is the 3rd piece in the puzzle !
Yes, but I changed it to the 3 EMA a little while back to make it more representative of the hand drawn trend lines.
The choice is yours.
Cut your Losers short and let your Winners run.
  • #4,291
  • Dec 8, 2015 6:59am Dec 8, 2015 6:59am
Quoting Islander
{quote} Hojala que no demasiado temprano - maana tenemos otra fiesta - 8 Diciembre Da de la Inmaculada Concepcin.....
HAH! I had forgotten about the Immaculate Conception, but I will be trading as normal, I can not afford to take too many days off work, plus, any time I take off is unpaid unlike my employees who are getting paid whilst they try to conceive immaculately. (does that mean they are well dressed whilst doing it?)
Cut your Losers short and let your Winners run.
  • #4,292
  • Dec 8, 2015 7:36am Dec 8, 2015 7:36am
Quoting Ic555
{quote} Hi dee50, Thank-you so much for your willingness to teach others. You make it look so easy that I am starting to think that I am a lot thicker than I thought. I have a question regarding your chart. Could you please tell me why you didn't take the trade where the blue arrow is? As far as I can see it appears to meet all your entry rules. {image}
You are right. I must have been smoking or peeing, or both. Although!!! what would be the reasons for caution? what is price doing that may make you want to hold on, what did the stochs do on its last down cycle.

Since when are they my entry rules? I only spotted the triggers yesterday evening, and thought to myself "These would help the Rule followers to develop a method".

You are not thicker than you thought, I have just been doing this for longer than you and as a result I see things differently. There are traders here on FF with way more time logged than me and they make me look like an amateur, their trading is effortless.
Cut your Losers short and let your Winners run.
  • #4,293
  • Dec 8, 2015 7:42am Dec 8, 2015 7:42am
Quoting dee50
{quote} I think this is a problem that only Tall people have, I unfortunately have never had a 114k single trade, although I must admit, you have put thoughts into my mind of a means to early retirement assuming that my heart could stand the stress of taking on such a trade. What would have been the margin required for that size trade?
Only people taller than 5'10" have big enough margin .

... and btw, after exit the P&L looks like this (too busy posting the earlier screenshot to exit above the quarter mill mark) :

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More seriously, I think margin would have been $9 per 1 lot, so 100k lots = $900k (Ninja FXCM have a maximum trade size of 1,000 units, so this was 100x over) ! IF I now understand correctly, the close equivalent of 1 x full size FX lot would be 100 units (for either $10 or EUR 10 per pip), so $900 in margin, still way under the $2500 for 1 x FDAX futures contract (which is about 30% larger than a $-denominated FX lot @ EUR 12.50/tick).

Are your margin rates similar for GER30, ie. $9 per lot (1 lot = 10c per pip) ?

Spread with FXCM is 1 - 2 pips, mostly 1, during normal liquid hours.
  • #4,294
  • Dec 8, 2015 7:43am Dec 8, 2015 7:43am
Quoting dee50
{quote} You are right. I must have been smoking or peeing, or both. Although!!! what would be the reasons for caution? what is price doing that may make you want to hold on, what did the stochs do on its last down cycle. Since when are they my entry rules? I only spotted the triggers yesterday evening, and thought to myself "These would help the Rule followers to develop a method". You are not thicker than you thought, I have just been doing this for longer than you and as a result I see things differently. There are traders here on FF with way...
Thank-you for your thorough response.
On it's last down cycle, the stochs didn't even reach the mid point level indicating the up trend is very strong.
  • #4,295
  • Dec 8, 2015 8:08am Dec 8, 2015 8:08am
Quoting dee50
GER30.+20+20+22+29+30+1+3+55. It is not rocket science, all the answers are on the chart. Remember this is scalping, you want quick in and out trades minimizing your exposure to risk taking quick pips, if you are going for bigger pips you are not scalping. {image}
Excellent. One area I'm struggling to master is getting in at the right time as it can move pretty fast - do you tend to place stop orders based on the next higher/lower price indicated by the renko indicator when you feel it might cross the 3EMA, or do you just hit the button real fast!?
  • #4,296
  • Dec 8, 2015 8:23am Dec 8, 2015 8:23am
Quoting Ic555
{quote} Thank-you for your thorough response. On it's last down cycle, the stochs didn't even reach the mid point level indicating the up trend is very strong.
Cut your Losers short and let your Winners run.
  • #4,297
  • Dec 8, 2015 8:29am Dec 8, 2015 8:29am
Quoting superjolt
{quote} Excellent. One area I'm struggling to master is getting in at the right time as it can move pretty fast - do you tend to place stop orders based on the next higher/lower price indicated by the renko indicator when you feel it might cross the 3EMA, or do you just hit the button real fast!?
Just hit the button real fast, although there is an element of "Feel" developed over time which gives an edge. Besides, trying to place pending orders whilst scalping can take longer than hitting the Buy/Sell button, I have tried that and I ended up missing more than I got.
Cut your Losers short and let your Winners run.
  • #4,298
  • Dec 8, 2015 8:46am Dec 8, 2015 8:46am
Quoting jtrade
{quote} Only people taller than 5'10" have big enough margin .
Boasting is a distasteful habit normally associated with Tall people, despite many such persons claiming it to be a medical condition.!

Margins on CFDs depend on the broker, but as a rule they are based on the actual price so vary from day to day.
Not all brokers are equal (surprise, surprise) but still cheaper than futures.
Note 1x Standard lot = $1.00/pip. Leverage can be 500:1.
Spread is 1 pip except during news. Watch out for brokers that widen the spread to 8 pips at key levels even if there is no volatility, just anticipating an influx of orders.
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Cut your Losers short and let your Winners run.
  • #4,299
  • Dec 8, 2015 9:24am Dec 8, 2015 9:24am
Thanks, dee50.

I see FXCM start one decimal lower than with your broker, so ten FXCM is one of yours, so to speak :

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  • #4,300
  • Dec 8, 2015 9:40am Dec 8, 2015 9:40am
GER30.+24+3+2+43+34+20+42. Have you seen enough examples of how to scalp, can I get back to trading normally? Scalping can be very time consuming as it requires your constant attention
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Cut your Losers short and let your Winners run.
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