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More simple is impossible

  • #6,941
  • May 2, 2016 11:54pm May 2, 2016 11:54pm
Quoting lKeithStone
{quote} They do not repaint. I'm not sure if you're used to Trading Station Renko Bricks, or some other platform? I remember using Trading Station and the Renko Bricks are based on time. Meaning a certain number of bricks will print after 1 min. depending on where price is at after 1 min. MT4 prints them as they form. Try out the EA below. {file} {file}
I'll try out the EA. However, the EAs i've tested thus far repaint the duration of the candle timeframe it is based on. At the end of the candle close, it will paint the NET movement of price from the previous candle close. I've seen green bricks being painted cause price went up 25 pips (as an example), and then that same brick deleted and a red brick painted when price went 50 pips the other way. Until the candle closes, renko keeps doing this as price fluctuates during the duration of that candle it is based on. I hope your EA is solely on price movement and whatever price moves by, it paints a brick and it's there forever. This is called Renko on Price Movement. The former is Renko on Candle Close which is the most common way it is known for, and that's ironic because renko is supposed to be purely on price movement and if its based on some candle's close then that makes it inadvertently time dependent. People try to MINIMIZE renko's time dependence and its repainting issue by placing it on the m1 timeframe, which takes 60 seconds to close the candle. That's why people typically don't 'see' it repainting because of the short candle time span (60 seconds). Put renko on the daily timeframe and take a screen shot at the beginning, middle, and end of that candle time and see how the bricks change.
Take this course: https://shorturl.at/upBey
  • #6,942
  • May 3, 2016 12:26am May 3, 2016 12:26am
Quoting tiestobob
{quote} I'll try out the EA. However, the EAs i've tested thus far repaint the duration of the candle timeframe it is based on. At the end of the candle close, it will paint the NET movement of price from the previous candle close. I've seen green bricks being painted cause price went up 25 pips (as an example), and then that same brick deleted and a red brick painted when price went 50 pips the other way. Until the candle closes, renko keeps doing this as price fluctuates during the duration of that candle it is based on. I hope your EA is solely...
Perhaps you had a bad luck with choosing the proper Renko tool. Actually, I never experienced a single candle to repaint, neither in time nor when switching timeframes nor when restarting MT4. The behaviour you described would make the Renko unusable.
  • #6,943
  • May 4, 2016 5:48am May 4, 2016 5:48am
Got this PM today,

Hi friend. How are you?

Do you still trade Renko (more simple is impossible)? How is it going? You made money (%)?

Thank you!

And the answer....
YES!
I still trade with Renko, and it's still profitable, I have tweaked it to suit me and when I master my entries and exits, I will buy me a private Island and retire in peace, don't need all the billions of Soros and Paul Tudor Jones. I just need to compound 20 pips daily and that's all.
Here's a visual of what my chart looks like, dee50 showed us "let it turn and find your entry" very simple, not "rocket science" That's what I'm doing.
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Let it turn and find your entry.
  • #6,944
  • May 5, 2016 12:30am May 5, 2016 12:30am
Gap filled nicely....dax +28 on the 1234
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  • #6,945
  • Edited 1:15am May 5, 2016 12:42am | Edited 1:15am
Dax +5.....1234 not quick enough to close better......then a +9
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  • #6,946
  • May 5, 2016 1:38am May 5, 2016 1:38am
Quoting PhilippineFX
Gap filled nicely....dax +28 on the 1234{image}{image}
Glad to have you back on board, yeah Dax is always generous with gap filling.

I'm thinking Renko 2 would aid my progress faster, and it's getting simpler by the day.

Was hoping the reaction to the news would run deep.
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Let it turn and find your entry.
  • #6,947
  • May 5, 2016 2:26am May 5, 2016 2:26am
3 trades still far from my daily minimum target.

1st was 2.1 (BE) but if I had not allowed BE I'd have added on the second valid opportunity, the 2nd one was my error as there was no breakout of the range before I went long.
3rd hit TP and I still have to wait for more opportunities.
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Let it turn and find your entry.
  • #6,948
  • May 5, 2016 3:20am May 5, 2016 3:20am
Quoting Intrepidpips
3 trades still far from my daily minimum target. 1st was 2.1 (BE) but if I had not allowed BE I'd have added on the second valid opportunity, the 2nd one was my error as there was no breakout of the range before I went long. 3rd hit TP and I still have to wait for more opportunities. {image}
Being picky
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Let it turn and find your entry.
  • #6,949
  • May 5, 2016 3:27am May 5, 2016 3:27am
Hello gentlemen,
I am working on some things, and watching the market more than trading. It is helping my learning, but i have very little to post. For every trade, asking long or short, i am trying to build a case - like an attorney would do at court lol.
But, here is a trade i would like to share from earlier.
Best, Josh
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  • #6,950
  • May 5, 2016 4:23am May 5, 2016 4:23am
​In preparing to reply to Jpshua's last post, I realized my platform's data feed has stopped! As it is not the first time with this company (and 1-2 others), I am now thing that I would like a sound or pop-up alert warning me if there is no tick data after say 10-15 seconds.

I don't suppose anyone knows of any such EA/Indicator/script?
  • #6,951
  • May 5, 2016 4:29am May 5, 2016 4:29am
Quoting mact4
​In preparing to reply to Jpshua's last post, I realized my platform's data feed has stopped! As it is not the first time with this company (and 1-2 others), I am now thing that I would like a sound or pop-up alert warning me if there is no tick data after say 10-15 seconds. I don't suppose anyone knows of any such EA/Indicator/script?
I am experiencing same problems too with pepperstone demo1. Feed dies for 20 seconds or so, sometimes more, then rushes back...strange. Not sure if it happens to real accounts. Best, Josh
Edit. Sry, i dont think i have an indi for that.
  • #6,952
  • May 5, 2016 4:30am May 5, 2016 4:30am
Quoting JoshuaHope
{quote} I am experiencing same problems too with pepperstone demo1. Feed dies for 20 seconds or so, sometimes more, then rushes back...strange. Not sure if it happens to real accounts. Best, Josh
​Mine died for 15-20 mins!
  • #6,953
  • May 5, 2016 4:32am May 5, 2016 4:32am
Quoting mact4
{quote} ​Mine died for 15-20 mins!
Pepperstone too?
  • #6,954
  • May 5, 2016 4:34am May 5, 2016 4:34am
Quoting JoshuaHope
{quote} Pepperstone too?
​No ETX Capital. Have also used GKFX.

Until I find a script that will keep an eye out for data feed problems, I now have an M1 chart up on tablet so if a new bar is not painted, at least I will be able to see. Pain though...
  • #6,955
  • May 5, 2016 4:57am May 5, 2016 4:57am
Quoting JoshuaHope
{quote} I am experiencing same problems too with pepperstone demo1. Feed dies for 20 seconds or so, sometimes more, then rushes back...strange. Not sure if it happens to real accounts. Best, Josh Edit. Sry, i dont think i have an indi for that.
I experienced that with Pepper demo, but since this month, no more demo for me, I use two instances of Pepperstone mt4 terminal on 2 monitors.
Let it turn and find your entry.
  • #6,956
  • May 5, 2016 5:11am May 5, 2016 5:11am
Quoting Intrepidpips
{quote} I experienced that with Pepper demo, but since this month, no more demo for me, I use two instances of Pepperstone mt4 terminal on 2 monitors.
Nice. Congrats on going live. I am still not confident enough, and I have a lot of things happening now. I have decided to relocate to Ireland first chance i get, so i am now busy with planning that. 2 monitors? Thats the way to go.
Best, Josh
  • #6,957
  • May 5, 2016 5:28am May 5, 2016 5:28am
Quoting Intrepidpips
{quote} I experienced that with Pepper demo, but since this month, no more demo for me, I use two instances of Pepperstone mt4 terminal on 2 monitors.
Can you explain what you mean by 2 instances???
  • #6,958
  • May 5, 2016 6:12am May 5, 2016 6:12am
Solid case for a trade in my opinion, a 123 that never turned back. I was considering long, but then I noticed that the 123 was not confirmed in the indicators. Anyway, it never turned, so i went digging in the chart for the stuff i did not notice. However, by the time I considered my second scenario, it was too late to act on it to make the pips as there is the nasty S/R level near. But who knows, we might break it this time. C'est la vie.
Best, Josh
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  • #6,959
  • May 5, 2016 6:19am May 5, 2016 6:19am
Quoting PhilippineFX
{quote} Can you explain what you mean by 2 instances???

I had one Mt4 terminal loaded on my program files in the C drive and when I needed an additional one from the same broker, I ran the exe file and chose a different folder on the c drive to load it on.
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Let it turn and find your entry.
  • #6,960
  • May 5, 2016 11:38am May 5, 2016 11:38am
Hello all! So lately I've been thinking about why I have these indicators on the bottom of my chart. I barely look at them. The settings seem to give me false divergences and causes confusion at times.

Ever since I added Bollinger Bands to my charts I've been researching equilibrium and I found a pretty enlightening post by a member here at FF named dkrock (see below)

I have since calibrated my indicators on the 5pip renko chart to cross the 50 on the stoch, and 0 on the cci, when price crosses my 25 period sma (middle bollinger band - what i defined as equilibrium). I'm noticing the indicator signals and divergences are much better.

Thought I would share.
Have a good one!


Trading Proverb #5, Equilibrium

Trading Proverb #5. Understanding equilibrium will make you rich.

Remember the day your teacher talked about the bell curve? Did you pay attention? It is the secret to wealth.

The data can be used to distribute samples in correlation and regression analysis. In this analysis the data will produce a line of correlation in which the majority of samples lie within control limits. These control limits determine standard deviation and in most cases are sufficient to 3 deviations.

In trading, you can create these control limits through an indicator called a Bollinger band. Rather than being a straight line, the Bollinger band uses a set moving average and then calculates the control limits and automatically draws them on your chart.

That is your tool. But you still need to define equilibrium. Simply put, this is a moving average that price will gravitate to and then push away from. The push can be a bounce or a break through the moving average. Once you figure out the moving average that best fits the data for your currency, then use the indicator that I previously advised. Remember? The indicator with the range you most prefer. Set the period of that indicator to the equilibrium moving average. Now, every time the price crosses the moving average on the chart, it will also cross the 0 line or 50 line of your indicator.

If you did a good job, there are still probably instances where the indicator runs out of range and shows overbought or oversold. This is where the moving average placed on the indicator comes into service. Again this value should be a factor of the period setting of the indicator. In essence it changes your indicator to a higher time frame with each multiple. Adjust to find the spot when the indicator can cross the moving average and give you a good probability that a change in direction is really going to happen. Then make the Bollinger band for that moving average and place it on the indicator. You will need to remove the original moving average though, or the Bollinger band might try to reflect the moving average rather than the indicator.

Now you can see when price has moved the farthest away from equilibrium and is likely to return to it. This is some handy information.
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