Animal Farm (Renko system)

Sounds like you are entering on the reversal of a counter trend - if I understand. A very good strategy.
Perhaps you can post a chart example for us.

"Putting it all together:
HH HL LL LH, hh hl ll lh, E lines, labels, primary waves and intermediate waves, analysis is at a glance (if you have studied this thread.)"

Ok Wab. You officially have given me a headache. I can do the HH HL LH LL labels. Red to green, thin to thick......man not yet easier! Keep up the teaching. I'm trying to get your new stuff. (I really like the old!!) Your post number 538 the 5th green line up line from the left????? I reckon it should be a RED down line . Dyslexia maybe?

Ultimately I hope to make it easier, give you an automatic transmission versus a standard.
One benefit is that we will all have the same labels on our charts and the same E lines.

.... If we use the same broker.

My thinking is that that same chart template should, more or less, have us taking the same trades if we use the same rules.
I hope it is easier, just tell me if it isn't.

Wab Have you tried using the Ovo Omniaautorange indicator? I'm using it to give me the Higher Brick value that is most in sync with the current market trend. I think it only works with their Renko creating software so not good for all traders.

I use OVO and can highly recommend it.

I use the Ovo Renko with wicks. I have not tried his other stuff. I really like the Ovo Renko with wicks and think it worth the price.

One of the things we run into is different people using different Renko generators on different broker's data feeds. This often causes
the charts that they post have variations.

I use Ovo Renko with wicks and I use Pepperstone demo data for my research. (I also use their platform for some of my trading.)

If we all use Ovo and Pepperstone in this discussion, then the data differences on our charts will not happen.

The software that I have been hinting at for our templates would also enable us to know exactly which label on a chart is up for discussion. We will all
have the same labels.

Okay, my rant is over: Time to download the Road Map V.04 indicator and get familiar with it with it.

I think it is very powerful - more of an identifier than an indicator. Instead of struggling with Elliott Wave labels and learning all
that complex counting stuff, we can all be on the same map.

https://www.mql5.com/en/code/13800 (remember is it the V.04 version you should download. We all want to be on the same map.)

I am not going to post for a bit. Take the time to use the Road Map and get very familiar with it.

The HH HL LL LH fractals are not going to go away. TRENDS and COUNTER TRENDS are more identifiable, internal smaller trends and counter trends are also easy to spot, fractal breakouts and ... E lines! Yup, E lines and alerts. (Incoming Mail alert.)

Have fun. See if things are bit easier. Let me know.

By the way, I just had an E line alert on the USDJPY and went short on it. I knew hours and hours ahead to place a pending order there.
Road Map alerted while I was writing this. Love those Renko Charts. Up 15 pips on that E line entry already.

Wab I can see why you like this road map. Very cool. Suddenly impulse and corrective wave start to mean something to me. This is like putting in glasses for the first time when your vision has been dodgy for years!

Try using range bars a take the pullbacks

Quick scalp during my lunch break Impulse wave at BW Fork small correction then next impluse. I trailed stop 2 fib levels behind. Could of made more... 20/20 hindsight always great. Happy with a profit. Note I draw my Boss Fib from open of impulse wave bar to close of impulse wave bar. I've found my targets good to the pip!
Road map is good.

Hi Wab
I have been following your thread for some time without putting on any trades - just learning the ropes so to speak. Thank you for what you are doing for all of us on this thread very much appreciated. I will be trying the system out on a Demo from the same broker that you are using. Will post some charts when I get going.
Attached is a snap shot from the Road Map site. I take it it is the second [with a tick] that you are meaning for us to download - not the one with the red cross. The version appears to be 04 rather than 1.04. Not trying to be critical but just trying to get the right download.
Looking forward to learning more from you especially as well as other contributors.

Yes that is the correct one. V04 Thanks for noticing that and good luck with it. (I edited that post.)

Thanks for sharing your knowledge Wab I am a noob when it comes to PA, but this thread is certainly the place to learn.

Welcome to the thread BBalazs. I hope it is very useful to you.

I think it is a bit of a study but it does help you look at charts with a discerning eye.

Hello Bataview

How and where can i get ur template?? please direct me to the site i can buy your Renko Brick charts??

Thank you
Jannie

The Renko generator is at https://ovo.cz/

A lot of us use the Ovo product. (Not a commercial plug, just that it is available and well supported.)

There are other Renko generators that are free if you do some research. There are free eas that help produce an offline Renko chart.

Batavier may want to share his template - which is a very nice one. However it will only work with the Renko Generator on a M1 chart being
used to produce the offline chart that he shows his template on here.

If you have not produced a Renko chart before, then you have some homework ahead of you on how to do it.
There is material back earlier in the thread that will help you. I do recommend reading from the start.

Thank you WAB

Yes i have used offline Renko charts before, but the OvO looks very interesting. Still a newbie, but always looking at new stuff..
Kind regards
jannie

One of the reasons I like Ovo is that all the confusion around build 600 and subsequent upgrades was not as big an issue with them as it as with the "free" Renko generators. Many of those freebies just quit working until some generous coder manged to figure out a fix. Some of them are great but when you become reliant on a free sourced Renko generator be aware that some produce different bricks and missing bricks and even give you a totally different chart when you re-start MT4. Trading is hard enough without those aggravations.

I would really like input on his from people who are better at this sort of thing than I am.

One of the things I like about Renko is how the fixed brick size allows you to plan your strategy.
Let’s discuss the initial stop as the first part of an overall strategy.

My thinking is that an initial stop should be two bricks back, plus spread and also plus a pip.

For example: If the spread is 2.0 and we are using 10 pip bricks, then our initial stop should be 23 pips beyond the base of the brick we are entering on.

We will not get a reversal in the trend until the price moves back more than two bricks (20 pips.)
Adding an extra pip ensures that a reversal has in fact happened. (Price is actually past the two bricks back and the bricks are now going the other way.)

The spread also has to be taken account of as well and added onto the stop level.

At first this seems to be a big stop but to my way of thinking that is required in the early stages of a reversal.

Please comment.

Share your insight on this and we can all agree (or disagree) on what is a critical component of a Renko trading system.

I am looking forward to resolving this. If you agree with it, great. If you have insights that I have not covered then please let us know.

The OVO product will save MT4's tick data, thus eliminating the "repaint" issue (once you close your MT4 and open it again, the bricks will look somewhat different) which is common with free Renko experts.

Wab not trying to be a teacher here but a 10 brick renko can actually move up to 29.9 pips before it prints. Therefore I tend to use that plus spread for my stop but this is your show so I'll follow what's going on with interest.