Trading the German DAX open with mean renko bars

Hi all.

i have been watching the DAX for the last 2 weeks and im going to trade it on a demo for some time now.
i really like what i see there with my mean renko charts (20).

my system is patterns based like double tops/buttoms, split double tops/buttoms, 3 point turns and trend continuation trades.
and i use a swing indicator on there.
stoploss just above the last high: That is always around 10 pips if i use size 20 on the renko
take profit depends on the trade but at least a 1:1 R/R.
the goal is to get at least 50 euro per morning trading session. i only trade for 2,3 sometimes 4 hours a day if i don't have to work...

here is my first trade from friday.
it's a trend continuation trade with a 1:1.8 R/R.
the green collor you see is the first hour that the DAX is open



koeart.

Hi Koeart , just saw your plan to trade, i have been trying the same thing for the past week, stil trying diffrent Renko brick size and timeframes. Do youself a favor and download Protrader MC charts, register a demo with FXCM and log on Protrader with the FXCM user and password, FXCM is n broker that support Protrader. Protraders Renko chart is very easy to use and you can change them very easy , no need to open offline charts like in MT4. On Protrade i use 3 charts with diffrent settings , to give me a longer, a medium and short visual of Renko.

thanks for the tip fxsterlingfx!

the charts i use are very easy to use as well and i used them for over 2 years now... so i stick with these the only thing i is that i pay a montly fee of around 4 euro's for these charts and indicators. which is vine by me.. but i will take a look at FXCM/protrader just to compare them.
20 is a good size in my eyes. not to fast and still fast enough for me as i like to see my results quick.
i also looked at the longer term (brick size 100 or even 200) and it's all the same... just slower... size 10 on the other hand is super fast. so fast that it gets hard to get in on the right time (brick).
and between the DAX open 08:00 till 11:00 you will have plenty of trades on the 20 to be done for the day.

Renko charts can look so different.

Placed your trade on my chart:

they can indeed Crackpot.

there are also a lot of different types of renko charts.... you have normal renko's, flex renko's, hybrid renko's, mean renko's, time and price based renko's and probably more.....

Hello,

I like so much of the DAX.

Subscribed !!

Now, you can share your indicators and templates
;-)

Welcome Luizschiavi!

lol! keep on dreaming it's not that i don't want to share but i respect te guy who made it so no sharing this time......
no trades today as the DAX is closed today.

Okay....

I can understand your point of view !

Good if you found a good method that works for you !!

This is the method that I´m using....


skype:
luizschiavi_skype

e-mail:
[email protected]

good to see you have your own plan Luiz! and can you trade Micro lots on the DAX?? i can only trade mini lots as far as i know....

i missed the opening this morning.... so i went for a US open session!

Hello Friend,

Where are you?
You disapeared !

Trading yet?


Now I update my chart like this

Koeart, I will be following your thread. I wish you good luck. I want to get into Renko Charts myself. I am using MT4 but when I try and open the offline charts I dont get renko charts. Havent been using MT4. If I cant get it sorted out I might have to take fxsterlingfx advice and download Protrader.

Which indicators do you use on your charts?