Just to let you guys know..i been using this method for 3 days on a live account. By the way, i changed R:R a bit. TP 50 pips and SL 100 pips (I will not encourage anyone to follow mine, PLEASE stick to POST 1 of this thread). 1st day - 50 pips TP hit 2nd day - 50 pips TP hit 3rd day - Closed with 25 pips (Don't want to hold till weekends)
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This is the opposite of profitable money management. You can see this if you flip a coin 100 times: on heads take profit of 50 and on tails lose 100.
Money management is critical in trading, and the only money management that will survive long term is always making more when you win than you lose when you lose.
Trust me when i say its not the holy grail. Dont think that every box that shows up retarces to the 50% mark. It does not that is how the renko looks. You can use 200MA to filter trades as well without renko. Do your own homework and dont make EA. Lazy ppl, Making trades is easy, making money is hard otherwise everyone will do this.
{quote} This is the opposite of profitable money management. You can see this if you flip a coin 100 times: on heads take profit of 50 and on tails lose 100. Money management is critical in trading, and the only money management that will survive long term is always making more when you win than you lose when you lose.
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You are right bro....even though i set 100pips SL, i do adjust manually. I have never let go more than -50 pips.
Just to let you guys know..i been using this method for 3 days on a live account. By the way, i changed R:R a bit. TP 50 pips and SL 100 pips (I will not encourage anyone to follow mine, PLEASE stick to POST 1 of this thread). 1st day - 50 pips TP hit 2nd day - 50 pips TP hit 3rd day - Closed with 25 pips (Don't want to hold till weekends)
Market was slow during Asian and half of London. Instead of go for 50pips at once, i set 2 sets of 25pips TP. Both hit at the open of New York.
I guess thread starter no more interested, so i won't be clogging his thread any more. I Just wanted to show you guys that his method is useful if use carefully.
Sorry, been busy with other stuff lately and unable to check this thread.
TP 50 pips sounds good if you are checking the same chart using a lower Renko range value or other using signal confirmation before you open a trade...
RR 1:2 or TP 200 pips may work well with less complications, but still, you have to check general market trend and watch fundamental events if you want to hold the position for that long to get to 200pips TP. I am thinking something about this and will try to develop a Trading system using Fundamental Analysis and Renko Chart Price action, it's closer to my ideal style, i believe...Well once i get the time for it...
For those who cannot see too much 100pips range Renko bars, i suggest you download the M1 data in your MT4 History center. (Tools ->History Center) and make sure you don't have any charts open if you download, or you will get messy broken charts...
Sorry, been busy with other stuff lately and unable to check this thread. TP 50 pips sounds good if you are checking the same chart using a lower Renko range value or other using signal confirmation before you open a trade... RR 1:2 or TP 200 pips may work well with less complications, but still, you have to check general market trend and watch fundamental events if you want to hold the position for that long to get to 200pips TP. I am thinking something about this and will try to develop a Trading system using Fundamental Analysis and Renko Chart...
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Thank s for the input. I Made another 50pips during FOMC news. Thanks for the simple method.
Interesting strategy. Nice and simple but maybe a little two simple. I like at wait for retracements but then need some further chart formations to confirm an entry
