I think renko is fine to trade with as long as you ignore the current bar (I make my living trading renko).
I dont think today was such a good day to start this as today is NFP, there is very little movement before the announcement - most of the major moves happened when the initial estimates were released at the beginning of the week.
Maybe start on Monday when the market is back to normal (if there is such a definition)
I think renko is fine to trade with as long as you ignore the current bar (I make my living trading renko).
I dont think today was such a good day to start this as today is NFP, there is very little movement before the announcement - most of the major moves happened when the initial estimates were released at the beginning of the week.
Maybe start on Monday when the market is back to normal (if there is such a definition)
Thank you for this information. Do you happen to have a thread where you show your Renko trading? If not, would you consider starting one?
I've always been interested in trading Renko, but like Cailou have not found a way to do it successfully.
Ignored
Hi Dreamliner
I don't have my own thread, I generally post in Goldflights.
To me it doesn't matter what strategy you use to decide to open a trade (break out, multiple indicators etc.) the thing that is most important is when to exit a trade - unfortunately most people who design new "systems" generally forget this idea, usually saying something like "take profit at your discretion" - Then when looking back you can say "wow that was a good trade (because you left it open and trailing)" or "good job there I put a fixed TP". In this way you can allways win.
As with most people I agree trading on the zero bar is impossible (not just in renko, even on timeframe based charts).
I never look at just the chart (renko block size or timeframe) that I am using for entries, I normally have the same symbol at either different TF's or different box sizes, to get a better prospective. In this way I can guage what the market is doing at a smaller and larger level and exit trades appropriately.
I switched to Renko for cleaner charts (previously I traded using my own modified version of Forex Rebellion). It was very difficult making the switch (in the first 2 months I lost constantly) and now while achieving the same returns as previously on Rebellion I am having less drawdown - which for me is the main benefit (equity being king).
In Australia over the last couple of days Cyclone Yasi has hit. Down here in Melbourne last night we caught edge of it as it was blowing itself out. We had a powercut for a few hours so I was unable to post after my last post last night. Lots of flooding everywhere this morning.
Just to clarify, everyone is absolutely correct that you should never trade based on the current (still moving up and down) renko block. As the block has not finished forming, it is telling you nothing.
In the two breakout trades I posted, the trade was initiated after a box had formed and closed outside of the channel. Yes, the first one was a fake out, but look how the second one turned out in the picture below. I only caught a couple of pips of the move, but that's the way it goes sometimes.
In my trading journal, I keep a record of my investigations and discoveries in trading renko. I like to use renko combined with one other indicator.
Let's use this thread to post purely price action based renko trades.
When I trade renko with just price action, I am looking for support / resistance bounces and breakthroughs, double top / bottoms along with my favourite: higher lows and lower highs.
How do you trade naked?
Ezakimak
Ignored
Dear Ezakimak,
I'm working similiar Strategy right now with some friends (Coder)..
Need to solve Entry/Exit Rules..
Looks like you have a good discussion going on there. My Indonesian isn't too good, but the charts look great. Me and Google translate will check in on your progress soon!
Joined Mar 2009
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Status: Just visiting
|12,891 Posts
Hello,
So happy to have found this presentation...
Very intriguing.. Pure price action...
For the last week or so I have been testing a renko ea I found somewhere, sorry I can't remember where I picked it up...
The entries are confirmed by a moving average cross.
Here I am watching a 5ema and 25ema cross. Wood pivots. A support and resistance indi.. and bb macd. All this stuff kind of clouds up the chart a bit and I am hoping I can drop some of this stuff if it proves unnecessary.
New to renko... following your trades is helping immensely.
I may have entered too soon here, since the ema cross may not be fully closed. So I see what they mean by patience with renko.
This is demo.
Thanks again..
Is the highlighted area somewhat of a head and shoulders?
edit:
Amidst the some tech problems, getting the hang of renko set up...
The blocks tuned red. There was slight swing up and I hopped out 3 pips and 5 pips..
No clear trend at this point... Hovering around the daily pivot. I traded what looked like a breakout... false start...
