Mr.Nims, Renko Ashi Scalping System. - page 258
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Hi Wahaj,
Post number 2238 is answering your question for SL & TP.
https://www.mql5.com/en/forum/179557/page150
Hello Nick,
Thank you for your response in less time.
I am having problems in understanding the TP and SL settings.
FYI, I visually backtested the EU and UJ from January 2013 to March 2013 with 20 TP and 20 SL with the 10 pip box size, here are the results in pips:
January 2013 = -64 on EU and -73 on UJ = -137 pips
February 2013 = 72 on EU and 155 on UJ = 227 pips
March 2013 = 147 on EU and -10 on UJ = 137 pips
I must say that there are a lot of whipsaws but on the other side, i also must say that you already mentioned the settings for best results, anyways, Please explain the TP and SL a little more. Just confused, i don't have much knowledge about S&R as i said previously.
Hi Wahaj,
I don't have the Renko Ashi system installed on my end, because I'm using the commercial one.
If your back-testing on January, make sure your starting from the second week of Jan, because the market will be range-bound and illiquid due to holidays and vacation there.
Also I see your trying to go with the 1:1 model of 20SL/20TP on the 10 pip chart.
Remember that the system isn't blindly following the renko candle, because it's using several filters like MA channel, MACD and etc, so your supposed to enter in the entry conditions in the manual and provide the stop-loss that's required. (In the Renko Ashi system's example, SL on the other side of the MA channel) and not a statistical stop-loss like a fixed 20pip SL
Remember that if price goes against the trend by 20 pips on a 10 pip chart, that's a reversal candle, but not a confirmed reversal to trade the other way, you have to check if the filters and the mechanical setup also agree.
Many times the trend will get exhausted or may require more support of buyer or selling to push forward, so there will be a reversal candle and then it may just reverse back again to continue in the trend.
If you see a lot of whipsaw, like bull candle followed by a bear candle followed by a bull candle. Then you should know that there is a resistance or a support being formed there, that's why price can't trend further and will most likely reverse.
S/R isn't a difficult topic to learn, a simple example would be the nearest high or low point on the renko chart where the price or trend reversed and that could be used as your swing point or supp / res area for Targets.
Obviously if the mechanical setup of the system itself begins to change is your ruthless exit, irrespective of what's your bias.
More about S/R on the link below.
School of Pipsology Support and Resistance Levels
Regards,
Nick
Hey Nick,
Thank you very much for your response friend, and ofcourse my mentor.
Yes, you got it correct that i was trying to equal the risk and reward ratio because i fear if there would several losses after some winners, lets say, my tp is 20 pips but the sl is on support/resistance like 40 pips, what if i win the 1st deal of 20 pips then lose the second one of 40 pips sl? Don't you think that there will be a lot of losses by this way.
As you advised, i will surely try to visually backtest it again via S&R indicator which i have that can show me the daily support and resistance levels.
BTW, I have a question please, do you use the same SL and TP method in commercial version as well? or it is fixed like mine? or any TS?
Thank you very much again Nick for your kind assistance, i am glad that finally i found a good man.
Best Regards,
PrinceWahaj
plz post the email id .......i am here to share the system for this thread not for sale.....i want to test it by some and rectify the setting before sale
Hi banian, can you send me your system? its seems very good ( goodvibrations9 @ hotmail.com )
Or someone who is already experiencing and send me please
By the way, thank you so much mr_nims for all your support
so many email requests in here.!! Sorta pollutes the thread.
Nick... are you still using Pallada....?
I have been out of action for a few weeks.... I am attempting to see what the current charts look like, there have been some nice things posted, I am wondering what people are using.
daveM
Hi DaveM,
Yeah, I like the Pallada for it's alert, a very good addition to my arsenal of indicators.
I was wondering where you were. Okay I see.
I'm wondering the same, no ones posted a chart here from a few weeks.
Regards,
Nick
I do some volunteer work from time to time... I think it is just about finished for the winter so I will get back to trading manually next week.
Over the weekend I will like to configure a chart with some of the new ideas......
There have been some great contributions since September.
Have a nice weekend.!!
daveM
It would be great if from time to time people would post a chart explaining how they made an entry or even how they messed up a trade. We can all learn from each other...
i am ready for it