Mr.Nims, Renko Ashi Scalping System. - page 261
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Hello Nick,
I think, you didn't liked my previous question, anyways, i just found a method for TP and SL issue. I am sorry.
Here is the next question which is fully relevant according to the topic.
I have attached two screenshots of renko bars taken from my mt4, what i am not understanding is that, how we would be able to determine the correct open price? suppose that, if the previous bar was green (up), then we will go buy on the open of next renko candle, but what i know that the open price always fluctuates until the bar closed which is a very huge problem for me, please give me an explanation with suggestion on that.
If others also know the answer of my confusion, please help me, i would remain thankful to all of you.
Thank you very much in advance.
Hi Wahaj,
I'm assuming that your using the 10 pip bar renko chart.
In this case, every 10 pips the market advanced in the trend a new renko candle will be formed.
Example: 1.3000 ~ 1.3010 ~ 1.3020 ~ 1.3030 and so on..
But if the price goes against the trend by 20 pips, a reversal renko candle will be formed.
Example: 1.3030 ~ 1.3010 = Reversal Candle.
In your image example, It seems the market was range-bound in a 20 pip range. In this case you would be better to make some analysis and then wait for it to break out of that range to make a decision for buy or sell.
Regards,
Nick
This is the common trait on renko charts.
1- Most profits on significant trends. (trend)
2- Profits on medium trends (swing trends)
3- Minor profits or breakeven on smaller trends. (mini swings and scalp trends)
4- Losses in Range bound periods (consider it as a trading or business expense)
Regards,
Nick
nice system .
Hello Nick,
Thank you for your response and explanation.
I got your point now. Just waiting for the e-mail reply from you about commercial version.
Thank you very much!
Best Regards,
PrinceWahaj
Hello Nick,
My question is about TP and SL.
Where to place them? You said, on the other side of Channel, by these words, what do you mean? then what about TP? when should we close the deal? Any fixed targets you tried with success? or Any TS? or anything else?
Thank you very much, you are a helpful person.
Best wishes for you as always and best regards,
PrinceWahaj
hahahaha Drunkestable!
Back to it this weekend! I'm Pouring a Peg now.
Happy Weekend.
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Hello Nick,
My question is about TP and SL.
Where to place them? You said, on the other side of Channel, by these words, what do you mean? then what about TP? when should we close the deal? Any fixed targets you tried with success? or Any TS? or anything else?
Thank you very much, you are a helpful person.
Best wishes for you as always and best regards,
PrinceWahajHi Wahaj,
I think I've already answered this in my previous posts.
But anyways, here we go again!
SL
--
https://www.mql5.com/en/forum/179557/page150
TP
--
https://www.forex-tsd.com/forum/commercial-talks/14082-commercial-version-of-renko-system-by-mr-nims/page15#comment_719316
Best Regards,
Nick aka Mr,Nims
Hello Nick,
I am just keeping my eye-ball on semafor indicator because i think, if it can be used properly, so that would be very helpful to improve the RenkoAshi 2 system.
Can you suggest the ideal settings of 3 level semafor indicator? If so, i would be thankful to you!
Looking forward to join in your commercial version soon!
Thank you for helping me!
Hey Wahaj,
My trading pc has broken down due to a short circuit in the systems power supply unit.
I may be off the internet for a week or two, to rebuild the computer here.
So please bear with me if i cant reply you or anyone properly. (I'm on my backup laptop here)
My Best,
Nick