Mr.Nims, Renko Ashi Scalping System. - page 100
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Firstly, Merry Christimas to all. Wathever your religion I wish love and peace for you all.
Secondly, thanks to the author of this topic for the effort to help, sharing the own trading methods.
Thirdly, I have two questions to everybody about Renko Charts.
They happened after I choose my RenkoBoxSize and my RenkoTimeFrame and then open the referent off line chart:
1 -When I look to the past movements of the bars in this chart and plot some standard indicators i see almost a holly grail, with so fewer fake signals that i can not believe.
The past bars formed only by the price and nothing for the time are now what they were live in the past?
Is there a repaint or something? Because when i look to the past bars i think: is too good to be true!
2 - Is possible to add a Expert Advisor to run and trade automatically in this chart?
Will him analyse and apply your settings according the moviments of this barsfor the technical indicators?
Kindly.
No one still not aswered my question. Noone forward testing it more than month profitably? I was very suspicious about thiese enourmous pip gains and i start thinking that i was right.
I dont mean to be negative Mr Nims, but arent you living in a dream world? Plans to make billions with short time period without any proof of forward tests what so ever? To be honest, its becoming ironicly funny already.
Lets start with making 10-20 pips per day CONSISTANTLY week after week and month after month. If you are able to do that, then you can talk about your plan to make billion bucks.I will answer you exactly the same way that you kindly answer a question that I had:
Mate. You have web browser. You certainly have heard about Google.com.
Use your imagination please.
To be honest. If you dont know how to get a renko foward testing for more than one month then you shouldnt be asking it aswell. Its just too much for you.
RenkoTimeFrame: Kindly explain this?
Since these charts are not dependent on time and only form when market covers next 1*BoxSizepip movement from last Box Close,in same direction
or market covers next 2*BoxSizepip movement from last Box Close, in opposite direction...
Firstly, Merry Christimas to all. Wathever your religion I wish love and peace for you all.
Secondly, thanks to the author of this topic for the effort to help, sharing the own trading methods.
Thirdly, I have two questions to everybody about Renko Charts.
They happened after I choose my RenkoBoxSize and my RenkoTimeFrame and then open the referent off line chart:
1 -When I look to the past movements of the bars in this chart and plot some standard indicators i see almost a holly grail, with so fewer fake signals that i can not believe.
The past bars formed only by the price and nothing for the time are now what they were live in the past?
Is there a repaint or something? Because when i look to the past bars i think: is too good to be true!
2 - Is possible to add a Expert Advisor to run and trade automatically in this chart?
Will him analyse and apply your settings according the moviments of this barsfor the technical indicators?
Kindly.Boyens, you have just discovered the joy of renko charting. The charts are much cleaner however because the blocks are the same size and no time element most indicators are actually useless. Yes they display nicely but they do not tell you anything other than what the price blocks are telling you.
There are a number of eas for renko available with some basic web searching. I have one at forex factory "nitro for open minded traders"thread which you can search for. I won't post here as for Nr Nims strategy.
A note of caution re renko. Because the blocks are usually 10 pip setting stop loses usually involves a minimum of 30 pips. This does make scalping more difficult.
rgds
Peter
Renko charts
Hi
as a trader we all have said at one point "indicators lag" this is due to the fact any time frame takes that many hours to form a candle.Now trend happens in pips taken by a particular pair and not the time it takes to make a candle .To factor time in our analysis delays and distorts our knowledge to the actual direction of trend.Kinda tells me time doesnt really exist..ha!
Does this system work? the answer is yes and no.Depeding on how you look at it.The system at the moment for me needs a good trend filter depending on which strategy one is following here, how to trade with that trend and against it if a trader so wished and it needs a market timing methodology on how to combine the above two with an entry with a high probability
I have been following lords method of fractals but for me it needs to answer the above three.But there are some for whom it works as they dont have this silly criteria as i do in my head..lol....I have made pips just following their method and currently trying to improvise.
L&M
Boyens, you have just discovered the joy of renko charting. The charts are much cleaner however because the blocks are the same size and no time element most indicators are actually useless. Yes they display nicely but they do not tell you anything other than what the price blocks are telling you.
There are a number of eas for renko available with some basic web searching. I have one at forex factory "nitro for open minded traders"thread which you can search for. I won't post here as for Nr Nims strategy.
A note of caution re renko. Because the blocks are usually 10 pip setting stop loses usually involves a minimum of 30 pips. This does make scalping more difficult.
rgds
PeterThank you for the answer friend.
1 - I did not understand your "note of caution".
For example, please take a look at the pic.
There we have a big uptrend. What do you wanna say is that in "real world" the price did not move only in that direction in this period, that's why generaly we need a 30 pip stop loss?
The Renko Chart shows only 1 correction to down. How do we deal with it? Watching only the Renko a 5 pips Stop Loss looks nice.
2 -I have noted that bigger the RenkoTimeFrame (like M8) bigger the acuracy. Should we take care with "larger time frames" on the setup?
Boyens, you have just discovered the joy of renko charting. The charts are much cleaner however because the blocks are the same size and no time element most indicators are actually useless. Yes they display nicely but they do not tell you anything other than what the price blocks are telling you.
There are a number of eas for renko available with some basic web searching. I have one at forex factory "nitro for open minded traders"thread which you can search for. I won't post here as for Nr Nims strategy.
A note of caution re renko. Because the blocks are usually 10 pip setting stop loses usually involves a minimum of 30 pips. This does make scalping more difficult.
rgds
PeterDo you think technical indicators, specially oscilators like Stochastic, RSI and William%R are useless to trade in Renko?
I just found excelent combinations.
Rgds
Do you think technical indicators, specially oscilators like Stochastic, RSI and William%R are useless to trade in Renko?
I just found excelent combinations.
RgdsBoyen,
They are all basically the same so when you shorten the periods to say 4 or 5 to avoid lagging signals they all then give signals at the same time.
The two I have found useful are QQE as it gives good signals at reversal times and MACD as it still gives accurate signals and shows divergence in shorter periods.
Hence, in my view, pick one or two and use that knowing that they will pretty much reflect the others.
To me the benefit of renko is that you can comfortably get rid of most of them as time is removed.
More than happy to have differing points of view as we will most likely also have different strategies. Can you post your combinations as I'm happy to pinch anyones ideas
rgds
Peter
Thank you for the answer friend.
1 - I did not understand your "note of caution".
For example, please take a look at the pic.
There we have a big uptrend. What do you wanna say is that in "real world" the price did not move only in that direction in this period, that's why generaly we need a 30 pip stop loss?
The Renko Chart shows only 1 correction to down. How do we deal with it? Watching only the Renko a 5 pips Stop Loss looks nice.
2 -I have noted that bigger the RenkoTimeFrame (like M8) bigger the acuracy. Should we take care with "larger time frames" on the setup?Hi, what I was meaning was that for the next trade you take moving forward, where ever you enter you are likely to have to set a stop loss 3 times the block size you are using.
We don't know if the next block will be up or down simply that a long trend has occurred in the recent past. You could set a small stop loss but with renko you can have a slightly less than 3 block movement with no new block being formed.
rgds
Peter
Whatever Happened to "Praise the Lord"
Speaking of that "Lord's guy, whatever happened to him? The last I read he was making thousands of pips per week, hundreds, or a thousand or more per day. And then he invented a new system and seems to have disappeared.