Mr.Nims, Renko Ashi Scalping System. - page 191
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I created a system based on couple of indicators and I am going to share it here
Thanks for sharing Subhanwaheed!
I will be waiting
OOKKk
OOKK LET forget it . As you were asking that 80% chances question , its not true . Remember , every brick is not trade able because any exit strategy don't work that way . Trading every brick will create a lot of losers . i have solved that problem. You will see soon what I mean.
Hello,
I did some percentages 2 months ago.
I broke some scenarios down into 2 categories, based on heiken ashi candles on renko chart.
first category is heiken ashi doji. to qualify it had to have at least one full body heiken ashi candle before it.
second category, heiken ashi consolidation break out. to qualify it had to have at least two dojis followed by a full body heiken ashi candle.
now i did statistics counting how many times out of one hundred that two or more full body candles appeared after each of the above categories.
the results were only just a tad bit over 50%, nothing staggering. 55% at most if i remember right. then i took those results and broke them into subcategories.
1)top of the hour, bottom of the hour
2)top or bottom half of previous days range
still out of 100 examples, nothing over 55%
100 examples may not be enough for statistics, but it was clear enough to me that renko can not be traded this way (my opinion)
this one counts the consecutive bricks and shows you the structure of your renko-chart.
can help to find a propper stop-loss distance for keeping you in a longer trend.
you might see that getting out after the first bar in the wrong direction is not a good idea.
code needs some more work.
is there someone who can make an indi out of it, that tells us :
in the last 300 bars we had:
25 bars with no following bar in the same dir.
10 times 2 bars
5 x 3
4 x 4
..
..
1 time a series of 13 cons. bars
understand what I want?
I dont get you
this one counts the consecutive bricks and shows you the structure of your renko-chart.
can help to find a propper stop-loss distance for keeping you in a longer trend.
you might see that getting out after the first bar in the wrong direction is not a good idea.
code needs some more work.
is there someone who can make an indi out of it, that tells us :
in the last 300 bars we had:
25 bars with no following bar in the same dir.
10 times 2 bars
5 x 3
4 x 4
..
..
1 time a series of 13 cons. bars
understand what I want?Hello, I dont get what you really meant. Try to explain further, I will try to help.
in this picture you see series of consecutive bars
7 down ,1 up, 1 down, 8 up,3 down, 4 up and so on
example: in the last 300 bars how often did we have a series of:
this example is less than 300 bars, only what you see in the picture
1 (means no consecutive bar) no matter up or down =6times
2 cons.bars (up or down) = 0
3 =4times
4 =1
5 =1
6 =0
7= 2( in this picture there is 2 series of 7 consecutive bars)
8=1
.
14=1
in the picture you can see, that you could have stayed in the uptrend if you allow 3 bars in the wrong/down direction
understand better now?
for the beginning a change in the indi that shows the numbers I put in manually would be great.
Guys,
Please forgive me if I'm wrong here but why bother using any indicators, from what I can see the renko + fractal alone is acurate enough.
I've only placed 2 trades so far (+50 pips total) but I have been watching the chart all day and the fractal seems to be more acurate than the renko bar colours.
This is what I propose.
Take the trade at a swing hi or low on receiving a fractal as long as the bar is +/- 10 pips (depending on short or long), ignore the colour.
Generally you need 2 bricks as confirmation and the fractal normally appears on the 2nd brick anyway.
stop loss:
Initial stop loss is 20 pips over entry.
Exit strategy:
once you are 20 pips up move you SL to break even and then set it to 20 / 30 pips trailing. Obviously this depends on the range of your swing highs / lows. Seriously though why bother looking at RSI, bollingers or any other indicator, is it really worth all the stress for an extra 10 pips. Just walk away and let the trailing stop do its thing.
Obseravations and considerations:
Be mindfull of support / resistence, pivot points and sweet spots.
I really am so impressed with renko charting, for the first time in my life I'm able to really see price action for what it is. This is the reason why you don't need extra indicators.
renko + fractal alone is acurate enough.
i aGRee with you leerees,
I just now did a quick visual backtest and counted 50 different occasions when a renko bar closed above/below nearest fractal (barry s/r) and it was easy to see that 34 times out of 50 there was 2or more full body renko bars (10pip) AFTER a a close above/below recent fractal.
this is 68% which is pretty a staggering significance. any thing over 60% can be usefull in strategy (just my opionion and that is only because i am scalper))*i am scalper because of fear of loosing my profit so i close posistion 2early but it works for small gains(not recommended)
a great book for ideas on statistics is "Trading classic chart patterns" by Thomas Bulkowski
the 68% can now be further increased to a higher number like 80 or 90 even with help of filtering out false signals,,, now that is what really makes it worth while! this is why i posted snake charming method a few pages back, it is an attempt to filter false signals
also, by adding heiken ashi candles it helps filter SOME false breakouts FYI
ummm, i can't think of anyother way that might filter out false signals when it comes to fractal break outs on renko like this,,,,,,,,,,, ANY IDEAS?
also it would be great of others can produce statistics. it is very easy for statistics on renko bars because you only have 2 types of bricks, red or back
ps, i only did 50 instances because the market is closed now and I do not have enough 1m bar history to go back farther
50 instances may not be enough for statistics,,,,,,,
below is just an example of what my chart looked like while i did quick visually backtest,, that is only just some of the 50, not all
*oh ya, thanks for counter marley,, you can see in second picture it will help to form more statistics, how many times a fractal breakout has more same colored bars than oposite color bars*