Mr.Nims, Renko Ashi Scalping System. - page 195
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Guys just to point out that the renko system is not for those seeking a quick fix, you can earn from this but it really is slow and boring and expect to get only one trade a day.
Renko is working for me but I am seeking another trading system to use aswell for more pips.
Still, I want to thank the author and contributors for creating a profitable forex system. It's greatly appreciated.
I am going to work on my own system comprising of zig zags and dow theory, think there is a real possibility of something like that in this shitty market, taking the money from the elliot wave wallies, that's how I'll roll.
Indicator and System
Hi chartista,
I m new to renko and i will try your system, thanks
do you get good results, can we see ur statement if you have?
can someone make ea of this?
-B
----- MARKET ORDER BUY -----
When sFractals marks a blue diamond AND support and resistance draws its blue diamonds in a row AT THE SAME LEVEL AS THE SFRACTAL.... ON BAR CLOSE! A SFRACTAL DIAMOND ALONE IS NOT A VALID BUY SIGNAL.
----- MARKET ORDER SELL -----
When sFractals marks a magenta diamond AND support and resistance draws its blue diamonds in a row AT THE SAME LEVEL AS THE SFRACTAL..... ON BAR CLOSE! A SFRACTAL DIAMOND ALONE IS NOT A VALID SELL SIGNAL.
----- CLOSING THE TRADE ------
The trade closes IF:
1. There is a bar reversal for twice the bar length (in my charts it would be -20 since I use 10 pip renko bars). If this happens... no new trades will be placed until new signal.
2. There appears another new signal. (ON BAR CLOSE)
3. Two Bar take profit is reached. In the case that take profit is
reached, the expert will wait for a new fractal entry signal. (ON BAR CLOSE)
4. Stoploss is needed (each person places his/her own of their choosing). Just for security reasons for example: your metatrader crashes or looses connection to the internet for some reason and the expert is not able to get you out of a trade.
I know that these indicators repaint once in a while and the reason is because it is trying to get the tops and bottoms (thats what fractals does)... this is the reason that we have the added security of closing the position off when we have twice the bar length in negative but, it turns out to be able to recover quickly because it is 1:1 Risk Ratio, which is the real breakthrough here as well as using RENKO BARS which seldom repaint anyway!
BTW the arrows in the pick I placed manually to show when the actual Fractal signal appears and therefore from which point in the renko bar the position will be taken....
Also, the fractal channel indicator is not needed, I just had it on the previous screen shot because it helps visually see the S/R Barriers better but its not needed for the expert or the strategy.
I use it on 10 pip renko bars... but if the expert is designed right, it can be used with any pip range, it just simply counts the bars, not the pips. Also, it should be good with 5 digit brokers!
I appreciate your feedback and also if you can make the expert, I believe we can have something profitable that will trade all the time!
Also, I just realized that I had not included one of the take profit trades in my original screen shot!Thank you for the system. I will try to make an EA from this and share with you guys. However, I am going for a vacation, so it would take a week for me to complete. I will try my best to code during my vacation.