Mr.Nims, Renko Ashi Scalping System. - page 308
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I'd like to thank all of you for your assistance with my posting about exit strategies (post # 3066 above).
This truly is a very helpful and informative thread and I look forward to sharing my experience and findings (sarcasm).
Good luck - this thread is a waste of time.We were on beach, can't reply you
Wow, Nick.....
Your new RenkoForce is so very powerful.
I am amazed at the power of that chart and am in awe as to the quality of the email alerts.
daveM
Greetings all!
I'm off an running with Mr. Nims Renko Ashi Scalping System. I had no problems setting anything up and I have started trading a demo account.
The rules for entry are clear enough but I was hoping that some of you could pass along any specific exit strategies that you've been using. I know that Mr. Nims was up front about not having a real exit strategy in his document, but I am curious what others are doing; preferably without adding any other indicators.
I've considered using IINWMArrows against my position, a move of 2 candles against my position or a change in slope of MACD or the other moving averages. I have also considered basic chart patterns (reversals, support and resistance points, etc.).
I have a hard time trying to "set" a fixed pip amount to take profits. Pulling some number out of the air seems far too subjective. I'd like something more objective so I can get out of losers sooner rather than later and let winning trades run for as a long as possible.
Any suggestions would be appreciated.
Happy trading all!
davekaMy own solution to this is to attempt to make sure the trend is strong at entry and then to observe price bars and indicators to determine a weakening for an exit.
For the pairs that you are interested in trading, you can look back several hundred bars and determine what looks to be the average number of pips travelled for each entry that you would take. That will give you an idea as to a set target.
Or you could use HA Smoothed, once price crosses it against you, time to exit.
Each of us has to develop what is right personally, with a bit of study and experience you will know what is best for you.
I'd like to thank all of you for your assistance with my posting about exit strategies (post # 3066 above).
This truly is a very helpful and informative thread and I look forward to sharing my experience and findings (sarcasm).
Good luck - this thread is a waste of time.Sorry that you feel this thread to be a waste of time. As you gain some knowledge and experience you will probably change your opinion.
I would advise you to look back in here from time to time.... mainly because some posters in this thread make a great sum of money each week and they have some little pearls of wisdom to share from time to time.
It is for sure a Renko Marathon Thread and who reads to the Finish gets exhausted and eyes blurred but with more knowledge about Renko power.
The TVI 2 colors indicator (set 8,8,3 for Renko) is very useful on Renko charts because also doesn't care about time only about how many contracts.
Cheers Hermes
Sorry that you feel this thread to be a waste of time. As you gain some knowledge and experience you will probably change your opinion. I would advise you to look back in here from time to time.... mainly because some posters in this thread make a great sum of money each week and they have some little pearls of wisdom to share from time to time.
Wow, Nick.....
Your new RenkoForce is so very powerful.
I am amazed at the power of that chart and am in awe as to the quality of the email alerts.
daveMHi DaveM,
It took me 1 year of trading renko to see it's consistency before I decided to start this topic and post my "At that time", my best system that I used. Which is still being used now by newcomers into renko trading and they "ARE" finding their consistency!
Then 3 years into trading renko ashi trading system, discussing, developing, research and trading consistency to find information in course of time that I felt was too good to be shared openly in public and so I had to commercialize the other new renko system.
Then 2 years into the commercial version with the group of members in there, development, discussion, research and trading consistency and finally we are in one of the best renko systems out there with the 1.516 Easy Renko and off-course with the best IT-Specialist who's turned down offers to work in British Banks to trade in renko, developing my ideas and his coding skills into renkoforce manual trade assist for the Easy Renko system.
The whole point of all i said is that all the information you've seen in there has really come in from more than half a decade of dedication into Renko chart trading!
Best,
Nick
I am watching GOLD this morning.....
This chart is amazing. told me exactly when to get out and re enter, a couple times.....
With Renko trading it is so: we love it or we hate it! We hate what we don't understand and in that moment we understand we cannot hate anymore. Try to learn & understand more about Renko and you change your perception.
Hermes
Hi,
Drunken Mr,Nims dreaming of a drunken Miss.
Here we go..
I'm Yours - Jason Mraz - YouTube
Best,
Nick
Hi,
Drunken Mr,Nims dreaming of a drunken Miss.
Here we go..
I'm Yours - Jason Mraz - YouTube
Best,
NickUk and US both on bank holiday...here we go again, the rare 3 days weekend.