I trade a system that is very very close to this
so really the same basically. I have been doing
He uses 15 pip renko, I use 10 and many others use 20
so its just deciding what works best for you
with your setup and personality but 10 works
great for me.
Just done some rough testing looks good. Do you find that its better to ride trends or do you just go for 1 box or a couple to keep a good profit ratio and get out the market? With the indicators used looks good however do get a couple of bad signals which is ok but it means you have to keep a 1:1 ratio at least or you can loose in the londgrun.
Thanks in advance
Yeah I use the Probability meter, cja's signal bars 8
and the tro snakeforce multimeter for my trend strength
then get out of trades based upon being comfortable
I always attempt to get as many pips as my
trade can give me for each trade myself
kreslik.com - Traders Community :: View topic - 2009.03.08 TRO_Multi_Meter_Snake
Whats your thoughts on this jlgardner263's? or is this were the discretion is when taking the trade.
I didn't explain that picture well enough. Point 1 is the first entrance, the ADX lines converge and then spread, and the stochastic cross is near enough to trade. Point 2 is actually the exit point. Immediately after point 2 is another ADX cross in the opposite direction, but since all of the rules are not meant, i give it a thumbs down. Point 3 is the next entry and point 4 is the next exit. Hope that helps.
Just to confirm by this you mean if we dont pull the trigger on the trade while the cross happens in oversold/overbought area then the trade is void? becuase sometimes it does cross in those areas but the ADX then crosses after within 3 blocks so would we take this signal?
Also is there any perticular order in which we see a trade devoloping, for example we wotch the ADX and once that crosses we wait for a stoch cross within 3 blocks? or does it mean if there is a stoch cross 3 blocks before the ADX cross or 3 blocks after the cross its still a valid trade?
Thanks in advance for your help.
In a good scenario everything will line up, there will be an ADX cross with a stochastic cross to confirm it. I originally said within three candle sticks, this has to be adjusted between currencies. I'm trying some different currencies right now and it is definitely not working as well. This is kind of a fishing system, and the goal is to drop non-profitable trades as quickly as possible and to hold on to the profitable ones. I've found that a cross outside of oversold or overbought territory is a good indicator that I should get out of that trade early. So, essentially if the stochastic does not make it into oversold territory, it's not going to be one of the more profitable trades.
I've been looking at other ways to work this as this system gets you into trades rather late. This seems to work best on the GBP/USD and the EUR/USD. It doesn't seem to work very well on the USD/CAD or the GBP/JPY.
Right now I'm practicing with something more similar to the original Mr Nims setup. I'm using the LSMA default and LSMA (5), and taking trades while they are in agreement, using the 5 period for exits. This seems to be slow but profitable, you might try it, it has simplicity and accuracy going for it now on the GBP/JPY. This is the first time I've run it live, so I have no real results. One open trade at +78. Back tests are very promising.
I'll take a look however be carefull am pretty sure LSMA repaints thats why in the mr nims thread it got changed to XPMA at the start.
Yep your right about following the profitable moves and getting out of the smaller ones asap. I understand we need to use a 2 box stop loss becuase the price has to move twice a box value to make another one. If we can use S/R lines or find a point at were the market has momentum we can afford to have a 1 box stop loss, which in the long run will help the profit ratio heavily. I have done a bit of testing and providing you find a good point at were its got momentum it doesnt even get near to hitting our stop.
Let me know your thoughts.
Could you please post a screenshot of the renko system your trading? TIA!
Here is my main renko setup
I see nothing