Super Easy Renko System - page 2
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"All in all : we should use the unexpected gift that we have some time to adjust all in the code. Coming from metaquotes (that has forced this nonsense "upgrade" to users) that is as big as if we all became millionaires over night."
Mladen, there is no nonsense, everything has a reason even when unpleasant! They know what they are doing. I think the best solution now is to go ECN. The same problem was the transition from Windows XP professional to shitty Windows 7-8. I still have Win XP but for how long will they support it? We all fall into hole they dug for us if we don't grow smarter.
Although I like Renko offline better I am ready to go trade Renko online. We have to stay flexible to adjust to changes. Everything bad is for something good.
Cheers Hermes
Daytrade, your arrows indicator repaints, it obviously erases the arrow when the next bar does not continue in the same direction as the EMA cross, otherwise it would have to be the holy grail. Look at the AUDUSD, chart you posted, towards the left of the chart there is an area where the candles were alternating up and down and yet no arrow appears until the move is sustained downwards. And if it repaints in such a way, its obvious that you have not actually been trading this for the past year as you have stated.
Hello Drakos,
Thanks for your critical look. I'm glad to say that your suggestion isn't that correct.
I really trade for a year using EMA crossings. I made a screenshot of recent tradings on the CAD/JPY chart.
To see that it isn't some random trading, i've added 2 MT4 EMA's. In the beginning i needed those 2 EMA's to learn how to read the indicator. After a long while i needed only the indicator's alerts.
Hopefully, your next critical look might need 'some' considerations.
daytrade, you didn't revealed the length of the EMAs and where come from the arrows (indicator?). There is some controversy. How can be live chart USDJPY on M15 TF transformed offline to CADJPY, M2? Magician?
Hermes
daytrade, you didn't revealed the length of the EMAs and where come from the arrows (indicator?). There is some controversy. How can be live chart USDJPY on M15 TF transformed offline to CADJPY, M2? Magician? Hermes
Hello Hermes,
Haha, it looks like magic that way! Actually, i have several setups and accounts. The window behind (with 15M chart) is from another terminal that i have opened in the background. I didn't had the time to clean my screenshot.
I trade 13 pairs with the Renko system and every pair gets individual EMA cross values. In this case (CAD/JPY) EMA F5 S8. I use the nrp 12x12 MA cross indicator from a friendly forum.
This type of system, I have seen alot. I don't know how many years of experience you have but even few month experience trader will know that this system only work in ranging market. So, you must trading when news release. My advice: set renko candle to 1 and "only trade news". And that's what i'm doing now, but I use stochastic
This type of system, I have seen alot. I don't know how many years of experience you have but even few month experience trader will know that this system only work in ranging market. So, you must trading when news release. My advice: set renko candle to 1 and "only trade news". And that's what i'm doing now, but I use stochastic
Hello kjmchc1010,
Thanks for your feedback.
My expercience is not that bad actually. I've been a PT trader for 6 years, after that 5 years FT and now just for fun, hobby and some excitement.
Regarding your 'ranging market' statement; i once used a range-bound strategy with one of your liked indicators. I do know what a ranging market is, but it is definitely not in conjuction with news trading. I think you mean trading with a breakout strategy on a volatile pair that is consolidated/tight ranged before a big H/I event (like the NFP).
This Renko strategy can be used in ranging markets, but i prefer trending markets. I think the most experienced range-bound traders would love the EUR/CHF pair. Therefor i did some good tests on that pair and it worked also.
However, trading with Renko charts and bricksize '1' would be undo-able for me since it moves too fast (mostly messes up my sync, but i knew that Renko and MT4 can be 'somewhat' buggy). Especially on high impacts and big spikes. I did trade news-events myself for a small period (i think only 2 years, mostly based on whisper numbers, index/metal/forex triangular correlation delay etc.), but nowadays i prefer to skip trading during H/I events.
Just for my info, what Renko Chart -builder do you use?
Thanks.
Hello Drakos,
Thanks for your critical look. I'm glad to say that your suggestion isn't that correct.
I really trade for a year using EMA crossings. I made a screenshot of recent tradings on the CAD/JPY chart.
To see that it isn't some random trading, i've added 2 MT4 EMA's. In the beginning i needed those 2 EMA's to learn how to read the indicator. After a long while i needed only the indicator's alerts.
Hopefully, your next critical look might need 'some' considerations.
Look at your chart on Feb. 14th between 3:01 and 15:48, there are at least two EMA crosses where no arrow appears. Why is there no arrow for those crosses? Simply because the move did not continue and the arrow was then erased. The arrows indicator therefore repaints.
Renko system template
renko-mod.zip