After testing RENKO charts (with wicks) for few days.. started trading with 1 lot from today. I will be trading with 1 lot till this month end.
Missed direct BO of PDL in BNF as i was away.
Nevertheless,, happy that experimental phase started with GREEN :)
Missed direct BO of PDL in BNF as i was away.
Nevertheless,, happy that experimental phase started with GREEN :)
I have been wanting to use this... but could not get hold on this... let me watch it now along with you
ReplyDeletenothing new actually.. same DP system, tactics etc.. only thing i wanted to change is replacing candlestick charts with renko.. for better focus management, entry points and controlling emotions
DeleteWhat is the software u use & in what time frame? Does it repaint the bars?
ReplyDeleteSoftWare : MetaTrader
DeleteData Feed : VCharting
Source of RENKO : Paid Expert Advisor from a friend who trades in forex. (using it as trial as of now).. i will get it coded as per my requirements after using for a month
Renko box size : 5 poitns for NF and 18 points for BNF (will change BNF to 15 points from tomorrow)
NO, no repainting at all.
What is the set up i.e. settings for 3 minutes chart and other time frames?
ReplyDeleteVeer
veer,
DeleteRenko dont have any time frame. currently using 5 point as box size for nifty and 18 for BNF.. (will chanbe BNF bar length to 15 points from tomorrow)
as i am TESTING.. i do experment things till month end
Can you plz tell where you entered and exited.
ReplyDeleteAll I am seeing is Trendlines and points
Does TL mean take loss and TP take profit?
Entry is below low of bar marked at RED ARROW and exit after 100 points
ReplyDeleteTP -- took profit
TL -- took loss
Rose,
ReplyDeleteOne disadvantage I think about Renko charts is that as it is not time based, you need to have much more screen time as you don't know when the next candle will get closed. For time based charts, you can reduce the screen time considerably by setting a timer for each candle close. So I think Renko chart can be used only to trade lower time frames. But it will be useful to draw trenlines, support and resistance. So what I think is combination of using both, renko for trendlines, support/ resistance and candlestick chart for trading, will it be a better choice?
Dinil
Dinil,
DeleteRenko charts not bound to time frame but we can use fixed box size. there by you know where next block can come ( in both directions)
Also i am using trade tiger to place price alerts for S/R identified before market open or during market action. so i am not investing any extra time to monitor charts :)
Yes, trend lines (specially for channeled moves) makes better sense for me as of now with renko charts.
One primary reason why i am investing time to experiment renko charts is.. while using candle charts many times i loose focus with small pull backs and do premature exits.. hoping renko charts keep me more focused by eliminating NOISE in charts.
Lets see
Do you have AFL of Renko Charting for Amibroker ?
ReplyDeleteVeer
No veer..what I heard from amibroker expert..amibrojer not reliable to plot renko
Delete