DsForexPro

A 90% Winning Strategy - Simple but effective

FX:EURUSD   Euro / Đô la Mỹ
Guys ! we all know about Renko Charts, you can use this strategy which is really basic, simple but very very effective. For making good profit it's not that you need loaded Indicators and systems, sometimes a very basic system turns to be effective. Here i am discussing a system which always works. Clear entry and exit rules, you can use this system for scalping on 5 minutes to 15 Minutes charts as well but i suggest go with 1Hr chart for maximum profit.
Requirements
1) Renko Chart
2) 20 Period Moving average - Simple or Expo no matter.
3) MACD with standard settings.

Now let's see when we have to take Long or Short entry:

Long Entry Rule:
Renko Chart create a Blue Candle Which is crossing above 20 period Moving Average then take Long on closing of candle. - EMA shape points upwards and MACD crossing up for Long entry. Exit rule is Simple, as Renko chart form first Red candle exit trade on closing of candle.

Short Entry Rule:
Renko Chart create a Red Candle Which is crossing Below 20 period Moving Average then take Short on closing of candle. - EMA shape points Downside and MACD crossing down for Short entry. Exit rule is Simple, as Renko chart form first Blue candle exit trade on closing of candle.
the problem with Renko is the closing candle can actually be several candles. you can have 5 red candles in a row all printed at the same time. the back test will show the perfect sell spot but in real life you sold 5 red candles down instead.
+10 Phản hồi
rev214us ebobryan
@ebobryan, This is not a problem when you know how to adjust pips on the renko settings.
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crabesd rev214us
@rev214us, Can you elaborate on this please? How would you approach the renko settings?

I imagine you can use ATR Renko to make the size of the blocks.. or perhaps mean/median.

Input appreciated...
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@crabesd, If you go into Renko settings you have an option to use either ATR or Traditional. The value for each one can be manually adjusted, either by changing the ATR length for the ATR setting or the Box Size for the Traditional setting.

If you use Traditional, you can adjust the Box Size value to reflect the number of pips/points you want each bar to be (pips is a term of value used in the Forex market). For example: if you want each Renko bar to be 20 pips/points, then you would insert the following value in the Box Size space: 0.002. Likewise, if you want it to be 50 pips/points, you would put it as 0.005; 100 pips/points would be 0.010. You could even go lower than 20 if you so desire. 15 pips/points would be 0.0015

If you are using a pro+ account, however, it's not necessary to do this as you could produce the same or similar results using the ATR setting on a lower time frame, such as the 1HR chart. Of course, the number of pips/points you desire to use would determine which time frame you would use as the Renko bars appear differently on each time frame. You would have to play around with it to see which works best for you. The 1HR chart seems to work well using the ATR setting.

But if you want to be more precise, using the traditional setting and adjusting the Box size is the way to go.

To change Renko settings, click on any Renko bar and then right click on your mouse. You will see the settings option.

I hope that helps. :)
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Isn’t Renko supposed to paint according to price and not time? Why the hell you can select mins, days, weeks and months in Tradingview? And if you want to select less than 1D chart without having a Pro account, it reads you have to go Pro.
I don’t get it, tbh...

Btw, this is a good technique during an uptrend, but during a downtrend, if you buy every time a green block appears and sell when the red appears, you can go broke, because you will buy really high and sell really low. I was really interested in Renko but I’ll leave it just for comparing with Heikin Ashi and Japanese candles charts.

Thanks anyways! ;)
+3 Phản hồi
It is probably repainting 1 hour. You are using 1 hour renko. Which means in real life you will get the signals you see on chart, 1 hour late. In your dreams, it will provide % 90 success. Try trading in real life do forward trading, you will probably loose money.
+1 Phản hồi
@lonyn, Renko is not time dependent. It is drawn in the same way of any timeframe. Please read what is Renko!
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mortdiggiddy LyubomirKolev
@LyubomirKolev, false. The renko candles in trading view are not RANGE CANDLES. They require a successful close (1 hour close) above or below the next threshold to paint new renko bricks. If they were range candles, the moment the next level is penetrated the next brick would paint.

To prove this, use a 5 pip traditional Renko system on 1 min, 5 min, 15 min, 1 hour, 4 hour... etc. You will see the candles paint differently on each time frame.
+3 Phản hồi
Benjamix mortdiggiddy
@mortdiggiddy, cheers !

Anyone know if this is still the case.. bummer if it is... other softwares do the range thing.
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