Renko Charts System

Renko charts are based on PRICE, not on TIME.
Renko charts update dynamically tick by tick.
Renko charting is considered to be best in predicting the change in the market sentiment that precedes a new trend.
Actual volume values are displayed for each Renko candle.
What Renko charts can show even without any indicators.
1. trend
2. reversals
3. support and resistance levels
4. Buy/sell/exit signals
5. Actual volume

Artforextrading

Can you provide an actual trading system/method using Renko?

dreamliner said:

Can you provide an actual trading system/method using Renko?

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imho it can only be used for position trading but is truly fantastic for it if that's your thing...Rather than leaving 100K vegging in a UK retail bank, paying 3% interest whilst real inflation is circa 6%, you could do a lot worse than using renko for long(er) term currency investment.

Did Livermore use Renko ?

I claim my first "Livermore law"...'kin ell mate that was quick..good start..

Black Swan said:

I claim my first "Livermore law"...'kin ell mate that was quick..good start..

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Not by chance.....my bad...shall i delete?

counter_violent said:

Not by chance.....my bad...shall i delete?

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Nope, you have other posts to delete..and multi nic trolls to ban..Is it all by committee these days?

Black Swan said:

Nope, you have other posts to delete..and multi nic trolls to ban..Is it all by committee these days?

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No ....not by committee However we do consult in the interests of not stepping on toes.

http://www.trade2win.com/boards/t2w-classifieds/
Please see other posts there.

I recently got back into forex and am gaining quite a few pips using renko, I'm trading 10 pip bars in conjunction with regular t/a.

For those who are looking for steady source of income, Renko offers a defined risk trading method that can really make a positive contribution to bottom line. These days when the markets are so volatile that profits regularly disappear in sudden downturns, following Renko can keep your risk at a predetermined level while adding to profits. Trick is not to become greedy and indulge in wishful thinking when the markets are going against your position : When Renko tells you, you are wrong, do not wait : Get Out and you will survive till you get the chance for which you have been waiting !

GooD Luck with Trading.

artforextrading said:

Renko charts are based on PRICE, not on TIME.
Renko charts update dynamically tick by tick.
Renko charting is considered to be best in predicting the change in the market sentiment that precedes a new trend.
Actual volume values are displayed for each Renko candle.
What Renko charts can show even without any indicators.
1. trend
2. reversals
3. support and resistance levels
4. Buy/sell/exit signals
5. Actual volume

Artforextrading

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You give me a good tip I will start to look in this kind of charts I like them.

Renko charting still works great, i'm reluctant to share my individual renko strategy on the forum as I put a lot of work into it.

What I would love is to meet a programmer who could program a renko EA based on my rules and is not interested in reselling it, but it's hard finding trustworthy people in this market place, you share your strategy and before you know it its been sold to a bank or ends up in one of those crappy $99 EA's.

I guess for now I'll just continue trading the renko manually.

leerees said:

Renko charting still works great, i'm reluctant to share my individual renko strategy on the forum as I put a lot of work into it.

What I would love is to meet a programmer who could program a renko EA based on my rules and is not interested in reselling it, but it's hard finding trustworthy people in this market place, you share your strategy and before you know it its been sold to a bank or ends up in one of those crappy $99 EA's.

I guess for now I'll just continue trading the renko manually.

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impossible to programme IMHO, and I wouldn't worry yourself, honestly no one is that ar5ed, you haven't found 'the grail' renko is just another method to display price, good in trending, particularly on dailies or weeklies, but you'll be giving back more than you need to on exit, it's a disaster in ranging, eats away at your profit.

Still the game is all about psyche and MM, with strat. coming in at a distant third, so if you've the first two sorted you're on your way.

If you're that bovvered get in touch with the strategy trader programmer at fxcm, they've done a few 'renkos'..

Black Swan said:

Still the game is all about psyche and MM, with strat. coming in at a distant third, so if you've the first two sorted you're on your way.

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What a load of balls mate! If you trade without an edge then any money you make is all from LUCK pal. Strategy comes FIRST!!!

Without an edge all money management can do is delay the inevitable. And if it was all about "psyche" then trading floors would be full of Hari Chrishnas and a load of bent ****in spoons.

Black Swan said:

renko is just another method to display price, good in trending, particularly on dailies or weeklies, but you'll be giving back more than you need to on exit, it's a disaster in ranging, eats away at your profit.

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Hi BS,
As a devotee of Renko, I'd be interested to know more about your reasoning. Perhaps I've misunderstood the point you're making, but I'd have thought that it all depends on the box size utilised and the type of entry / exit triggers employed?
Tim.

timsk said:

Hi BS,
As a devotee of Renko, I'd be interested to know more about your reasoning. Perhaps I've misunderstood the point you're making, but I'd have thought that it all depends on the box size utilised and the type of entry / exit triggers employed?
Tim.

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Much bigger stops required than utilising other methods imho..I played around with it (as I tend to with most new concepts I come across) in a small account. iirc my loss was 80+ versus 50- on a loss and the exits were not as clean ergo smaller profits and I had more losers. Also and this is just a personal issue, when I swing trade FX I set alerts for 3 specific conditions to be met in order to pull the trigger, impossible with renko.

Now don't get me wrong I love the cleanliness and leftfield nature of renko, if I could have set an alarm to trigger when red goes to green (vice versa) I'd have been very keen, (PRT couldn't do it for me when I contacted them direct) but I'd still be wary given the losses, it does have an ironic zen like quality to it.

I'm not criticising renko, I'm suggesting to the OP that he should have no fears, there's no grail, or zen) no one will rip his idea off we've all done the renko shuffle. And to finish and to answer young Riprock I could get 30+ strats to work, I could probably get a manual version of renko to work but it'd require too much screen but in any event imho that's the easy bit, MM and strong trading mind rank above in the 3Ms 'table'..as a couple of guys have intimated recently even Ronny the random robot can be profitable if you take the trades and have sound MM.

Now ForexRacer Professional System is on market.

artforextrading said:

Now ForexRacer Professional System is on market.

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Oh OK, so this thread was really just an advert ..........:-0

What I like about Renko is the general looks of the information that seems to get out of them: i see consective same events - consecutive bricks going up, consecutive bricks going down. Or, in a gambling approach, would be consecutive blacks followed by consecutive reds... But what I hate about the thing, is that I've never seen real Renko yet. At the moment I'm working to get MB Trading data in MetaTrader to force Renko indicator to display correctly, that is, to be made really with tick data. The Renko indicator on MT likes to look behind at history data and draw Renko bricks. But there are no ticks in MT history data. So if price moves on a bar like 80 pips, our fake Renko will draw 4 consecutive bricks of 20 pips, while perhaps the price went up and down who knows how many times and switched direction. When I look for Renko on youtube I see similar charts on TradeStation for instance, but are these real Renko? Is there any charting package that producess guaranteed real Renko, made of ticks, or do I have to pull this out and plug tick data in MT to get the real stuff?