digitalman88
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Posts posted by digitalman88
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Regardless the number of pips for Stop Loss, the risk is still x% and losing the calculated amount of capital. In any trend following system, there may be several cuts (hitting SL) before we could ride the trend. MM is very important to ensure that we could survive long enough to ride the trend.
Sufficient capital is also important. as this renko method is mechanical, you should take every signal because you don't know when is the big trend forming. this is also a challenge.
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this is cost incur to acquire a trend. sound silly to intraday traders. ;)
i am also a trend trader on D1 and W1. I just tell the fact only.
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I'm very discipline and put the stop loss at 0.9860 and IBFX was kind to fill my SL order....;-)
Missed that part which mentioned not to enter SL into the trade order. Exit only when a new brick with the opposite color is formed at the close of the daily candle.
Thanks.
This is fine if you have lock profits. If the trade is still not profit, you may lose more than 250 pips.
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i also trade many pairs, but be careful not to overtrade.
I will upload the csv files, you will receive tonight or tomorrow morning.My friend told me he is actually trading 20 pairs live (not sure true or not), start with min 30K, using IBFX AUS levelage 1:100.
AUD/CAD
AUD/JPY
AUD/NZD
AUD/USD
CHF/JPY
EUR/AUD
EUR/CAD
EUR/GBP
EUR/JPY
EUR/NZD
EUR/USD
GBP/CHF
GBP/JPY
GBP/NZD
GBP/USD
NZD/JPY
NZD/USD
USD/CHF
USD/CAD
USD/JPY
I guest later I will become Indo Investasi version Mr.Loo...........lol
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yes, the name should be STEVE NISON
Hi C old L ion C ountry,R you a heavy smoker or joker..Now I only know that Steve Ni50n is Steven Nicholson. lol...
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my so called "similar method" is to use 1% renko box rather than fixed pip size. I also take currency correlation into consideration. So my method is not 100% mechanical if compare to Michael Loo's method.
Steven Nicholson book is "Beyond Candlesticks".
MT4 RENKO_2 is not that much different if compare to prorealtime. However, ProRealTime offers something handy feature which can avoid "Guess he is also not watching the chart at the close of the candle but after and mistaken the new brick formed to have been confirmed by the close of previous day candle. caught ya, Loo!"
http://lcchong.files.wordpress.com/2010/10/image20.png
Hi digitalman88,I'm glad to see you here to share your experiences with us.
May I know what is the title of Steve Nicholson book, possible to share with us.
Is it possible for you to post EURUSD Daily chart for both MT4(125pip) and prorealtime(125pip and 1% price movement) (both using the same date range upto todate) here to compare. The most important is to see which one is less noise.
When you set 125pips renko box size in prorealtime, is it using tick or 1 min to calculate or the respective TF candle to calculate.
I still don't understand how the prorealtime generate the fixed box size by using the 1% price movement, could you explain for this.
Could you clarify the "similar method for past 4 years" is only using correlation technique? only renko technique? or both correlation and renko technique?
Are you a position or intraday trader? I want to know how much effective when the correlation apply to long term/position trading.
It would be very appreciate if you could share your profitable startegy in details.
Thanks again for your participate.
Cheers
R
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if we use different brokers, our renko will have differences (may be a bit significant).
that's some experts advised to use prorealtime or esignal because these charting software consolidating data feed from many providers. So, i think, by right, the renko chart will be more accurate.
Anyway, at least I now getting the same color bar as what you guy are seeing. One thing confirm, the data feed from ibfx standand and ibfx mini are different. -
yes, something like this. You can search in google. some brokers provide a heatmap too.
http://lcchong.files.wordpress.com/2010/10/image44.png
hi Digitalman88,By currency correlation, do you mean that when there is a signal to go Long on, say, EURUSD, you will check if EURJPY is in uptrend (EUR stronger than JPY) and USDJPY in downtrend (USD is weaker than JPY)? So, we will have EUR stronger than JPY and JPY stronger than USD, therefore by transitive, EUR should be stronger then USD and will increase our probability in EURUSD Long trade?
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It is calculated by 1% of price movement
http://lcchong.files.wordpress.com/2010/11/renko-1-percent.png
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one thing that Michael Loo doesn't seriously teach is currency correlation. In the original turtle trading, they put emphasis on inter-market correlation to increase probability of success. A lot of people don't know importance of currency correlation.
This guy always stated that psychology as the key success factor. Actually, there are more than that.
I am using the similar method, but i take currency correlation into consideration before i place any order. Frankly, the result for the past 4 years are encouraging and satisfaction.
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btw, i had been using this method before Michael Loo promoting this. I learnt this from Steve Nicholson's book. Steve Nicholson also recommended 1% as box size.
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If you read "Sentiment Indicators" that released by Bloomberg, you will learn this method as well. In Bloomberg book, the author recommended box size: 1% and use www.prorealtime.com. Steve Nicolson recommended Metastock.
Based on my experience, www.prorealtime.com and metastock produce correct renko if compare to MT4.
This trading method has been in Japan for many years. You guys can try the setting recommended by Bloomberg.
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where can I get darvas box indicator?
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Re: What is your exit strategy?
Trailing Stop By Using Higher Time Frame:
http://clc4x.wordpress.c0m/2010/01/03/trailing-stop-by-using-higher-time-frame/
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Re: MTPredictor 6
Anyone can share MTPredictor 6.5 182a?
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Re: The Heart Of Forex and The Probibility Meter
anyone can shared news time filter?
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Re: Share sistem pake MA boleh kan ....
How about re-entry rules for H4 timeframe?
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Re: Fapturbo v48
FAPTurbo48 crashed my MT. what's the problem?
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Re: Hodrick Prescott Indicator
how to trade with this?
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Re: Req: Area 51 Forex trading system.Has anyone known about it?
ya..same with the Fx cash detective..not surprise at all. these people steal source code from forum and sell it
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Re: STEINITZ FRACTAL BREAKOUT CUSTOM INDICATOR for....YOU!!!
I tried this before. not so good. a lot of false signals. u have to filter by drill up the time frame. troublesome
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Re: My Elite forex-tsd forum indicators(YES I share them free!)
u can find a lot of explanation of labtrend indicators by googling
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Re: Is M5 scalping dead?
after many rounds of practice, i finally doing fairly well in M5 scalping
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Re: Is M5 scalping dead?
the drawdown is huge. very risky.
SpeedWealthBiz or SWB Trend Trading Strategy
in Trading Systems and Strategies
Posted
where do you get these information?