Renko-[Simple Trend Follower]PLSEASE LOOK AT THIS!

[iwjw]

very interesting system

I'm liking the combination of Renko and Support/Resistance indicator.

At a first glance if you don't take a trade if the box is between support and resistance you can filter out some ranging conditions. That means to wait until price breaks support/resistance. Next thought is not to close the trade on the first opposite brick but again break of support/resistance

On the other hand you'll miss a lot of profitable trades. If market turns from range to trend you may have to wait until the first pullback/retrace before the conditions are met.

On thing I saw is that the S/R indicator sometimes repaints. The indi is based on fractals and my thinking was that fractals don't repaint. Maybe it has something to do with renko

If you want to watch how all the indicators are playing together or you want to simulate live conditions for your own ind you can use the backtester.

- select your currency pair

- select timeframe M1

- select RenkoLiveChart EA

- use visual mode and start

After a few seconds you will see that the EA has created the history for the offline chart

- reduce the speed of the test and open the specified offline chart

- apply template Renko1

Now you can speed up the test but I wouldn't go with max speed

After test is done close the two chart windows before running a new visual BT

 

Hope the description was understandable

Edited July 10, 2010 by iwjw
made some further explanations

[gctex]

Hi all, I see M2 Offline chart only for EURUSD ... how to set it up for other currency pairs please ? ...

[fxeasy5]

Hi all, I see M2 Offline chart only for EURUSD ... how to set it up for other currency pairs please ? ...

For each currency you need to run the EA on the chart of that currency.

The EA is writing each tick into the offline-chart ( default is M2 ).

 

This is how you set up your desired currencies for Renko.

 

@iwjw

thanks for the description about offline testing, but it does not work properly.

It somehow manages to feed the offline-chart, but the indicators will not work on that offline-chart,

therefore this is not a way to backtest.

[iwjw]

For each currency you need to run the EA on the chart of that currency.

The EA is writing each tick into the offline-chart ( default is M2 ).

 

This is how you set up your desired currencies for Renko.

 

@iwjw

thanks for the description about offline testing, but it does not work properly.

It somehow manages to feed the offline-chart, but the indicators will not work on that offline-chart,

therefore this is not a way to backtest.

 

Hi fxeasy5,

what do you mean by "but the indicators will not work on that offline-chart"?

After I've applied the Renko1 template, all indies were working. That's how I found out that the S/R indicator is repainting (same for IINWMARROWS)

Edited July 12, 2010 by iwjw

[fxeasy5]

@iwjw,

it works for you, but not on my mt4-platform.

The first moment when I load the template to the M2-offline-chart in strategy-tester, all is fine.

But a few minutes later all the colors and indicators disappear and there are only the green renko-bars on black background.

The whole template is somehow gone.

I tried it many times, waited longer, turned the speed down, turned it up, but nothing helps.

I gave up on it.

[iwjw]

@iwjw,

it works for you, but not on my mt4-platform.

The first moment when I load the template to the M2-offline-chart in strategy-tester, all is fine.

But a few minutes later all the colors and indicators disappear and there are only the green renko-bars on black background.

The whole template is somehow gone.

I tried it many times, waited longer, turned the speed down, turned it up, but nothing helps.

I gave up on it.

 

Did you change the Renko1 template?....because mine has a white background with black/white bricks

[iwjw]

Did anyone take a deeper look at price action in conjunction with S/R levels using renko bars?

If we take e/j for example with a 10pip brick size, nearly each time when price reverses on support or resistance there are at least two same colored bricks in a row. That means you could pocket 10pips-spread over and over again.

I just don't believe that what I'm seeing on historical data is what I would have gotten when running the chart live

But I don't see the reason because S/R is based on fractals and there is a concrete price pattern to form a fractal

 

edit:

was too good to be true....S/R repaints badly...but maybe there are enough occasions where the pattern is for real

Edited July 13, 2010 by iwjw

[clovelly]

Did anyone take a deeper look at price action in conjunction with S/R levels using renko bars?

If we take e/j for example with a 10pip brick size, nearly each time when price reverses on support or resistance there are at least two same colored bricks in a row. That means you could pocket 10pips-spread over and over again.

I just don't believe that what I'm seeing on historical data is what I would have gotten when running the chart live

But I don't see the reason because S/R is based on fractals and there is a concrete price pattern to form a fractal

 

edit:

was too good to be true....S/R repaints badly...but maybe there are enough occasions where the pattern is for real

The S/R is only drawn AFTER 2 bars have been passed. That's why you see 2 colored bricks in a row. To win 10pips, you need to be able to trade the past :) , which I doubt any broker will allow you to do.

[iwjw]

The S/R is only drawn AFTER 2 bars have been passed. That's why you see 2 colored bricks in a row. To win 10pips, you need to be able to trade the past :) , which I doubt any broker will allow you to do.

 

the S/R is drawn on open of a new brick after two bricks of different color...so you still have the second brick

Right now on e/j you see a new support line after black/white brick. The second brick is still in the works...could come out as either one...so this current brick would have been the entry brick for a long trade...so no trading the past

The problem obviously is that if we would get to black bricks in a row the current support line would disappear...question is...how often does that happen

Maybe someone has an idea how to educate the S/R indi that lines, once drawn, never disappear...this would give a clearer picture

 

edit: white brick closed...would have 10pips-spread

Edited July 13, 2010 by iwjw

[pauli79]

I almost forgot USE IT ON DEMO FIRST! Get used to renko trading before going life!

Since I started using renko I am only on profit!

I made 36 trades this week and only one I lost because of my emotions ,I closed it due to emotions and after an hour the price gone the right way:(

 

Hi guys.Is anybody trading this system and what sort of results are you getting.

Deyu16,these were good results are you still getting these or have you abandoned it as you said you were updating the system?

After reading this thread I became interested in this way of trading with Renko so please update us if you can.

[deyu16]

I abandoned the system because it does not fit my trading Edited April 1, 2013 by deyu16

[alright]

I started experimenting with tradestation systems ,they seem to be incredible accurate

Hi mate. Can you please clarify what systems you're speaking about? Thanks

[deyu16]

see first post:P

[Marchello]

Dear Traders

About 2 yrs ago I started with the constant range bars/Renko bars > movie .. www.http://www.mqlservice.net/Films/CBR_Renko/CBR_Renko.html

and Michal is a senior programmer/member @ FF and TSD ..

Thus, went on using both systems and about 1 1/2 came across ... www.tradingfx.com with what they call Range Bar and Point & Figure Charts

where I stayed a few months paying a high price for room and software with feed. Before we get into 'heavy' discussions, they do offer

now under desperation 1 week free, that easily can be extended for a few weeks more for FREE. lol

The point is, they do have education and a time easily replicated their methodology into MT4 .. with their "copied/developed" indicators

again, all to MT4 .. Summary .. the combination of bars are 8 pips on 1 chart .. 15 pip bars on second chart and beside it to use regular price charts in different time frames.

Seems also they did not comply with the programming outfit contractual agreement to reach certain 'selling' goals, thus the outfit,

has also launched the offering of the charts at a substantial lower cost without a live trading room .. www.forexbydedesign.com

where you can see also pictures of what the software looks like.

 

BTW, they also developed the software for Forex Money Map Software .. ( the Grid ) www.fxmoneymap.com/

 

A lot of videos are on youtube

 

Hope this education that is FREE .. may enlighten us to better outcomes with .. lets summarize it .. to trade Renko successfully.

 

Tried to give summaries so searching is at minimal for members to follow efficiently if interested

 

Best trading to all

[alright]

started experimenting with tradestation systems ,they seem to be incredible accurate

Hi mate. Can you please clarify what systems you're speaking about? Thanks

 

see first post:P

Sorry mate, you lost me here. You spoke about Tradestation systems in the first post?:-?

[deyu16]

sorry I missunderstood you Edited February 2, 2013 by deyu16

[alright]

sorry I missunderstood you,I am using nexgen T3 pro fibs and Blue wave systems ...all on this forum.good luck

 

Ok, then. Will check it out, thank you

[Waldim]

Dear Traders

About 2 yrs ago I started with the constant range bars/Renko bars > movie .. www.http://www.mqlservice.net/Films/CBR_Renko/CBR_Renko.html

and Michal is a senior programmer/member @ FF and TSD ..

Thus, went on using both systems and about 1 1/2 came across ... www.tradingfx.com with what they call Range Bar and Point & Figure Charts

where I stayed a few months paying a high price for room and software with feed. Before we get into 'heavy' discussions, they do offer

now under desperation 1 week free, that easily can be extended for a few weeks more for FREE. lol...

 

@marchello

Hi,

interesting report. Thanks

Do you know which broker (gbbo) they use?

 

Greets

[egaalh]

[7:48:41 AM] Uriya Zarum says:

*** Very important please read*** -

 

 

Dear Traders.

 

A Few months ago I discovered Mr.Nims thread about renko and joined this room.

The room was in fire with lots of active traders.

After a while Mr.nims came out with his program to manage accounts wich was very tempting...

Anyway he sounds like good guy etc... SO i decided to give it a chance..

I didn't let him manage my account but I delivered him $500 directly to him.

SO like any client I asumed he will get back to me and tells me what's going on with the money , at least contact me once in a week.

but no, I was the only to run after him to get reports.

at first he told me he lost more then 50% and he needs time to recover. and me a very patience guy said : "ok take your time and recover.."

I allways said to him there is no need to risk a lot since I was his first client (that what he told me , not sure how much it's true ).

anyway he lost again and ask for money again SO i sent him another $100 , He told me that he can recover.

again , all this was after I run after him to get reports and he always had his stories, He never tried to rich me exept 1 time he rich me to ask for more money.

Meanwhile I saw when he enter the room (after a long period of time he dissapeard) that he ads a mass of new people and then dissappear for long time after 2 hours he has been in the rooom - HMMMM

At that stage I was very sceptical . I said may be he lose - ok . But why he never contact me ? what kind of manager is he ?

Every time when I see him he has a story.

I admit I was too naive and a fool to give my trust to somone who sounds to emotional about making $ in the market .It's not suposed to be the caracture of somone successful in the forex market...

+ claimed to double accounts in a month - lol

 

after few months I understand I was fooled

 

*Is it suspicious I asked few cash to see his answer and his answer is "big f******* stroy?"

 

*Is it suspicious when Mr.Nims posts things in facebook but never contact his clients ? (I had him in facebook untill the last week , his last post was few days ago)

 

*Is it suspicious My friend , My neighbore lost cash with him and told me he see he acts like a gambler ?

 

*Is it suspicious I spoke with other people in private that told me Mr.Nims lost all their money and he avoid them ?

 

 

 

- I know at least for 3 people that got scammed !

How many more ? ..

 

 

 

My conclusions are:

 

Mr.Nims is nothing but a scammer and lier , Be ware of him and please inform your friends too , in forums , everywhere...

 

 

 

 

so... WHERE IS MR.NIMS NOW ? KNOCK KNOCK - ARE YOU THERE , ANYBODY HOME ?

 

 

=================================== =====

EVERYONE WHO GOT SCAMMED DO NOT BE ASHAMED . POST HERE YOUR THOUGHTS ! AND IN THE FORUMS ! PLEASE !

=================================== =====

 

 

Best wishes to all of you,

 

Uriya Zarum

[deadinvestor]

[7:48:41 AM] Uriya Zarum says:

*** Very important please read*** -

 

 

Dear Traders.

 

A Few months ago I discovered Mr.Nims thread about renko and joined this room.

The room was in fire with lots of active traders.

After a while Mr.nims came out with his program to manage accounts wich was very tempting...

Anyway he sounds like good guy etc... SO i decided to give it a chance..

I didn't let him manage my account but I delivered him $500 directly to him.

SO like any client I asumed he will get back to me and tells me what's going on with the money , at least contact me once in a week.

but no, I was the only to run after him to get reports.

at first he told me he lost more then 50% and he needs time to recover. and me a very patience guy said : "ok take your time and recover.."

I allways said to him there is no need to risk a lot since I was his first client (that what he told me , not sure how much it's true ).

anyway he lost again and ask for money again SO i sent him another $100 , He told me that he can recover.

again , all this was after I run after him to get reports and he always had his stories, He never tried to rich me exept 1 time he rich me to ask for more money.

Meanwhile I saw when he enter the room (after a long period of time he dissapeard) that he ads a mass of new people and then dissappear for long time after 2 hours he has been in the rooom - HMMMM

At that stage I was very sceptical . I said may be he lose - ok . But why he never contact me ? what kind of manager is he ?

Every time when I see him he has a story.

I admit I was too naive and a fool to give my trust to somone who sounds to emotional about making $ in the market .It's not suposed to be the caracture of somone successful in the forex market...

+ claimed to double accounts in a month - lol

 

after few months I understand I was fooled

 

*Is it suspicious I asked few cash to see his answer and his answer is "big f******* stroy?"

 

*Is it suspicious when Mr.Nims posts things in facebook but never contact his clients ? (I had him in facebook untill the last week , his last post was few days ago)

 

*Is it suspicious My friend , My neighbore lost cash with him and told me he see he acts like a gambler ?

 

*Is it suspicious I spoke with other people in private that told me Mr.Nims lost all their money and he avoid them ?

 

 

 

- I know at least for 3 people that got scammed !

How many more ? ..

 

 

 

My conclusions are:

 

Mr.Nims is nothing but a scammer and lier , Be ware of him and please inform your friends too , in forums , everywhere...

 

 

 

 

so... WHERE IS MR.NIMS NOW ? KNOCK KNOCK - ARE YOU THERE , ANYBODY HOME ?

 

 

=================================== =====

EVERYONE WHO GOT SCAMMED DO NOT BE ASHAMED . POST HERE YOUR THOUGHTS ! AND IN THE FORUMS ! PLEASE !

=================================== =====

 

 

Best wishes to all of you,

 

Uriya Zarum

 

THX Uriya Zarum for your info,,,

now i know who is Mr.Nims??

[john225]

I think this is Mr.Nims

http://indo-investasi.com/showthread.php/6736-Mr.Nims-Renko-Ashi-Trading-System-2.

[PauloGomes]

Is anyone trading this?

Can you share your results?

Thanks.

[dave123]

I have set the system up and used your template but my chart is not displaying renko bars, just the normal candlesticks. Any advice?