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forex renko

C

christiaan

This my first look at forex renko and i entered a demo trade though i'm not really serious about it.Just testing the water.This is the eur/jpy you have resistance near resistance 1 and support very near the pivot level.I entered my trade at the yellow line,i decided that i have about 20 pips breathing room and that should be enough.This is 10 pip boxes.and it fell 3 boxes without the spread it's 30 pips.Price poked it's head below the pivot line but it seems that it's not going to fall any futher.Were this a live trade i think i would have made at least 20 pips.

I use a combination of renko and heiken ashi thought there is other indicators i can choose to use as well.It looks pretty simple to me and a lot less noise.I like it
 

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C

christiaan

Here is today;s trade.I excited it for 50 pips because that is my dailly goal.Entry is at yellow line
 

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saivenkat

Member
@ Christiaan bro..

Wont you be loosing the valuable pips at the time when the trend changes,when you use Renko charts, because if you use 10 pip range.. the color of box changes only when it moves 10 + 10 pips.. i mean.. if its red.. it becomes green only when it moves 20 pips from the exact reversal point..

Why not you try range bars? I feel its far better..I learnt from the posts of Stovedude, StaticX, radicaltour they are real gems in using range bars. May be they would give more insight in to it..

Finally, even if one use Renko/range bars.. at times when the market is trending.. the price moves very fast.. and we loose considerable time and pips before we react in taking trade..How do you manage it bro?
_____________________________________________________________________________________________________________
@ Stovedude/staticx and other experts in Range bars, i have a question for you friends here.. Is there any improved range bars/ Rangebar Scripts available in market, that functions HIGHER TIMEFRAMES LIKE 5/15/30 ETC replacing the ONE MINUTE CHART..

Let me be more clear, I need to run range bar/script on 5 or 15 minute chart, and correspondingly feed this to offline chart.. Please clarify..

Sorry friends for being so elaborating..

Regards
Saivenkat:)
 

lerxst

Member
@saivenkat

Constant range bars are timeframe independent like renko. If we set a range to say 10 pips, then the range bar will print when the range goes 10 pips. This is a bit different than renko which has to be 10 pips in a certain direction.

So say for renko, price is at 1.4600, 10 pip box, means it won't print until 1.4610 for an up box.

With constant range bar, price is at 1.4600, now if it drops to 1.4595 and then goes to 1.4605 (10 pip range), you will get a range bar. Putting it on any timeframe doesn't really matter, people just use it on 1 min as that supposedly updates faster.
 

Joy22

Member
@saivenkat

Constant range bars are timeframe independent like renko. If we set a range to say 10 pips, then the range bar will print when the range goes 10 pips. This is a bit different than renko which has to be 10 pips in a certain direction.

So say for renko, price is at 1.4600, 10 pip box, means it won't print until 1.4610 for an up box.

With constant range bar, price is at 1.4600, now if it drops to 1.4595 and then goes to 1.4605 (10 pip range), you will get a range bar. Putting it on any timeframe doesn't really matter, people just use it on 1 min as that supposedly updates faster.

with renko chart if the box is 10 pips the range bar is twenty
with constant range bar is ten.
joy22
 

saivenkat

Member
@lerxst.. Thanks a lot for taking time in explaining.. Actually i am using Range bars for quite a long time.. the question i asked was,.. is their any improvement in recent versions of rangebars.. if anyone knows could you please share here the advantages of it.

Regards
Saivenkat
 
C

christiaan

@ Christiaan bro..

Wont you be loosing the valuable pips at the time when the trend changes,when you use Renko charts, because if you use 10 pip range.. the color of box changes only when it moves 10 + 10 pips.. i mean.. if its red.. it becomes green only when it moves 20 pips from the exact reversal point..

Why not you try range bars? I feel its far better..I learnt from the posts of Stovedude, StaticX, radicaltour they are real gems in using range bars. May be they would give more insight in to it..

Finally, even if one use Renko/range bars.. at times when the market is trending.. the price moves very fast.. and we loose considerable time and pips before we react in taking trade..How do you manage it bro?
_____________________________________________________________________________________________________________
@ Stovedude/staticx and other experts in Range bars, i have a question for you friends here.. Is there any improved range bars/ Rangebar Scripts available in market, that functions HIGHER TIMEFRAMES LIKE 5/15/30 ETC replacing the ONE MINUTE CHART..

Let me be more clear, I need to run range bar/script on 5 or 15 minute chart, and correspondingly feed this to offline chart.. Please clarify..

Sorry friends for being so elaborating..

Regards
Saivenkat:)



I don't know about rangebars.Will look into it.The thing about renko is it's suppose to elminate a lot of the noise you get with candlesticks.It's so simple and i like it but i have some testing to do to see if i can use it.I think that a lot of indicators out there lags quite a bit and renko does not lag as much but then again it's all crappy systems that works well when you get those big trending markets but otherwise they are not worth much.

Is range bars something new?WHere can i get them
 

StaticX

Member
Here is the Range Bar Defination:

"Range Bars were conceived in 1995 by a Brazilian broker and trader - Vicente M. Nicolellis Jr.

During 13 years running a trading desk in Sao Paulo, where local markets tend to be volatile, he wrestled with the problem of how to handle this volatility and its variability. Finally he concluded that the most promising approach would be to eliminate time from the equation, and just concentrate on price.
After all it is price that you trade (rather than time, unless it is an options market).
Essentially this reverts to the early days of Technical Analysis, and the use of Point an Figure Charts which just record price changes.
By using a constant range, ex. 10, and opening a new bar once that range is covered, one can also apply modern concepts of indicators, which are bar based.
In 1996 the concept was computerized, which meant that many more markets could be studied.
Experience in the last 8 years has shown that Nicolellis Range Bars are particularly good at focusing on and clarifying movement.
The way in which a long meandering, horizontal "congestion" is condensed into a bar or two, concentrates attention on the essential underlying price movement while eliminating unnecessary "clutter" and "noise".
This also makes the use of Trendlines easier. "


I stopped using Range Bars (even though there were incredibly good) due to the high frequency of trading that they produced. (Kind of like Scalping.)

I've slowed my trading down to a 4H / Daily trading schedule.... however, on some evenings during the Asian Session, I will pop them onto my chart ... but this is on a very rare occasion.

I also use a paid for indicator from:
Code:
[url=http://www.the-forex-strategy.com/]Forex trading tools | Range Bars for Metatrader | ScalperSignal | Custom EA coding[/url]

I choose this one as it's very uptodate and it comes with a lifetime worth of upgrades and the price is very reasonable for what you get (and it's an indicator not a script like most of the others, so I find that it runs a lot better)

Cheers
StaticX
 

saivenkat

Member
I stopped using Range Bars (even though there were incredibly good) due to the high frequency of trading that they produced. (Kind of like Scalping.)

This is the worrying factor for me..and you exactly pointed out what could be it.... Thanks a lot for taking time to explain..

Regards
Saivenkat:)
 

stovedude

Active member
When I use renko/crb, I always want to see the wicks, because I want to see the full movement, rather than just the blocks. Don't know if this was shared before (probably), but this EA will allow you to see the wicks. Hope it helps!
 

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C

christiaan

Got another trade for you guys.This one fell 3 boxes or 30 pips but with the spread i was not able to get 30 pips and so excited it around breakeven.

Entry is at yellow line
 

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C

christiaan

Here is the Range Bar Defination:

"Range Bars were conceived in 1995 by a Brazilian broker and trader - Vicente M. Nicolellis Jr.

During 13 years running a trading desk in Sao Paulo, where local markets tend to be volatile, he wrestled with the problem of how to handle this volatility and its variability. Finally he concluded that the most promising approach would be to eliminate time from the equation, and just concentrate on price.
After all it is price that you trade (rather than time, unless it is an options market).
Essentially this reverts to the early days of Technical Analysis, and the use of Point an Figure Charts which just record price changes.
By using a constant range, ex. 10, and opening a new bar once that range is covered, one can also apply modern concepts of indicators, which are bar based.
In 1996 the concept was computerized, which meant that many more markets could be studied.
Experience in the last 8 years has shown that Nicolellis Range Bars are particularly good at focusing on and clarifying movement.
The way in which a long meandering, horizontal "congestion" is condensed into a bar or two, concentrates attention on the essential underlying price movement while eliminating unnecessary "clutter" and "noise".
This also makes the use of Trendlines easier. "


I stopped using Range Bars (even though there were incredibly good) due to the high frequency of trading that they produced. (Kind of like Scalping.)

I've slowed my trading down to a 4H / Daily trading schedule.... however, on some evenings during the Asian Session, I will pop them onto my chart ... but this is on a very rare occasion.

I also use a paid for indicator from:
Code:
[url=http://www.the-forex-strategy.com/]Forex trading tools | Range Bars for Metatrader | ScalperSignal | Custom EA coding[/url]

I choose this one as it's very uptodate and it comes with a lifetime worth of upgrades and the price is very reasonable for what you get (and it's an indicator not a script like most of the others, so I find that it runs a lot better)

Cheers
StaticX

Thanks but i cannot buy it simply because i'm having isssues with my paypal account again.But just for intrests sake how does it differ from renko
 
C

christiaan

so i found a script for rangebars but it does not seem to work.It looks like normal candlesticks.How is it suppose to look like?
 

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