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Trailing Stops for Renko charts on /ES?


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Trailing Stops for Renko charts on /ES?

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djporter91
Dallas
 
Posts: 6 since Apr 2020
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i've got a decent system for renko trading that i think would work well (ive manually backtested it and it seems itd be worth forward testing), i just dont know how to trail stops on Renko Charts.

Basically, i just don't want to get stopped out by a counter trend "projection" brick, but i do want to get out if that brick forms. So if i've got a 4tick brick, should i set my Trailing Stop to 9 ticks?

this is a rooke quiestion, but i'm trying to understand how far price can move in a direction for the bar to project a new candle, because i want my stop loss to be outside of that range. and do you renko traders use limit orders to get in on a pullback or do you use market/bid orders when a signal bar closes?

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 vmodus 
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djporter91 View Post
i've got a decent system for renko trading that i think would work well (ive manually backtested it and it seems itd be worth forward testing), i just dont know how to trail stops on Renko Charts.

Basically, i just don't want to get stopped out by a counter trend "projection" brick, but i do want to get out if that brick forms. So if i've got a 4tick brick, should i set my Trailing Stop to 9 ticks?

this is a rooke quiestion, but i'm trying to understand how far price can move in a direction for the bar to project a new candle, because i want my stop loss to be outside of that range. and do you renko traders use limit orders to get in on a pullback or do you use market/bid orders when a signal bar closes?

Which platform are you using? Are you setting trailing stops manually?

For now, here is an example:
  • ES previous bar is 3010 high and 3009 low (that's a 4 tick bar)
  • For the next bar up to form, price has to move to 3011 or higher (that is 4 points from your high).
  • At the same time, for the next bar down to form price has to move to 3008 or lower (that is four points from your low).
  • The price can oscillate between 3008.25 and 3010.75 before establishing a new bar, or 10 points
  • You can set your trailing stop in %, points or $, at least on my platform (I don't use trailing stops....they tend to stop my profits).
Setting a trailing stop is really about how much you want to risk. Tight trailing stops will almost always get you out too early. In the example above, if your stop is 9 points, price goes to 3010.75 (no new bar) then drops to 3008.25, you are out, without a new bar ever being established.

Again, I don't use trailing stops and I don't know any experienced trader who does. I hope this helps

~vmodus

~vmodus

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Last Updated on July 13, 2020


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