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To all Renko users


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To all Renko users

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  #1 (permalink)
Montreal
 
Experience: Intermediate
Platform: Ninjatrader
Trading: ZB
 
Posts: 51 since Apr 2011
Thanks: 15 given, 10 received

I noticed that there is a ton of information and lots of different Renko types here but what I have not seen yet is actually people using Renko and sharing their thoughts.

Are any of you actually trading off of Renko charts? If yes, please share your experience. I just recently switched from Tick charts to Renko (using UniRenko and lovin it!!) charts and I use the following settings:
Open Offset - 1
Tick Trend - 1
Tick Reversal - 2

So as you can see from my setting, this is heavy duty intraday and I mostly trade the 6E. The main problem I'm experiencing is that Renko bars are pure price-action and non time based. When I was trading off of Tick charts, I was using a Tick counter and was more or less always ready to enter but, with Renko I miss quite a few trade entries because they can happen so sudden.

If someone more experienced than me has had similar problems and found a way to cure this, than I greatly appreciate how you have overcome this problem.

Thank you all who respond :-)

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  #3 (permalink)
Montreal, Quebec
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Optimus Trading Group/Rithmic
Trading: CL
 
Posts: 69 since Oct 2009
Thanks: 256 given, 34 received


That setting is way too fast... of course its going to get away from you. Try something slower.

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  #4 (permalink)
Charlottetown, Prince Edward Island
 
Experience: Advanced
Platform: Ninja
Broker: Optimus - Rithmic
Trading: GC
 
WolfieWolf's Avatar
 
Posts: 232 since Jul 2010
Thanks: 100 given, 269 received

I use PureLogik Ultimate Renko bars exclusively, we were just talking about this in my Journal thread. I overlay the anaHeikenAshi study on top of the renko and I find that it helps me to identify pullbacks from reversals. Its like having a moving average built into every bar (I can't believe I said that - I hate moving averages)... The previous poster had a really good point though, your settings are way too fast, if you're going to use Renko you need a pretty big bar to clearly identify trend from chop.

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  #5 (permalink)
Montreal
 
Experience: Intermediate
Platform: Ninjatrader
Trading: ZB
 
Posts: 51 since Apr 2011
Thanks: 15 given, 10 received

Thank you guys for your replies :-) The problem is that I use a tight 4-tick stop-loss and yes, I do get stopped out a lot!! However, the big moves I manage to catch, more than make up for the losses

What settings do you guys recommend? And if I change my setting from #1 & #2 to #2 & #4, than that means my stop loss has to be increased now.

Any ideas? What settings are you guys using when trading intraday?

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  #6 (permalink)
Charlottetown, Prince Edward Island
 
Experience: Advanced
Platform: Ninja
Broker: Optimus - Rithmic
Trading: GC
 
WolfieWolf's Avatar
 
Posts: 232 since Jul 2010
Thanks: 100 given, 269 received


emazing View Post
Thank you guys for your replies :-) The problem is that I use a tight 4-tick stop-loss and yes, I do get stopped out a lot!! However, the big moves I manage to catch, more than make up for the losses

What settings do you guys recommend? And if I change my setting from #1 & #2 to #2 & #4, than that means my stop loss has to be increased now.

Any ideas? What settings are you guys using when trading intraday?

I'm not using UniRenko but it would translate to something roughly: 3,26,13. Of course the method you are using is going to inform your bar resolution significantly. From my experience the smaller your time frame the smaller your opportunity but I don't want to tell anyone how to trade.

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  #7 (permalink)
Montreal
 
Experience: Intermediate
Platform: Ninjatrader
Trading: ZB
 
Posts: 51 since Apr 2011
Thanks: 15 given, 10 received

WolfieWolf, can you please tell me the difference (or even show me) between the UniRenko and PureLogics Renko bars? Do they give trials and how much are they?

Thank you!

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  #8 (permalink)
Charlottetown, Prince Edward Island
 
Experience: Advanced
Platform: Ninja
Broker: Optimus - Rithmic
Trading: GC
 
WolfieWolf's Avatar
 
Posts: 232 since Jul 2010
Thanks: 100 given, 269 received


emazing View Post
WolfieWolf, can you please tell me the difference (or even show me) between the UniRenko and PureLogics Renko bars? Do they give trials and how much are they?

Thank you!

I'm going to answer your question over in the PureLogik thread as I know Mike prefers vendor related discussion to take place in the Vendor related sections. Search for PureLogik and I'll post some information over there in a little while.

/W

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  #9 (permalink)
Montreal
 
Experience: Intermediate
Platform: Ninjatrader
Trading: ZB
 
Posts: 51 since Apr 2011
Thanks: 15 given, 10 received

Awesome!

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  #10 (permalink)
the coin hunter
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
cory's Avatar
 
Posts: 6,029 since Jun 2009
Thanks: 845 given, 7,893 received



WolfieWolf View Post
I use PureLogik Ultimate Renko bars exclusively, we were just talking about this in my Journal thread. I overlay the anaHeikenAshi study on top of the renko and I find that it helps me to identify pullbacks from reversals. Its like having a moving average built into every bar (I can't believe I said that - I hate moving averages)... The previous poster had a really good point though, your settings are way too fast, if you're going to use Renko you need a pretty big bar to clearly identify trend from chop.

HeikenAshi is created out of moving averages, the length of candles = distances between 2 MAs.

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  #11 (permalink)
Charlottetown, Prince Edward Island
 
Experience: Advanced
Platform: Ninja
Broker: Optimus - Rithmic
Trading: GC
 
WolfieWolf's Avatar
 
Posts: 232 since Jul 2010
Thanks: 100 given, 269 received


cory View Post
HeikenAshi is created out of moving averages, the length of candles = distances between 2 MAs.

I know, that's why I feel like a hypocrite. But they work for me so what can I do.

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