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Here! Here! Agree! If anyone other than me has ever had an internet interruption, you know perfectly well the value of "catastrophic" stops. Swing Hi / Swing Lo is a very good place for them, as I lost a connection for a few hours recently. I would especially recommend them for any location in the world that experiences interruptions in power. We're very fortunate here in the US to not have a problem with that, but I've read & keep reading more & more about areas around the globe that are sometimes without power for hours on end - or that it is sometimes 'rationed'.
After all, it's what you learn AFTER you know it all, that counts!
Can you help answer these questions from other members on NexusFi?
Oops!. Thanks for the correction, Cory. Open / close - I got them mixed up. The important thing I remembered was "Other than that, MedianRenko works just fine" The "works just fine" was the re-assurance I was looking for to continue using them.
After all, it's what you learn AFTER you know it all, that counts!
but strategy stops are not working on Zenfire? they exists virtually on NT, so when you lost connection position is without the stop, is that correct? how to place emergency stop?
I've seen many traders with the opinion that they should not use stops.
NONE of them are still able to trade today.
The idea that you can always be right and not need stops is simply nuts.
Think about this...
Your trading software goes belly up and locks up the PC.
Your internet connection drops.
Your phone (cell or landline) is out.
The Exchange drops the data feed to the broker.
Your broker is too busy because everyone is calling to place exit orders.
Now you are in a trade Short 10C's and the market is zooming up and you have no safety net stop in place.
By the time sanity is restored. You account is down $20K.
Hmmm. Why didn't I have a stop? Because I am INVINCIBLE...
And $20K poorer.
Think it can not happen?
All of these have happened to me.
The only difference was I did not have 10c on the trades and the loss was minimal but the lesson was PRICELESS.
.
Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
The MedianRenko is programmed in a way that it shows every tick on the chart, unlike traditional Renko Bars. Thats possible only by shifting the open of the new bar below the close of the previous bar.... heavy technical jargon folks ! but we need not understand all this..
Try to observe the medianrenko bars plot live on your screen, in a couple of days you will understand how these bars form.
But the latest from Roonius is SBSrenko bars. Downloaded it today. The Eco2new paintbars are working better on SBS than MedianRenko... although I have yet to test it thoroughly.... and yes, the open of a bar is equal to the close of the previous bar.
Lolu, an easy way to understand the interval settings :
InputValue x ticksize = points ( when the ES moves from 1050 to 1051, it has moved by one point, likewise for all instruments )
For the ES, If you input a value of 4 in the interval settings:
4 x 0.25 = 1 point ( The resultant Range bar has a height of 1 point )
8 x 0.25 = 2 points ( The resultant Range bar has a height of 2 points )
DavidHP, the idea is not to be always right. The idea is that our indicators should be responsive enough to reverse the signal as the market changes direction, for a small loss or breakeven.
Then you dont need stops, because the opposing indicator signal will take you out of your trade. After over two months of trading with Eco2new on medianrenko charts, I can say that I have made a lot following this strategy.
The various emergency conditions you mentioned are very right. But I have yet to encounter a situation when everything is down at the same time. To be on a safe side, placing wide emergency stops is justifiable for such situations..
4 x 0.25 = 1 point ( The resultant Range bar has a height of 1 point ) Nope
8 x 0.25 = 2 points ( The resultant Range bar has a height of 2 points ) Nope
sorry
The stops with Ninjatrader work just fine. They are held at the exchange. NT has crashed many times on my during a trade and when I restart it, I open the workspace with the DOM and it is still in the trade with profit & stop orders already placed.
I think there is an option in code to keep it on the PC instead of at the exchange, I guess you'd only do that to hide it but it doesn't make sense to me.
So at the worst case place a cata stop above the swing hi/low. I used to panic like a deer in headlights and wait for my stop to get hit. No more. If I don't like what I see I bail. Today I bailed twice and on one it would have hit my target and the other it would have hit my stop. So in the end it was a wash but on same days it would have hit my stop twice and then I'd have a big losing day. So I get out quicklky if it's not going my way.
