Zoethecus, I am following this strategy since over two months, when I started trading with MedianRenko charts and Eco2new.
I can give you exact details of each trade, winners/losers, win/loss, risk/reward, max drawdown, Big net profits etc etc.... but thats not the intention of my posts. Why would you believe me ? The intention is to share with you a method, an idea which is working for me very well since two months.... till now ! And to get suggestions, advice from other members to still improve if they liked the idea.
You can apply this on your charts, your markets, try to find good chart settings... and see if it works for you. If it works historically on your charts, then you trade live with this method to judge whether it suits your personality. Its not easy to see a trade go in your direction say 30/35 points and come back to zero ! Patience, Temperament, TRUST in your indicator...will play a big role.
It suits me because I have learnt it the hard way. A major part of my trading career was lost in piling up huge losses catching Exact tops/bottoms, trading Countertrend, Reading pure price action, buying and throwing away new systems... Last two years have been stable for me, but still was falling short of my monthly targets.
I was on the lookout for a simple buy/sell profitable strategy, and MedianRenko charts really struck me. After trying various indicators, I froze on Eco2New. There is always a scope of improvement, waiting to try Sharkfin V2 from Sharky when it gets released.
I am more of a Visual trader, like to see how indicators are performing with my naked Eyes. Thats why attached past six days action for you to SEE and judge.
Made more than 10% of the instrument value in the first month. 14% in the Second. Already made 7% this month till now. ( For eg : If the average value of the ES over a month is 1000, 10% of that = 100 points ).... good luck !
Last edited by yroyal; November 8th, 2009 at 08:41 AM.
You should get it on historical data too. You are goofing up somewhere... try loading more historical data and use smaller value settings for MedianRenko. Currently I use SBSRenko charts to trade.. switched last week.
for all you guys that dont know how to read price , in my oppinion you should not use any kind of renko bars, you need to look at normal candles so you mind will sublimilly learn what price is doing then after a few years of understanding price goto renkos if thats your thing,but i feel like renkos will hurt or hinder your learning curve,just my thoughts take it to heart or not its up to you guys...sharky
cunparis, I use the Sharkband set to 10 on almost all my charts, both small and large. My goal is not to take every trade but only those that have a high probability, which, to my way of thinking, are those that move out of chop or consolidation. I look for scalps on small bars charts and a position trade on the bigger bars.
I never used the StepMA until I saw what uroyal was doing and that peaked my interest. I'm still trting to wrap my arms around this tool.
Take a look at sharky's #1685 to see how I use the Sharkband. Thanks to sharky for teaching me this.