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FlexRenko in day trading


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FlexRenko in day trading

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  #131 (permalink)
Vienna Austria
 
 
Posts: 116 since Mar 2012
Thanks: 16 given, 67 received


Outlander View Post
CL regards Outlander

@Outlander : The lines you have at the top and bottom and in between, do you calculate them using a spreadsheet and then display them onto the chart or are you using one of the available studies/indicators to do this?

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  #132 (permalink)
Tallinn, Estonia
 
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@Amnesia

It's done with Spreadsheet Study
Cell K3 =IF(B4>B5;B4-20;B4+20)
Cell L3 =IF(B4>B5;B4-10;B4+10)

20 is the reversal bar length. You need to change it to your own reversal bar length

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  #133 (permalink)
Vienna Austria
 
 
Posts: 116 since Mar 2012
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lemons View Post
@Amnesia

It's done with Spreadsheet Study
Cell K3 =IF(B4>B5;B4-20;B4+20)
Cell L3 =IF(B4>B5;B4-10;B4+10)

20 is the reversal bar length. You need to change it to your own reversal bar length

@lemons

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  #134 (permalink)
Všnersborg Sweden
 
Experience: Beginner
Platform: Sierra
Broker: Transact
Trading: YM,EMD,DAX,CL,CG
 
Outlander's Avatar
 
Posts: 396 since Jan 2013
Thanks: 559 given, 141 received


Amnesia View Post
@Outlander : The lines you have at the top and bottom and in between, do you calculate them using a spreadsheet and then display them onto the chart or are you using one of the available studies/indicators to do this?

I just saw you question and you have got an correct answer. The sheet is the best part of Sierra and you can use it for a lot of things. Regards Outlander

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  #135 (permalink)
Vienna Austria
 
 
Posts: 116 since Mar 2012
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Outlander View Post
I just saw you question and you have got an correct answer. The sheet is the best part of Sierra and you can use it for a lot of things. Regards Outlander

Havent gotten around to doing stuff with the spreadsheet yet, right now i have added the spreadsheet study into the studies, and am looking at the spreadsheet.

I tried entering the formula into the K and L cell but nothing is appearing.. any suggestions?

EDIT:

Nevermind it seems to be working somewhat, able to display something but its offset. Need to check the input data

EDIT2: Nevermind seems to be working now partially although i am unhappy with the way the lines are displayed, time to fiddle around

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  #136 (permalink)
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
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Posts: 6,000 since Jun 2009
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tellytub View Post
Nice work Cory!

Quick question Cory, do you think you can change your renkoChannel so that the user has a choice to leave the mid line as it is (it appears in the middle) or they can enter a number so that the mid lines appears -10 or or +10 away from the middle? Would be cool if you can enter any number?

thanks

@tellytub

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  #137 (permalink)
Vienna Austria
 
 
Posts: 116 since Mar 2012
Thanks: 16 given, 67 received


Outlander View Post
FlexRenko is no Holy Grail. Just a simple help to trade on price movement without any indicators. If any one else uses Flex Renko please post any comments. The purpose of this thread is how to use Flex Renko. So far not many reply so maybe no one uses them but me.
Regards Outlander

Well since you were kind enough (also huge thank you to @MWinfrey and @lemons )to provide an outline and the "general" concept to establish ones own methodology I think i should reply in a little bit more detail.
I have done several rounds of testing, backtesting, hypothesizing and am still trying to hammer out some issues, but so far I am liking the results.



My general trading style relies heavily on scalping. Specifically i use Orderflow techniques (footprint bars with finetuned filtration techniques and on higher timeframes i look at the volume profile), and mainly at the core is 1-Minute timeframe Priceaction and i have recently started to enjoy tickcharts for certain instruments (6E especially).
My entries on the 6E usually have a 3 Tick stop loss and a 3-5 tick takeprofit. I generally try to get in and out of a position as fast as possible. Sometimes limit orders will not be executed so i have to push in a market order and generally am forced to enter at market.

One of the biggest issues I've had so far is an Exit strategy. Every good trading strategy needs 3 components really:
1) Entry Rules 2) Moneymanagement 3) Exit Rules.
I used to trade on higher level timeframes so my risk reward was usually 1:3 or higher for every trade. Now that i have become more immersed into scalping my focus has shifted to reducing risk by minimizing the stoploss but i never really found a complementary technique for an exit strategy. Which is why while my win/loss ratio is so high ( 87% right now) I am still suffering because at short timeframes it is nearly impossible to do a lot of frequency in your trading while maintaining a risk reward ratio above 1:1 ..

This is where this little gem of a thread comes in. As you so aptly put it there are 2 main distinctons for entries based on this strategy of yours:

1) You enter after the "Signal bar" or what is refered to as a buy/sell stop on your charts. The issue with this becomes clear and apparent very fast, it is difficult for smaller timeframes because your odds of being stopped out are relatively high, if you use larger timeframes it tends to work very well and for some reason based on the construction of the charts there does not seem to be a "amplificatory" effect in terms of chartsize, i.e a 40 tick chart can still display valuable information if you are basing your trades on a 10 tick chart. Which is partially what makes this so good, because since my entries are usually at the low or the middle of the "signal bar" all i have to do instead of exiting the trade is watch how it unfolds into a beautiful scalp-2-swing setup/position.

2) You enter at a certain retracement levels as you have demonstrated, essentially buying the pullbacks of a larger up or downtrend. Now this in itself is great as long as your level is set reasonably, but my biggest concern is that you will have to accept a reasonable "Punishment" for your stops, because they have to be decently wide, and for somebody who uses small stop sizes such as i do this simply does not become acceptable. Now alternatively you can use this as a confirmation for an entry based on your already existing strategy.. may this be priceaction, fibonacci or some other set of rules, either way this is an interessting tool but to some extent is basically a different visualization of priceaction.

Either way:

This is a brilliant tool for scalpers to help them decide on whether to stay in a position or simply scalp out as usual. Still working on refining the settings, will share my insights once i have some more "conclusive" views based on more than 48 hours + backtesting.

Quite frankly this has also inspired me to write what i believe to be a potentially very powerful pseudo-code/algorithm to automate a strategy based on Orderflow + Priceaction. Although i am very convinced that there is a very fine balance/distinction regarding subtelties of market price movements that are too hard/complex to finetune into an automated trading system. Although i think ill start getting on that horse now.

Thats my view for now, will share what i find and post some results and ideas over the coming weeks/days

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  #138 (permalink)
Všnersborg Sweden
 
Experience: Beginner
Platform: Sierra
Broker: Transact
Trading: YM,EMD,DAX,CL,CG
 
Outlander's Avatar
 
Posts: 396 since Jan 2013
Thanks: 559 given, 141 received


Amnesia View Post
Well since you were kind enough (also huge thank you to @MWinfrey and @lemons )to provide an outline and the "general" concept to establish ones own methodology I think i should reply in a little bit more detail.
I have done several rounds of testing, backtesting, hypothesizing and am still trying to hammer out some issues, but so far I am liking the results.



My general trading style relies heavily on scalping. Specifically i use Orderflow techniques (footprint bars with finetuned filtration techniques and on higher timeframes i look at the volume profile), and mainly at the core is 1-Minute timeframe Priceaction and i have recently started to enjoy tickcharts for certain instruments (6E especially).
My entries on the 6E usually have a 3 Tick stop loss and a 3-5 tick takeprofit. I generally try to get in and out of a position as fast as possible. Sometimes limit orders will not be executed so i have to push in a market order and generally am forced to enter at market.

One of the biggest issues I've had so far is an Exit strategy. Every good trading strategy needs 3 components really:
1) Entry Rules 2) Moneymanagement 3) Exit Rules.
I used to trade on higher level timeframes so my risk reward was usually 1:3 or higher for every trade. Now that i have become more immersed into scalping my focus has shifted to reducing risk by minimizing the stoploss but i never really found a complementary technique for an exit strategy. Which is why while my win/loss ratio is so high ( 87% right now) I am still suffering because at short timeframes it is nearly impossible to do a lot of frequency in your trading while maintaining a risk reward ratio above 1:1 ..

This is where this little gem of a thread comes in. As you so aptly put it there are 2 main distinctons for entries based on this strategy of yours:

1) You enter after the "Signal bar" or what is refered to as a buy/sell stop on your charts. The issue with this becomes clear and apparent very fast, it is difficult for smaller timeframes because your odds of being stopped out are relatively high, if you use larger timeframes it tends to work very well and for some reason based on the construction of the charts there does not seem to be a "amplificatory" effect in terms of chartsize, i.e a 40 tick chart can still display valuable information if you are basing your trades on a 10 tick chart. Which is partially what makes this so good, because since my entries are usually at the low or the middle of the "signal bar" all i have to do instead of exiting the trade is watch how it unfolds into a beautiful scalp-2-swing setup/position.

2) You enter at a certain retracement levels as you have demonstrated, essentially buying the pullbacks of a larger up or downtrend. Now this in itself is great as long as your level is set reasonably, but my biggest concern is that you will have to accept a reasonable "Punishment" for your stops, because they have to be decently wide, and for somebody who uses small stop sizes such as i do this simply does not become acceptable. Now alternatively you can use this as a confirmation for an entry based on your already existing strategy.. may this be priceaction, fibonacci or some other set of rules, either way this is an interessting tool but to some extent is basically a different visualization of priceaction.

Either way:

This is a brilliant tool for scalpers to help them decide on whether to stay in a position or simply scalp out as usual. Still working on refining the settings, will share my insights once i have some more "conclusive" views based on more than 48 hours + backtesting.

Quite frankly this has also inspired me to write what i believe to be a potentially very powerful pseudo-code/algorithm to automate a strategy based on Orderflow + Priceaction. Although i am very convinced that there is a very fine balance/distinction regarding subtelties of market price movements that are too hard/complex to finetune into an automated trading system. Although i think ill start getting on that horse now.

Thats my view for now, will share what i find and post some results and ideas over the coming weeks/days

Thanks for you reply. It seems to me that my systems short trades works better than the long ones. Have you noticed the same with your system? Regards Outlander

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  #139 (permalink)
Vienna Austria
 
 
Posts: 116 since Mar 2012
Thanks: 16 given, 67 received


Outlander View Post
Thanks for you reply. It seems to me that my systems short trades works better than the long ones. Have you noticed the same with your system? Regards Outlander


Yes and no, Smaller timeframes seem to favour bearish action from what i can see. But on the larger timeframes the issue "equals" itself out.





As you can see the long uptrend channels are somewhat very stable for longterm swing positions... and if you get it right you are in for basically one HELL of a profit day basically from what i have written down in my notebook (from backtesting) the ratio seems to be a minimum of 4:1 on trend days.

On the smaller timeframes because of those "collision" occasions i have highlighted in red your biggest obstacle becomes navigating this. Thankfully my entries are not dependant on this but it becomes a pain if you are using this as an entry strategy on smaller timeframes.. simply too many fakeouts, although i assume that in the overall scale for the day the wins will outweigh the rewards.

I still have to take a look at this on much higher timeframes, what are you using as settings for the 6E EURUSD Future?
I have found Nasdaq to react very positively both short and longterm. Its very interessting and works superflous with my orderflow entry strategy/system. Nasdaq may just become my new favourite instrument because of how well the two work together. I will try doodling around some more with other stuff including a more deeper look at your retracement levels.

The nice thing that i figure is if that if you are struck in a ridiculous trendchannel or uptrend, then this system provides you with very easy points to enter into the swingmove while it lasts.
But overall i have noticed that on certain timeframes (mostly medium-high) the possibility of a retracecandle becoming statistically much more likely. I would have to forcefeed this into a data analysis program to find out for sure but a simple glance is usually more than enough for a first impression. So the advantage of having your retrace lines is definitely a good thing.

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  #140 (permalink)
Všnersborg Sweden
 
Experience: Beginner
Platform: Sierra
Broker: Transact
Trading: YM,EMD,DAX,CL,CG
 
Outlander's Avatar
 
Posts: 396 since Jan 2013
Thanks: 559 given, 141 received



Amnesia View Post
Yes and no, Smaller timeframes seem to favour bearish action from what i can see. But on the larger timeframes the issue "equals" itself out.

As you can see the long uptrend channels are somewhat very stable for longterm swing positions... and if you get it right you are in for basically one HELL of a profit day basically from what i have written down in my notebook (from backtesting) the ratio seems to be a minimum of 4:1 on trend days.

On the smaller timeframes because of those "collision" occasions i have highlighted in red your biggest obstacle becomes navigating this. Thankfully my entries are not dependant on this but it becomes a pain if you are using this as an entry strategy on smaller timeframes.. simply too many fakeouts, although i assume that in the overall scale for the day the wins will outweigh the rewards.

I still have to take a look at this on much higher timeframes, what are you using as settings for the 6E EURUSD Future?
I have found Nasdaq to react very positively both short and longterm. Its very interessting and works superflous with my orderflow entry strategy/system. Nasdaq may just become my new favourite instrument because of how well the two work together. I will try doodling around some more with other stuff including a more deeper look at your retracement levels.

The nice thing that i figure is if that if you are struck in a ridiculous trendchannel or uptrend, then this system provides you with very easy points to enter into the swingmove while it lasts.
But overall i have noticed that on certain timeframes (mostly medium-high) the possibility of a retracecandle becoming statistically much more likely. I would have to forcefeed this into a data analysis program to find out for sure but a simple glance is usually more than enough for a first impression. So the advantage of having your retrace lines is definitely a good thing.

Thanks for your swift reply. For the EC something like 30-29-28, YM might 40-39-38, More volitile futures like the DAX needs at least 50-49-48. As you can see all settings uses 1 tick less for the mid setting and 2 tick less for the last setting. If using that order you get the trend channel look as you can se in all my chart posted. I think it better with to "large" setting then to "small" settings. It prevent the "trend" to chop. The break out trades then the trend changes workes best in more volite futures. The stop dont have to be that large as the trades that works seems to have a smaller draw down than the loosing ones. If no entry on a trend change a pullback entry might work. To not catch a falling knife I use a stopentry 4-5 tick from the High/Low of the pullback against the trend. Regards Outlander

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