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FlexRenko in day trading


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FlexRenko in day trading

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


Outlander View Post
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

Testing those settings now, let me show you one of the entries i have been working.





So my normal systme provides me with a relatively precise entry point with a stop of 3 ticks. Now i would normally scalp out for +5 or 6 ticks as indicated on the chart1, but as you can see on chart 2 at the same time we had a signal bar forming. While i agree that if you look at the top left part of the lower left corner there could have been fakeouts/spikes it generally seems to be the case that these signal upmoves will provide at least 4-5 more ticks in your direction. On the larger timeframes (right side of picture 2) you can see the signal bar forming in the mean time. Now once those would have closed you would have had essentially a golden ticket to simply "ride the trend". Essentially taking 3x more in terms of profit than you regularly would.

So this is one of the applications I am currently developing for my exit strategies using flexrenko.
I generally like the idea of using your type of entry system but i have yet to discover more "data" for the higher timeframes. As of yet i am unsatisfied with the settings, each of them is peculiar in its own way and has advantages and disadvantages. 10-9-8 is relatively interesting and 13-12-11 seems to work out nicely for longer moves and displays the same data as the 10-9-8 but reducing the "noise".
on the other hand 5-4-3 is too noisy yet provides a cleaner view for certain entries whereas 4-3-2 is generally much much much more precise but if you dont have an entry system you are going to get suckerpunched by the "whipsaws" and countermovements.

The charts are interessting that way, as i said i will definitely check out your settings for the higher timeframes, i am very interested in the concept of entering limit orders on retracements and how to minimize stops, or if im just going to go with the smaller timeframes. I wanted to ask you, have you tried playing around with geometry and flexrenkos? I.E trendlines or andrews pitchfork or fibonacci (expansion, projection, retracement etc ?)

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  #142 (permalink)
San Diego, California
 
Experience: Intermediate
Platform: NinjaTrader, Felton
Trading: CL, GC
 
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Posts: 141 since Aug 2009
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Not exactly FlexRenko, but these "renko" bars have some nice, profitable swings... gotta just keep 'riding the waves' and reversing at all the trend changes in this GC market....

H

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  #143 (permalink)
Vienna Austria
 
 
Posts: 116 since Mar 2012
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Hapster View Post
Not exactly FlexRenko, but these "renko" bars have some nice, profitable swings... gotta just keep 'riding the waves' and reversing at all the trend changes in this GC market....

H

That is a very interesting setup.. Ninjatrader i presume?

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  #144 (permalink)
Všnersborg Sweden
 
Experience: Beginner
Platform: Sierra
Broker: Transact
Trading: YM,EMD,DAX,CL,CG
 
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Amnesia View Post

I wanted to ask you, have you tried playing around with geometry and flexrenkos? I.E trendlines or andrews pitchfork or fibonacci (expansion, projection, retracement etc ?)

Thanks that line of yours seems to do well. I have not tested I.E trendlines or andrews pitchfork or fibonacci (expansion, projection, retracement. But I use 50% area for entrys on a pullback. The first 1 I dont know what it is. (I am from Sweden) I know Andrews Pitchfork and Fibbonacci. I will look at it and see if I can come up with something. Regards Outlander

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  #145 (permalink)
San Diego, California
 
Experience: Intermediate
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Amnesia View Post
That is a very interesting setup.. Ninjatrader i presume?

Yes, Ninjatrader

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  #146 (permalink)
Vienna Austria
 
 
Posts: 116 since Mar 2012
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Love the colors and the look/feel of the chart, whats that indicator you are using for the lines?


@Outlander

First tests are looking promising.


So far im quite happy, my exit efficiency has gone up dramatically and correlates with my overall entry efficiency now. Also its a neat reward you can reap for trading only 1 contract, very rewarding. i wish every day was like this.

Results on FGBL Future and Nasdaq are even more impressive actually than on 6E. This tool is definitely a goldmine when it comes to exit strategies and holding trades. Thanks for sharing, i still feel the need to make some additional tweaks to it before beginning on working on an automated system and using this as exit criteria, but i need to look a bit deeper into sierracharts coding mechanisms for that.

Will update once i have more findings.

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  #147 (permalink)
Všnersborg Sweden
 
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Quoting 
Amnesia



You test is great. This my test run EC today. Regards Outlander

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  #148 (permalink)
San Diego, California
 
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Instead of all in/all out on one contract, have you thought of trading TWO contracts and reversing with THREE contracts each time and trailing the entry stop up to reverse at trend change, but in the meantime, covering one of the two contracts at 8-10 ticks when that profit is available on the one contract, thus always trailing ONE at all times?

H

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  #149 (permalink)
Všnersborg Sweden
 
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Posts: 396 since Jan 2013
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Hapster View Post
Instead of all in/all out on one contract, have you thought of trading TWO contracts and reversing with THREE contracts each time and trailing the entry stop up to reverse at trend change, but in the meantime, covering one of the two contracts at 8-10 ticks when that profit is available on the one contract, thus always trailing ONE at all times?

H

I am not sure if the question was directed to me. But for myself I am a all in all out trader. Regards Outlander

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  #150 (permalink)
Vienna Austria
 
 
Posts: 116 since Mar 2012
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Hapster View Post
Instead of all in/all out on one contract, have you thought of trading TWO contracts and reversing with THREE contracts each time and trailing the entry stop up to reverse at trend change, but in the meantime, covering one of the two contracts at 8-10 ticks when that profit is available on the one contract, thus always trailing ONE at all times?

H

Theoretically that is doable although on live i will not be able to do this because of my account size, its simply too high risk for me. If somebody was willing to step up to the plate and say "Here have 130000 USD and do this, you can have 25% of the profits" then sure ill go ahead and do that

This whole thing is complex because there are several factors and each has a key role which can make or break the system on several specific days of trading. A system here needs to be universally applicable and make sure that instead of getting out with a loss because a day was extremely spiky or price was acting highly erratic it simply reduces your profit for that day by an acceptable margin relative to the average trading day winnings.

And still in my humble opinion the most important thing when devising a system that is based on entries with flexrenkos instead of focusing on exits your primary concern would be to enter during a signalbar with a good proportion rather than it happening afterwards, thus allowing you to do stuff like trailing because otherwise a reverse signalbar is going to effectively cut your profits by 2/3 some of the time.


@Outlander :

Nice results, i see we are getting similar results, with your holding strategy being clearly superior because of the larger gains on the profitable trades. Are you using the 40 tick settings on the 6E future here?

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