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The chart shows a simple way to use Flex Renko. The settings in this chart is 40-39-38 so in a uptrend we get a new bar for each new tick high and vise versa in down trend. The higher setting we use the longer it stays in the "trend". With the 40-39-38 setting it is 44 ticks from high to get a reversal down bar. The reversal bar up marked in the chart is 44 ticks from low. 44 ticks is a large stop so we might use something smaller depening on how much you want to bet on the trade. Many of us myself included spend to much time how to entry a trade and not how to exit the trade. Is the stop is it no "problem" but if the trade goes well where to exit is the hard question. I use a trailing stop and a target of 3-4 times the stop. If this is the"best" I am not sure but the best I have come up with so far. Any advice how to sett targets would be nice? Regards Outlander
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Problem with this is the pull backs are SOOO big, so for the 1st one, go on the 1st bar, I've seen were the third bar is a reversal bar, so you end up losing big time, and I seem to have the same problem with going for pull backs, any one of the pull backs can end up reversing and making another big lose. The system kinda looks great but I dont know how to avoid a reverse?
The following user says Thank You to tellytub for this post:
If entry on first bar of a new trend you can not know when the reversal bar will come. Like all trades you can only hope for the best.So using the whole range is to large stop. Better to use something like 25% of the range for initial stop. The entry on the first bar seems to work best in a volatile instrument. So entry on the first bar is a kind of break out trade and the stop should not be large. The breakout trade should either work an small stop or be stopped out. If entry on pullback limit on 40-50 % of the range. 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
The following 2 users say Thank You to Outlander for this post:
