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Trading Price Action On Renko Charts - Live Trades
It was a fairly lackluster day. The MKT was slow, and I just wasn't feeling in the zone. I took one trade and stopped since I thought the MKT would likely go sideways for the rest of the day. There were some others I passed on because my mind wasn't working quickly enough today.
Can you help answer these questions from other members on NexusFi?
Ah, what can I say? I just didn't perform very well today. I think one big issue is that I just don't really like forex much. I find the pace to be rather slow most of the time, and I feel like I'm constantly arguing with myself about whether I should be trading something else. I start over-thinking, dwelling on possible outcomes, worrying, getting bored, etc. While I can try to convince myself that these are all psychological problems, which is true, that won't change the fact that there are probably better markets for my trading style/personality.
The other thing I need to stop doing is thinking about what other people might say about this or that trade. I often find myself asking, "What would Al say here?" But that's not helpful at all since I have to make my own decisions and trade my own style.
So my plan is to give the YM another shot. For the most part, I enjoy trading it much more than forex, and I seem to trade it better lately (when I'm not making emotional mistakes). I may also try the mini Crude contract. I love trading CL, but I don't really have nearly enough money to do it live - so maybe the mini would be a decent option.
This is the worst day I've had in a long time. I'm very angry at myself right now for all the mistakes. This is the first time since I started trading that I've seriously entertained thoughts of throwing in the towel...
I'm going to try and suck it up though. One thing was clear today: I just don't have enough capital to trade futures without being totally uncomfortable. So, I have no choice but to stick with forex for the foreseeable future, and I'll just have to deal with it.
Also, I'm going back to the "new method." I was doing well with it, so I'm just going to avoid the stop entries again. I've never been overly consistent with them, so it makes sense to go back to what was working.
Another bad day, and my first losing week in a long time. I'm not really sure why I'm trading so poorly, but it's eroding my self-confidence a lot. I think I'm becoming impatient and unfocused when the markets feel slow, so I'll try to work on that.
Today, I tried the 5 renko with the goal of eliminating some of the trees so I could see the forest better. It's ok, but I think I still like the 4 renko the best - just enough detail for me without being overwhelming. I also tried a GBP/JPY trade since the Euro was moving so slowly. Splitting my focus between markets is probably a bad idea at this point.
Next week, I'm planning to go back to the basics and see if I can get back to a better state of trading.
Much better start this week. Aside from bad management on the eur/usd trade, I felt pretty good today. I started using Headspace this weekend, and although it's early, I think it's going to help me out a lot.
I'm trying to focus on executing trades according to plan without worrying about the outcome so much. I'm also trying to stick with trades in the Always In direction as much as possible without cherry-picking. More often than not, these trades at the 66% PB levels work back to the 33% level even when I can't believe they do or don't think they will. So, I think it's probably in my best interest to go with it and avoid asking too many questions.
I took another look at the GBP/JPY today, and I really like the way it moves so far. I'll keep checking in with it over the next few weeks and see if it can be added as another MKT when the eur/usd is slow going.
I have just finished the Al Brooks video series, some very educational stuff in there.
Its cool how you've taken the principals and applied them to renko charts
May I ask how you are able to plot moving averages from minute based time frames on a renko chart?
Exported using NT Version 7.0.1000.11
Indicator will only run on NT 7.0.1000.4 or later.
The VisualEMA is a MTF (multi-timeframe) version of the Exponential Moving Average. It will plot on any chart and allows to calculate the moving average
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