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Trading Price Action On Renko Charts - Live Trades
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Trading Price Action On Renko Charts - Live Trades

  #51 (permalink)
Elite Member
Raleigh NC USA
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: FXCM, NTB
Favorite Futures: YM, CL, EUR/USD
 
Posts: 67 since Jan 2013
Thanks: 75 given, 77 received

Tuesday - 06_16_15

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Summary/Review:

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.

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  #52 (permalink)
Elite Member
Raleigh NC USA
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: FXCM, NTB
Favorite Futures: YM, CL, EUR/USD
 
Posts: 67 since Jan 2013
Thanks: 75 given, 77 received

Wednesday - 06_17_15

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Summary/Review:

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.

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  #53 (permalink)
Elite Member
Raleigh NC USA
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: FXCM, NTB
Favorite Futures: YM, CL, EUR/USD
 
Posts: 67 since Jan 2013
Thanks: 75 given, 77 received

Thursday - 06_18_15


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Summary/Review:

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.

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  #54 (permalink)
Elite Member
Raleigh NC USA
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: FXCM, NTB
Favorite Futures: YM, CL, EUR/USD
 
Posts: 67 since Jan 2013
Thanks: 75 given, 77 received

Friday - 06_19_15

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Summary/Review:

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.

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  #55 (permalink)
Elite Member
Raleigh NC USA
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: FXCM, NTB
Favorite Futures: YM, CL, EUR/USD
 
Posts: 67 since Jan 2013
Thanks: 75 given, 77 received

Monday - 06_22_15

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Summary/Review:

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.

On a side note, comments like this always amuse me : "....the reason ES algos just took out overnight highs was due to a BBC interview...." [SOURCE: http://www.zerohedge.com/news/2015-06-22/greece-rescued-economy-minister-tells-bbc]

Hope everyone else had a good start this week as well!

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  #56 (permalink)
Elite Member
Southampton + Dorset/England
 
Futures Experience: Beginner
Platform: ninjatrader
Broker/Data: Ninjatrader, Continuum
Favorite Futures: CL NQ
 
Posts: 25 since Jan 2015
Thanks: 15 given, 5 received


macgwrite View Post
Hello everyone,

This will serve as my trading journal across all markets. I trade Brooks Price Action on BetterRenko charts, and I consider myself mainly a pullback scalper. I've been posting a journal on Al's site for a while, and I've decided to share it with futures.io (formerly BMT). I've gotten a lot of good information - and even my chart type - from futures.io (formerly BMT), so I'm hoping it will be helpful to others.

Some Background About Me

I discovered futures near the end of 2012 and promptly opened an account with Mirus so I could acquire my fortune. I lost a small amount of money quickly and realized that I really didn't know what I was doing. So, I began studying Brooks Price Action in January 2013. While doing that, I started trading in TopStep combines, and I eventually passed one in Dec. 2014 trading CL using BPA with a Mack style entry system (PATs Trading). [Combine report attached below if anyone's curious]

Before doing Live Trader Prep with TsT, I decided to trade my own small account in early 2015. It went great for about a week, and then I lost about $2K in 2 days... It became clear that I needed help with psychology, so I purchased Andrew Menaker's MYMYT course and have been working through it. I started LTP but eventually stopped before finishing it because I realized that no amount of continued sim trading was going to help me. I needed real money stress in order to keep growing. (I also had some misgivings about TsT's loss limits - namely, they forced me to risk far more than I thought wise on a $2K account in CL)

So, I decided to start trading very small with my FXCM account. During the last few weeks, I've modified my approach radically. I now use wide stops and scale in as trades go against me to increase probability (when appropriate). The entries and exits are much more mechanical, too.

My Approach

(I will post a more detailed plan soon. But for now, here's the basic ideas)

For the EUR/USD, I use a 4 BetterRenko chart with a 30 period EMA. I also have the 20 period EMA of both the 15 min and 60 min charts on my BetterRenko chart. All EMAs are used solely as support and resistance - no crossovers, etc.

The charts below show the general concepts of my entries and exits:

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I use a lot of "ALbreviations" in my analysis, but please feel free to ask if something is unclear. I look forward to new ideas and feedback!


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Hi there,

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?

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  #57 (permalink)
Market Wizard
Missoula, MT
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: NinjaTrader
Favorite Futures: CL, ES
 
michaelleemoore's Avatar
 
Posts: 3,279 since Nov 2012
Thanks: 5,003 given, 10,805 received
Forum Reputation: Legendary


sparks01 View Post
Hi there,

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?

This will solve your problems: https://futures.io/download/ninjatrader-7/indicators/939-download.html?view

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The following user says Thank You to michaelleemoore for this post:
 
  #58 (permalink)
Elite Member
Southampton + Dorset/England
 
Futures Experience: Beginner
Platform: ninjatrader
Broker/Data: Ninjatrader, Continuum
Favorite Futures: CL NQ
 
Posts: 25 since Jan 2015
Thanks: 15 given, 5 received



Many thanks sir!

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