Hi guys and gals.
At the beginning i want to say that i'm not sure of anything...
I have new idea to trade renko.
When this idea was born the market was closed so be generous because i can't check my ideas at this time.
I don't know if used indicators are repaint or not.
I hope the renko lovers say something interesting about this method.
So let's check the rules.
1. Wait for colour change
2. Wait for VCustom 3 brick will close over "6 level" or under "-6 level"
3. Check support and resistance indi
Don't go for BUY if Sup/Res is just above the price
Don't go for SELL if Sup/Res is just below the price
4. Wait for "Trend Direction" indi goes under (SELL) or above (BUY) middle lines
5. If all conditions are met You can take the trade.
6. Take 20 pips and leave the market
If PA don't turn on another candle, You can make another checklist...
If every condition is met You can re-enter and take next 20 pips
WHEN TO GO OUT?
When Trend Direction indi starts to falling or going up from previous position You must runnaway.
Now let me take You to a journey of my logic.
I will explain each of my 19 points of changing colour of renko bricks and tell You why this point is good or bad...
1. VCustom 3 isn't under "-6 level" -> BAD TRADE
2. Every condition was met so it is a GOOD TRADE
3. No conditions met -> BAD TRADE
4. No conditions met -> BAD TRADE (But 1 brick later all conditions was met, so it's GOOD TRADE)
5. No conditions met -> BAD TRADE (But 2 bricks later all conditions was met, so it's GOOD TRADE)
6. No conditions met -> BAD TRADE
7. All conditions are met BUT we have only about 13 pips to SUP/RES so I don't recommend this trade as a valid one -> BAD TRADE
8. No conditions met -> BAD TRADE
9. No conditions met -> BAD TRADE
10. No conditions met -> BAD TRADE
11. No conditions met -> BAD TRADE (But 1 brick later all conditions was met BUT we have only about 13 pips to SUP/RES so I don't recommend this trade as a valid one -> BAD TRADE)
12. No conditions met -> BAD TRADE (But 1 brick later all conditions was met, so it's GOOD TRADE)
13. No conditions met -> BAD TRADE (But 2 bricks later all conditions was met, so it's GOOD TRADE)
14. No conditions met -> BAD TRADE (But 1 brick later all conditions was met, so it's GOOD TRADE)
15. No conditions met -> BAD TRADE
16. Every condition was met so it is a GOOD TRADE
17. No conditions met -> BAD TRADE (But 1 brick later all conditions was met, so it's GOOD TRADE)
18. No conditions met -> BAD TRADE
19. Every condition was met so it is a GOOD TRADE
On my chart I have one more indi(arrows) I didn't mention earlier, it's SMA Crossover Justin.
I don't know is he repainting... I will check this on monday.
For now (when the market is closed) it looks nice.
Important thing - with this rules we can avoid ranging market.
Only when all conditions are met we can enter the market.
I don't know if we need SL?
We close our trade on every change colour of the brick.
When You are out of Your screen You can use SL, but what SL?
I hope You guys figure something out
If anyone have question please ask. I'll try to answer as fast as I can.
And of course I apologize for mistakes in english.
Stay green
Laksior
At the beginning i want to say that i'm not sure of anything...
I have new idea to trade renko.
When this idea was born the market was closed so be generous because i can't check my ideas at this time.
I don't know if used indicators are repaint or not.
I hope the renko lovers say something interesting about this method.
So let's check the rules.
1. Wait for colour change
2. Wait for VCustom 3 brick will close over "6 level" or under "-6 level"
3. Check support and resistance indi
Don't go for BUY if Sup/Res is just above the price
Don't go for SELL if Sup/Res is just below the price
4. Wait for "Trend Direction" indi goes under (SELL) or above (BUY) middle lines
5. If all conditions are met You can take the trade.
6. Take 20 pips and leave the market
If PA don't turn on another candle, You can make another checklist...
If every condition is met You can re-enter and take next 20 pips
WHEN TO GO OUT?
When Trend Direction indi starts to falling or going up from previous position You must runnaway.
Now let me take You to a journey of my logic.
I will explain each of my 19 points of changing colour of renko bricks and tell You why this point is good or bad...
1. VCustom 3 isn't under "-6 level" -> BAD TRADE
2. Every condition was met so it is a GOOD TRADE
3. No conditions met -> BAD TRADE
4. No conditions met -> BAD TRADE (But 1 brick later all conditions was met, so it's GOOD TRADE)
5. No conditions met -> BAD TRADE (But 2 bricks later all conditions was met, so it's GOOD TRADE)
6. No conditions met -> BAD TRADE
7. All conditions are met BUT we have only about 13 pips to SUP/RES so I don't recommend this trade as a valid one -> BAD TRADE
8. No conditions met -> BAD TRADE
9. No conditions met -> BAD TRADE
10. No conditions met -> BAD TRADE
11. No conditions met -> BAD TRADE (But 1 brick later all conditions was met BUT we have only about 13 pips to SUP/RES so I don't recommend this trade as a valid one -> BAD TRADE)
12. No conditions met -> BAD TRADE (But 1 brick later all conditions was met, so it's GOOD TRADE)
13. No conditions met -> BAD TRADE (But 2 bricks later all conditions was met, so it's GOOD TRADE)
14. No conditions met -> BAD TRADE (But 1 brick later all conditions was met, so it's GOOD TRADE)
15. No conditions met -> BAD TRADE
16. Every condition was met so it is a GOOD TRADE
17. No conditions met -> BAD TRADE (But 1 brick later all conditions was met, so it's GOOD TRADE)
18. No conditions met -> BAD TRADE
19. Every condition was met so it is a GOOD TRADE
On my chart I have one more indi(arrows) I didn't mention earlier, it's SMA Crossover Justin.
I don't know is he repainting... I will check this on monday.
For now (when the market is closed) it looks nice.
Important thing - with this rules we can avoid ranging market.
Only when all conditions are met we can enter the market.
I don't know if we need SL?
We close our trade on every change colour of the brick.
When You are out of Your screen You can use SL, but what SL?
I hope You guys figure something out
If anyone have question please ask. I'll try to answer as fast as I can.
And of course I apologize for mistakes in english.
Stay green
Laksior
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Uploaded Dec 13, 2015 5:49pm