It's like targeting 1 ES point with 2 ES stop how long have you backtested this? And how many trades a day do you get?
I take all the trades after first half an hour of opening. Even though loss is twice the win but most days there is a net win day. I have not backtested it as I donot know how to do it. But if there are 2-3 losing trades, I stop for that day . Overall I am profitable every month. One another problem. After completion of second bar the trade does not close as each bar is on the last trade. In that case I manually close the trade.
In for this thread. I have come up with some "holy grail" renko systems that didn't work in real life application. It looks like it would be super easy to get on board a big trend using Renko charts. Btw the huge images in this thread messed up the formatting of the posts and now we have to scroll to the right to finish reading each line. Also, if you like renko charts, you may also be interested in "constant range charts" where each bar is a specified point value (therefore all candles are the same size... no more "tall bars").
Thanks for your comments. I will definitely look into constant range chaets. When market is moving sideways with renko i lose money but for a trending market it is simple profitable method. (not hugely profitable as target profit is only one bar. Sometimes it is difficult to say whether it is a pullback or change of trend. I want to improve and all suggestions are welcome. Thanks
i use renko charts in my trading for a long time i think i could not have been able to make money without them they are superb they are like a gun to the sheriff,if you know what i mean http://www.youtube.com/watch?v=9QLa_wZHr7M it is a weekend guys !
This is to OSHO67 and anyone else interested. I have been trading for about 2 years now, and have just gotten into technical analysis. I have combed over hundreds of indicators and have fallen in love with renko charts. Also I have found that Bill Williams fractal signals give you clear direction. There are some losses of course but very minimal and they retrace back. Fractal signals alert you of a reverse. If you're interested in smoothing your trading out , I would try this. I, myself don't put any profit target or losses. I sit and monitor. I know some can't do this, but for those who can, you'll have great returns. If anybody has any advice or feedback I'd love to hear it.
Thanks for your post. How do I get fractal signals. Any literature to read about this ? I will try to google for more info as well. I understand kagi charts will help me as well. I cant find any provider of kagi charts. Any info appreciated - from anyone. Renko charts are great. I make small profits all the time. I know there is lot of improvements required and I am working on some as well. I will post more info after testing some ideas.