Scalping away with 1/3pip Renko charts - Page 2
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Thread: Scalping away with 1/3pip Renko charts

  1. #11
    Akesa
    Guest
    Hi shunfeng,

    Simply place the mq4 file attached to the first place in your MT4 indiors folder. I believe you just want the .mq4 one.

    Open a chart and insert it as you would any other indior. Set the BoxSize to 3 and BoxWidth to 3.

    Drag the indior box to pay most of the screen and allow it to at least an hour for the data to chart to construct. A new box (a ster really!!) Will shape for each 1/3 of a pip moved (blue up, reddish down).

    IMPORTANT: Once, you've got the indior up and producing data in the window, dont change the Timeframe of this chart when the Ticker_Renko_Box indi has built up info or it will begin again from nothing!!

    I'll put a few more charts up shortly. Since they're generated in real time you cant test this.

    WG

  2. #12
    Kiinty93
    Guest
    Quote Originally Posted by ;
    Hi,

    Simply put the mq4 document attached to the first post in your MT4 indiors folder. I think you just need the .mq4 one.

    Open a chart and add it as you would any other indior. Establish the BoxSize to 3 and BoxWidth to 3.

    Drag the indior box to pay most of the screen and allow it to an hour for those data to chart to construct. A new box (a dot really!!) Will shape for every 1/3 of a pip moved (blue upward, reddish down).

    IMPORTANT: Once, you have the indior upward and producing data in the window, then dont change the Timeframe of the chart when...
    thanks to your reply, Willowgal!

    The market is closed about two weeks before.

    I'll check the indior next Monday.

    Please do post additional charts, I want to post some too if the indior works well on my MT4 platform. It is a pleasure to share with somebody of those like-minded.

    Nice weekend!

    yours,

  3. #13
    Akesa
    Guest
    Here is how I exchanged yesterday's USDJPY pair (Friday 25 Jan 2013)

    About 8.50am UK time set the Renko Ticket Box indior away (on a USDJPY 1 second chart) to construct price background data (I'd usually begin this off around 6am for at least a couple of hours of data to analyse before beginning trading).

    1st Step: Determine whether the pair is in a trend or going sideways (in a station ).

    You can observe a miniature uptrend that appears to be from 90.57 up to 90.90 followed by the beginning of a few retracement of the move.

  4. #14
    Akesa
    Guest
    I checked the candles chart at this point to find out if 90.57 was the real low of this movement. As you can see in display 2 it was not - the move really

    started around 7:19am GMT at price 90.45. So this was a miniature 45 pip Uptrend before it retraces.

    (this just has to be performed once at the start of the day, as from then we will possess the Renko price information to use to determine future amounts, highs,

    lows etc.)

    After I have established the High and Low of this miniature uptrend I draw on the conventional fibs on the chart together with the crucial points being:
    23.6percent = 90.80
    38.2percent = 90.73
    50% = 90.68
    61.8percent = 90.62
    78.6percent = 90.55

  5. #15
    Akesa
    Guest
    Then, I proceed to the Renko chart and draw on these price lines manually (instead being able to utilize the fib instrument to do it for me). Then mark off which of these levels have shown previous'attention' on the upmove. Both the 50% and 61.8% levels did so, so in my mind I'm currently looking to go LONG when price retraces down to a few of them.

  6. #16
    Akesa
    Guest
    On display 4 we can see that price, having respected the 38.2% level on several occasions, has now retraced down to approach 90.68, the 50% retracement (or Pivot) degree. Time to carefully begin watching price action....

  7. #17
    Akesa
    Guest
    After briefly falling through this degree, price quickly responded and that is where I move Long at around 90.69.

    1st Profit Goal: Swing High 90.90 (21 pips). Stop loss 3 pips below 78.6% retracement level 90.52 (17 pips)
    2nd Profit Goal: 45 pips 90.68 ie. Initial upmove to be repeated following the retracement ie. 91.13

  8. #18
    Akesa
    Guest
    We hit the first Profit Target in screen 6. I then watch price action and look on the candles chart on the left to see whether there are any apparent levels of resistance that are very likely to stop the move going much further.

  9. #19
    Akesa
    Guest
    To have a peek at the'bigger picture' I go to the 1 second candles chart (everything is relative!!) . As we can see nothing to the left up to now I allow the lengthy haul trip, moving my stop a few pips below every subsequent higher swing low in the move.

    When there was one or more drops to the left I would usually take half profit and watch the rest carefully. This looked a fantastic chance though with no stressing levels just above current price.

  10. #20
    Akesa
    Guest
    Second Profit target is hit (see chart 8).

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