Scalping away with 1/3pip Renko charts
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Thread: Scalping away with 1/3pip Renko charts

  1. #1
    Akesa
    Guest
    Hi ,

    I decided to begin a journal using a method which suits my style of trading and doesn't involve any indiors, only a bit of overall trading'common sense', respecting previous SR and placing some fibs on a current move.

    I am trading, amongst other, the EURJPY using a Renko chart in another way into the standard.

    Instead of set a Renko chart up to have 1 box equal to a number of pips (10,20,50 anything ), together with the connected indior I will almost'tape commerce'

    The chart below is set together with the Renko chart configurations: BoxSize 3, BoxWidth 8 (this can be less to more to suit your eyes! The reduced number the narrower each box attracted will be). I open the M1 EURJPY chart and include the Renko Ticker. I then proceed the indior to take up the majority of the display as you can see.

    Please ignore the times on the chart as this is NOT the time of this transfer as the Renko chart does not proceed with the candles in the minized candle chart on very top.

    There was a down'trend' out of 118.67 (11:15am to look at your charts) into 118.382 (at 11:35).

    On discovering this was retracing I then place the standard fibs on the indior chart as you can see.

    The 118.50 level looked very interesting as it was virtually bang on the 50% retracement level of this down move and had some'preceding' together with all the down move. Since the down move had broken this amount I was expecting it for a resistance level to the current retracement.

    So I went short using a 12 pip SL.

    https://www.forexsoutheast.asia/atta...1977301851.ex4
    https://www.forexsoutheast.asia/atta...1243963922.mq4

  2. #2
    Akesa
    Guest
    The commerce went as I expected and bagged 16 pips at the Take Profit degree.

    If you want to load this onto your charts, you have to set this up and let it run for a good half hour before thinking of trading as the data builds up over time from scratch in the window.

    I shall post some more charts afterwards.

  3. #3
    vlasecaz
    Guest
    Quote Originally Posted by ;
    Hi ,

    I decided to start a journal with a method that suits my style of trading also does not involve any indiors, only a bit of general trading'common sense', respecting previous SR and placing any fibs on a recent movement.

    I am trading, amongst other, the EURJPY using a Renko chart in a different method into the standard.

    Rather than set a Renko chart up to possess 1 box equal to numerous pips (10,20,50 whatever), together with the connected indior I can almost'cassette trade'

    The chart below is set together with the Renko chart configurations: BoxSize 3, BoxWidth 8...
    how long have you been trading this? With what outcomes.

    Can you attach the renko blocks please.

  4. #4
    Akesa
    Guest
    Hi

    I am still learning... I've been trading a couple weeks using it and it's a case of'teaching the eye' to read the price action at different levels. It's quite interactive that I like.

    The indior is at the very first article.

  5. #5
    vlasecaz
    Guest
    Quote Originally Posted by ;
    Hello

    I'm still learning... I have been trading a few weeks using it and it's a case of'instructing the eye' to read the price action at different levels. It is quite interactive which I like.

    The indior is in the first post.
    Can you explain your entry and exit by means of a chart example, giving reasons why?

    thanks

  6. #6
    Akesa
    Guest
    A great GBPJPY setup earlier now:

    Entry Long @ 139.98 - 50% retracement of up trend, and also the price level revealed'activity' on the way up. Expect this to become resistance into the retracement down.

    Target: Swing High of 140.42

  7. #7
    Akesa
    Guest
    Worked out well - first profit shot at Swing High, 40pips.

    I set the Renk charts going for a couple of hours of a few pairs and look for one with a clear trend. Then I place simple fibs about the move and look for likely retracement turning points. When there's been a lot of action at either the 50% or 61.8% levels they generally hold well to some fantastic trade to at least the previous swing high (or low in down trend)

  8. #8
    Akesa
    Guest
    A good illuion of how reliable the short term S/R levels are for two or three 10 to 20 pip scalps

    here's a GBPJPY chart that strikes perfectly on a preceding resistance price level that has become support

  9. #9
    Akesa
    Guest
    Nice start to the afternoon with a 25 pip trade long on the EJ.

    The key is to wait for an impulsive trend to identify itself, and then wait for the retracement to achieve among the levels. Safe goal is that the prior High (UT) or Low (DT).

    Another goal I frequently go for (depending on recent S/R levels to the left) is that the 161.8% amount from the initial move. The 1M candle chart of the same move below shows it nicely. This led to a near 60 pip move from the initial entry.


  10. #10
    Kiinty93
    Guest
    Quote Originally Posted by ;
    Hi ,

    I decided to begin a journal using a method that suits my style of trading also doesn't involve any indiors, just a bit of general trading'common sense', respecting previous SR and putting any fibs on a recent move.

    I'm trading, amongst other, the EURJPY using a Renko chart in another method to the standard.

    Instead of set a Renko chart up to possess 1 box equal to a number of pips (10,20,50 anything ), together with the attached indior I can almost'tape trade'

    The chart below is put together with the Renko chart settings: BoxSize 3, BoxWidth 8 (this...
    thanks for your sharing, Willowgal!

    I appreciate a lot your chart, I'll follow your thread as we discuss the exact same idea for entrance and exit.

    Would you tell me where can I get the Renko chart (the tick chart, right?) To see the facts of the price movement?

    yours,

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