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Old forum on RENKO about the wicks...
http://forums.babypips.com/newbie-island/69025-repainting-renko.html
http://forums.babypips.com/free-forex-trading-systems/65174-renko-10-a-7.html
Wow Simple glad everything worked out for you
I wouldn't even know where to start
Good luck with that. I don't think Coding is for me. Takes a lot of patience. I don't know why those wicks form but let us know how it works out.
I have been in and out of sleep as well. Just figured I might as well get up since I was dreaming about charts anyways.
Night owl....
Was referring to less market noise and choppiness with patterns forming with no real direction
If Renko eliminates the whipsaw like on candles, then when a ZUP pattern forms on the RENKO chart then it should be big.
Bingo
It's supposed to be a more powerful indicator on the RENKO, much better than on the candlestick chart. Trying to find the article again to post it.
Apparently that's a part of a Renko strategy. You wait for two correlated pairs to swing at the same time then trade the strongest pair with a max lot. Correlated pairs swing at the same time like twice a day supposedly
Yeah, I took about 15 pips from AUDNZD short. It's normally a mover but not at the moment
Figured UJ make me regret going short at this point. Most oscillators including the monthly are pegged topside and curling down yet it still pushes higher. Hopefully this is a last gasp. Still holding though
Looks to be consolidating before the third leg up. Hope it doesn't drag UJ with it now that I'm short
Ok despite my better judgement, I'm short UJ @ 120.71
Will do Pennies
Great results there Pennies. Definitely worth looking at. Already got it loaded on a couple charts.
Haha. I didn't even notice the gap. I'll look at it again though
You're on a roll now Pennies. I did get a nice score on the AUDNZD short last night as well but looks like I jumped back in kinda early. Still think there's more downside on it though
I'm getting there that's why I went small. We'll chat more tomorrow
Yeah I saw that and looked like it hit the targets as well lol
Sounds good Jav. Good night
Looks good Jav. I'm messing around with it now.
Yeah I'm just trying to get a general idea
Yeah I'm on youtube as well getting familiar with the process.
It's definitely going to take some getting used to. Easier to draw my breakout boxes though
Ok Pennies, got the Renko chart loaded. Let's see how this thing works.
That is a pretty clean looking chart. Similar to HA charts. Box Breakout also calls for a TP around 1.1495 so we have confluence and that's the goal.
Absolutely. Good profit indeed. I'd take it. That's why I'm a fan of the strategy.
The two smaller clusters look like part of a larger cluster which I would've considered as a wait and see unless you're gonna scalp it. The top of the large cluster is well defined but the bottom is still Ify IMO but it lines up with the Jan 29th floor of the large cluster. The Jan 30th bottom appears to be an over throw or wick.
That will take some getting used to. I'm not ready for that one just yet but I'll be monitoring your results.
Ahh! I see. I have a renko indie but haven't played with it much.
Hey Pennies, when drawing the breakout boxes make sure you go to the next higher time frame to ensure/confirm that the over throws are actual candle closes or just wicks. Some times you can get two or three bars above/below the break out line on one time frame and it turns out to only be wicks on a higher one.
Haha.. No one can be right all the time. If that were the case then there would be no need for risk management. You could go all in on every trade. The box strategy is the closest to being right than anything I've come across in my short time of trading.
Exactly. Projecting targets after the fact doesn't help anybody make pips.
Yes, I saw some of the posts and you know I'm a fan of the box strategy. I saw the charts where the targets were reached almost to the pip. I look forward to the video when you get it posted.
I love playing around with these things