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Renko in this thread - Was this tradeable?
Can you help me find the Entry Trigger?
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Generaal_Goudvis
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November 5, 2013 - 13:21
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My normal charts (as I used to trade them) are EJ, EU, GU and EG. And looking at them with your PA in mind, I by no means could find a trade or a setup....without the risky ones.

 

Then I scrolled back on the EurJpy and saw the move of over 200 pips. And tried to see how this could have been trade...And I simply couldn't find it. Not on my Renko's and even not on the H1 and H4 charts (all included). So looking at the aqua box which represents the same move. No trade possible as I see it.

 

What's your opinion?

 

 

Cheers and keep the pips floating.

 

Generaal Goudvis

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Theo Patsios
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November 5, 2013 - 14:14
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Firstly I must ask that we keep this Forum clear of squiggly lines, 
so no RSI and no MA's from now on please,
no offense intended but after 8 years I know better than to bother with them ;)

Now; here is a simple H4 setup for you
Area created, area returned to, entry trigger to confirm.
3 choices for TP

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Generaal_Goudvis
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November 6, 2013 - 00:06
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Oke, point taken. No squiggly lines. This is normally only my setup screen for the Renko-chart.

 

Is the setup-screen also needed for WaveFX?

 

And amazing I have looked at the screen for an hour. couldn't find anything...and you show it to me in five minutes.

 

Thanks for that.

Cheers and keep the pips floating.

 

Generaal Goudvis

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Theo Patsios
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November 6, 2013 - 01:32
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What do you mean by setup-screen?

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Generaal_Goudvis
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November 7, 2013 - 03:55
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To have a Renko chart on the offline M2 chart, I have to have the M1 combined with the EA that makes it renko....Renko LiveChart v3.2.

 

This you can see on the image within the green boxes.

 

 

For me this way of representing the Renko has some disadvantages:

- you need two charts: a setup -M1-, and an -offline M2- to make it repsresent like Renko,

- you can't get back in history as much as you would like

- you can't switch from Renko bricksize 10 to 20 or similar (or need four charts)

- and if you would use EA's you can't backtest or optimise.

 

So a lot of disadvantages to start with, but the big "plus" remains that it gives clarity and calms the eye.

 

 

For that reason I am very interested in your way Renko is established...Overcoming those diasadvantages with WaveFX would mean a lot to me. And you can count me in as v1 member.

 

p.s. as you see no squiggly lines anymore cool

 

 

Cheers and keep the pips floating.

 

Generaal Goudvis

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Theo Patsios
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November 7, 2013 - 14:08
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Since Renko is not a standard MT4 timeframe it will always need to be created from somewhere,
the M1 provides the highest resolution for that chart to be created.

The history problem I have solved and I have up to 5 years on my Renko charts if I wish.
We do not use an EA either and we have customized it as an indicator that creates renko charts up to 1 decimal point.
(this means you can have as many different renko sizes running off of the 1 M1 chart)
The Renko sizing is automatic and calculated every night at midnight based off of M15, M30 and H1 data.
I then made use of the M1 chart since it needs to be open anyway and fill it with information.
I have software that allows me to back test on Renko also. (anything is possible with the right knowledge and tools)

Here is my personal WavEFX layout for example:

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This is for me a complete view of the Market, and very easy to read.
The Green line is the inner workings of the Daily Swings and a view into how they turn,
The Brown line is the inner workings of the Green Swings and how they turn,
The Black line is the inner workings of the Brown Swings and how they turn.
As the fastest swing I follow, the Black line is solely used for entry triggers and is too fast to bother trading as a swing.

Today for example we have the Daily Chart still heading up in it's large range,
the Green pullback settled with HH and the Brown wave was used to turn the Green and confirm the Green HL,
the Black wave is my Entry Trigger line and the buy had a SL of 33pips and a TP of 66pips.

I couldn't possibly explain the ins and outs of the entry trigger mechanism in a post or two,
this is why I created an entire Video Course all about it but I imagine you get the picture.

I don't want to confuse any newcomers here,
everything I do with WavEFX is possible with candlesticks,
I just find it cleaner and easier to see this way.
I also find it easier to teach people what I am seeing this way,
I also have found it easier to create tools that do most of the work for you using these charts as they are very specific.
WavEFX is simply the result of nearly 8 years live trading at this point and that is what I offer with the v1 and VIP memberships;
a way to skip 8 years and cram it all into 6 months-1 year.
Having paid membership levels is just my way of making sure all my free time is well spent of people who are serious.
I made sure I was the cheapest on the Web and over deliver still thoughcool

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