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Pair : EURUSD only (2 pip spread)
SL: 10pip + spread
TP: 10-20pip, trailing 10pip or breakeven at 10 pip for more.
To Setup chart please follow the steps :-
1. Close Metatrader
2. Copy the indicators to experts/indicators folder in metatrader
3. Copy the renkoashi script to experts/scripts folder in metatrader (Use the readme included for more detailed setup.)
4. Restart Metatrader
5. Open a eurusd 1min chart and scroll back until you have 1 month of history.
6. Apply the renko script on the 1minute chart. Settings default.
7. Open an offline chart of eurusd 2min chart.
8. Apply the template, Renko_ashi.tpl to the 2min chart.
The chart should look something like this. renkoashi.gif
Entry Rule : Wait for alarm signal from heiken ashi then check with LSMA window to make sure both match direction for entry.
Interesting, there is more and more interest in Renko charting, i already have a few renko script, i look forward to see your template setup once it will be approved. Have you developed the system by your self? How is the Heiken-Ashi is used with the renko candle? Unless it is only for visual aid isn't renko is already filtering the noise?
Hi mr_nims, I'm interesting with your system but for some reason I can not download your attachment. Maybe because you are not enough post to this forum.
Interesting, there is more and more interest in Renko charting, i already have a few renko script, i look forward to see your template setup once it will be approved. Have you developed the system by your self? How is the Heiken-Ashi is used with the renko candle? Unless it is only for visual aid isn't renko is already filtering the noise?
Yes, i have made the system for myself and quite successful and hence i have decided to share it here, but no i have not created the indicators and script myself its all thanks to the forex-tsd and indo investasi forums, Thats why i think i should share with traders here just like they have shared with me.
Renko charts are basically non-timeframe price based chart. So it doesn't care about time only concentration is on the price, which is quite helpful because the noisy time-frame based candles tend to confuse and usually put trader in wrong directions.
I have merged heiken ashi candles over 5pip renko candles to identify price based trend because price can also be nasty at times and so filtering out noise, time with renko plus filtering out price movement fakeout with heiken ashi candles = high probability scalp trades.
I bet anyone will be able to easily make 10-20pip over and over again at-least 2-3 times a day with a minimalistic stop-loss like 10pip+spread. I personally trade this system live with 50% of my balance and a weekly target of 200pip minimum. (100% growth per week)
Your very aggressive trader! I bet it work on higher time frame because i am unable to scalp lower time frame. Do you have any suggestion in adjusting renko box size accordingly with higher time frame?
Your very aggressive trader! I bet it work on higher time frame because i am unable to scalp lower time frame. Do you have any suggestion in adjusting renko box size accordingly with higher time frame?
lol, I'm not an aggressive trader, actually i just deposit 20-30% of my forex money in broker account and trade 50% of that aggressively and compounding lot size increment every week.
Dude, Renko chart is not a time-frame base chart, there is no higher and lower timeframe, only it show box size depend on how many pips you input.
I think if you do not have the time, change box size to say 25-50pip and stoploss double of box size you input. The renko script im using it need that price to go against double of previous box size to change from bull to bear or vice versa. Example: If box size is 25pip big and is bull, so price needs to go -25 and -25pip more to change to bear (more concrete evidence that price action has reverse), so stoploss in this case will need to be 50pip + spread.
Hi mr_nims, I'm interesting with your system but for some reason I can not download your attachment. Maybe because you are not enough post to this forum.
I'm still waiting your attachment to download.
Thank You
ServerUang.
Hi Sir, Its an honor to me that you have paying attention to my topic. I have been using a lot of your indicators since years. I still use the marketprice indicator you have developed.
I think now everything is approved.
Thanks a lot!
Mr. Nims
Mr.Nims, Renko Ashi Scalping System.
Linear Mode
