And boom, target hit. Nice work
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Ezakimak's Trading Blog
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My blog: www.ezakimak.posterous.com
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My blog: www.ezakimak.posterous.com
Indeed. Off we go. I was a little late off the mark so have set target at the next Murrey Math Line. Let's see how we go:
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My blog: www.ezakimak.posterous.com
Oh yeah, remind me to tell you about a great renko scalping method I have goin' on. Works very successfully.......
Will detail once this trade is over.
Will detail once this trade is over.
My blog: www.ezakimak.posterous.com
Oh yeah, remind me to tell you about a great renko scalping method I have goin' on. Works very successfully.......
Will detail once this trade is over.
Will detail once this trade is over.
My blog: www.ezakimak.posterous.com
Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.
Thank you for your support.
Yikes! Hopefully it will bounce off that Murrey Math Line just above the stop loss...
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My blog: www.ezakimak.posterous.com
D'oh stopped out. Never mind, can't win 'em all!
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Gotta step away for a while. Will explain my renko scalp method presently...
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Gotta step away for a while. Will explain my renko scalp method presently...
My blog: www.ezakimak.posterous.com
Okey dokey.
You might have noticed that when I have been trading with the Murrey Math Lines, the stop-loss is always more than the take-profit. This is a difficulty I have always had with trading renko, when you only want to target a few pips, where do you put the stop-loss?
Generally with renko you put the stop-loss one complete block away from your entry. The way renko forms though, to complete one block in the opposite direction, it actually has to move two blocks worth of pips. Have a look at a chart and see what I mean:
If you entered on the blue line as the blue renko finished, in order to get one new block formed in the other direction, the price has to go through two blocks of movement. If you had a one new block target (the green line) then this is crap risk / reward and a great way to blow your account if you have a run of losers.
Fortunately with the Murrey Math Lines, the losses have been reduced, but this stop-loss conundrum bugs the heck out of me. You could set it in line the with the bottom of the block you entered on, but if you look at renko with the wicks on, you will get stopped out more than if you let one whole new block form.
Frustrating and not ideal. I like to trade conservatively, so I think one new block is enough.
A good point to note: I have a 5 digit broker. This means I trade in mini-pips, or pippettes. If I draw a line from the top to the bottom of the renko in the picture above, MT4 tells me it is 50 pips. It is in fact 50 pippettes. On the market this is 5 pips. Hope that makes sense.
I have figured out a way to turn this to my advantage by scalping. Again, of course as with most scalping, the risk / reward is crap, but if you look at what I am about to show you, losses are few and far between, and given the number of wins, you can handle a loss now and then...
I figured this out a while back while fiddling with different renko sizes and looking at the way they worked and reacted over time. I used to trade renko with no wicks, but one day I left them on by accident. I liked the extra info the wicks gave so have kept them on since.
I observed that often when a box completes, it will either hammer on in the same direction, or run for a couple of pippettes before changing direction. I fiddled with sizes and settled on a 15 pip renko box. For me this is a 150 pippette box.
If you look at the chart below, and if you followed these steps, what would be the result?
- If three or more renko have formed in one direction, move to the next steps.
- If the current renko finishes blue, BUY.
- If the current renko finishes red, SELL.
- Target 5 (conservative) or 10 (keen) pippettes.
- Put your stop wherever you feel safe...
Just an idea that seems to work pretty well for me on all the major pairs.
You might have noticed that when I have been trading with the Murrey Math Lines, the stop-loss is always more than the take-profit. This is a difficulty I have always had with trading renko, when you only want to target a few pips, where do you put the stop-loss?
Generally with renko you put the stop-loss one complete block away from your entry. The way renko forms though, to complete one block in the opposite direction, it actually has to move two blocks worth of pips. Have a look at a chart and see what I mean:
If you entered on the blue line as the blue renko finished, in order to get one new block formed in the other direction, the price has to go through two blocks of movement. If you had a one new block target (the green line) then this is crap risk / reward and a great way to blow your account if you have a run of losers.
Fortunately with the Murrey Math Lines, the losses have been reduced, but this stop-loss conundrum bugs the heck out of me. You could set it in line the with the bottom of the block you entered on, but if you look at renko with the wicks on, you will get stopped out more than if you let one whole new block form.
Frustrating and not ideal. I like to trade conservatively, so I think one new block is enough.
A good point to note: I have a 5 digit broker. This means I trade in mini-pips, or pippettes. If I draw a line from the top to the bottom of the renko in the picture above, MT4 tells me it is 50 pips. It is in fact 50 pippettes. On the market this is 5 pips. Hope that makes sense.
I have figured out a way to turn this to my advantage by scalping. Again, of course as with most scalping, the risk / reward is crap, but if you look at what I am about to show you, losses are few and far between, and given the number of wins, you can handle a loss now and then...
I figured this out a while back while fiddling with different renko sizes and looking at the way they worked and reacted over time. I used to trade renko with no wicks, but one day I left them on by accident. I liked the extra info the wicks gave so have kept them on since.
I observed that often when a box completes, it will either hammer on in the same direction, or run for a couple of pippettes before changing direction. I fiddled with sizes and settled on a 15 pip renko box. For me this is a 150 pippette box.
If you look at the chart below, and if you followed these steps, what would be the result?
- If three or more renko have formed in one direction, move to the next steps.
- If the current renko finishes blue, BUY.
- If the current renko finishes red, SELL.
- Target 5 (conservative) or 10 (keen) pippettes.
- Put your stop wherever you feel safe...
Just an idea that seems to work pretty well for me on all the major pairs.
My blog: www.ezakimak.posterous.com
Yo dudes, how's it going? Been off the trading floor for a couple of weeks. Was really sick for a few days and our wireless internet has been really unstable.
All a little frustrating really!
Hope you are well
All a little frustrating really!
Hope you are well
My blog: www.ezakimak.posterous.com
Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.
Thank you for your support.