renko

Discussion in 'Trading Journals' started by hayseed, Sep 14, 2016.

  1. hayseed

    hayseed Master Trader

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    just opened a couple small accounts this morning for a particular purpose.... one account will only sell..... one will only buy..... both accounts will trade using renko style charts and a variety of indicators.....

    the charts themselves will be similar to those renko's posted in the folding rule thread.....

    initially the maximum trade size will be 1/20,000 the account balance.... such as, 400$ balance would allow a 0.02 sized trade.... equates to 20 cents per pip on a eurusd trade....

    the trades themselves will probably be activated using a trailing stop order riding the psar on the renko chart.....

    any change in the daily charts signals will get my attention..... i'll work from there.....

    such as, if the signal scanning ea's notice the daily psar was broke today, that would get my attention..... and i will look further into it..... if the over all situation looks like it might continue, i'll start the trailing psar orders..... usdjpy and gbpjpy broke psars today...... cadjpy and audjpy broke psars yesterday.....

    not sure if there is an advantage in using renkos charts.... have not hammered out all the details.... only opened the accounts today.....

    eurjpy looks to be running out of room......h
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  2. hayseed

    hayseed Master Trader

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  3. hayseed

    hayseed Master Trader

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    all trailing orders filled and closed last night.... reentering some such as gbpjpy.... maybe others.... still workin on it....

    an important note about buystop, sellstop, buylimit and/or selllimit orders..... when the initial order goes in it carries with it a ticket number.... before that same ticket number stayed with the trade thru the trades entire life.....

    now, once the (buy or sell) stop or limit order trips, it and the associated ticket number are deleted...... and a new (buy or sell) order with a new ticket number takes it's place....

    dollars and cents it makes no difference.... but if your tracking that original (stop or limit) tickets number beware.... i'll explain that more later.....h

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  4. hayseed

    hayseed Master Trader

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    gbpjpy's just closed.....

    1% of a 400$ account is 4$..... 1/20000 of the balance sized order..... using the eurusd as an example, 0.02 lot, you would need 20 pips.....

    other pairs will vary......

    on the chart below, yesterday i enter a manual order for comparison.... then placed the trailing sellstop order seen riding the psar.... it hit and closed..... another trailing stop order was placed.... it hit and both remaining orders closed.....

    i'll explain all that in a video..... typing is unbearable....

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    and for those of you with a keen eye, you might pick up the fact that the first order placed did not close first, as it should under our beloved fifo rules... the first order to close was the second order riding the psar..... the first and third orders closed together......

    this is a loophole in the platform that i've been lookin into for sometime..... it only occurs when stop/limit orders are involved......h

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