Now, i have been reading the ALR threads and see that there are discussion on what method of entry one should use.
I tend to favor the trading strategies without indicators, let the price do the work. Maybe a Renko candle entry would be suitable for ALR. Fixed size of bars, known entry and exit prices. Could be standard or Parallel bars.
My thinking:
"Scalper"
enter at start of candle.
Take profit = Renko candle size x 4
Start recovery = enter price - candle size.
"Kind of fast trader"
enter at start of candle.
Take profit = Renko candle size x 8
Start recovery = enter price -2 x candle size.
Inputs:
Candle size (could be auto detect)
TakeProfitNumberOfBars
StartRecoveryAtMinusBars
"recovery options"
Maybe use filters for determining trades to take, trading time, pivots, daily open, MA's.....indicators to guide our initial trade.
Spectre
Renko Based Automatic Loss Recovery
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- Trader
- Posts: 39
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- Location: Norway, the most taxed place on earth(maybe)
Renko Based Automatic Loss Recovery
" I'm not an alcoholic, i'm australian " - Lance
-
- Trader
- Posts: 39
- Joined: Mon Nov 05, 2012 6:18 am
- Location: Norway, the most taxed place on earth(maybe)
Renko Based Automatic Loss Recovery
A picture to describe it, for those not familiar with parallell renko bars
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" I'm not an alcoholic, i'm australian " - Lance