Renko Based Automatic Loss Recovery

Place your new trading idea here to see if someone can automate it.

Renko Based Automatic Loss Recovery

Postby Spectre » Tue Jul 15, 2014 1:42 pm

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
" I'm not an alcoholic, i'm australian " - Lance
Spectre
 
Posts: 44
Joined: Mon Nov 05, 2012 6:18 am
Location: Norway, the most taxed place on earth(maybe)

Renko Based Automatic Loss Recovery

Postby Spectre » Fri Jul 18, 2014 9:57 pm

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
Spectre
 
Posts: 44
Joined: Mon Nov 05, 2012 6:18 am
Location: Norway, the most taxed place on earth(maybe)


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