Hello
Been lurking in the shadows for a long time, finally getting the courage to post a system that has landed me some pips lately.
It is called the Renko Pivot System, and is very simple. I can be done as a scalper, a short intraday or a long intraday/days trading.
i will outline buy trades, the logic is vice versa for sell trades
Scalper:
Use 3 - 5 pip renko block size.
put a hourly pivot line on the chart
buy when candle 2 opens below pivot, candle 1 opens at pivot or above and close above
buy at candle zero open.
manage trades as you see fit, i use:
R1/S1 partial close half and breakeven, R2/S2 partial close half and move stop
two candle close jumping stop
close if a candle close below pivot for a buy
Short intraday:
Use 8 - 11 pip renko block size.
put a daily pivot line on the chart
buy when candle 2 opens below pivot, candle 1 opens at pivot or above and close above
buy at candle zero open.
manage trades as you see fit, i use:
R1/S1 partial close half and breakeven, R2/S2 partial close half and move stop
two candle close jumping stop
close if a candle close below pivot for a buy
Long intraday/days:
Use 15 - 25 pip renko block size.
put a weekly pivot line on the chart
buy when candle 2 opens below pivot, candle 1 opens at pivot or above and close above
buy at candle zero open.
manage trades as you see fit, i use:
R1/S1 partial close half and breakeven, R2/S2 partial half and move stop
two candle close jumping stop
close if a candle close below pivot for a buy
three pictures below enclosed, long intraday 20 pip block, intraday 10 pip block, scalper 3 pip block
Renko Pivot Trading
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- Trader
- Posts: 39
- Joined: Mon Nov 05, 2012 6:18 am
- Location: Norway, the most taxed place on earth(maybe)
Renko Pivot Trading
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" 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)
Re: Renko Pivot Trading
there are also some psychological alternativs to this. you can open trade if a certain percentage of the candle is above or below the pivot line. and watch other timeframes and news to see if the trade is right to place.
i did not write these in the first post because these are user specific and you will need first hand experience to tell what works for you
please comment, improve, laugh at me
Thomas
i did not write these in the first post because these are user specific and you will need first hand experience to tell what works for you
please comment, improve, laugh at me
Thomas
" I'm not an alcoholic, i'm australian " - Lance