Renko 12MTR | Forex indicator download- MT4/MT5 resources- MetaTrader 5 resources
Hello everyone,
The threading rules are short and simple; play well or you're out.
Edit April 15, 2014 Here is the myfxbook link for anyone interested.
I have been a currency trader for over three years. Like many people, I've been through hell many times, both emotionally and financially. It took me almost that long to figure out that I only had one enemy in this lonely industry, and to let you understand it, this is a business. The enemy is not your broker, not your indicator mix, not their settings, not your pets, not even your spouse... you.
Again like many people, I jumped from this system to that at least 10-15 times. Furthermore, in these systems approximately 100 different indicators and their parameters were added, removed and changed in search of the "perfect" combination. I participated in the Quest for the Holy Grail event. It has to exist somewhere, how could it not be there...hundreds of indicators and dozens of settings...there absolutely has to be a combination of indicators and settings worthy of wearing the title of "Holy Grail"...right?
Oh, there really is a Holy Grail, and it does contain the right combination of parameters...it's your own personal mind.
It is a combination of;
1) Faith - Understand and accept that any business will suffer losses in a proven system
2) Patience - waiting for specific settings and knowing that no system setting will capture 100 of the 120 ADR points
3) Control – Frustration and anger, as well as elation and ego. But above all, one of the most destructive characteristics of the humanities… greed.
So...what exactly do I bring? After going through everything you've read so far, I finally figured out exactly what I personally needed to do this business every day.
After I was able to calmly step away from this for a while, I came to the conclusion that I needed only 2 requirements:
1) High probability of entry
2) High probability of exit
As one browses the Forex forums, it is obvious that there are many valuable systems that would be useful to the system demonstrator and some of his followers. (If you believe everything you read). I can tell you what doesn't work for me most often is the second thing I do that requires... a high probability of quitting.
That's what I'm going to cover.
After 6 months of backtesting and 2 months of forward testing, my system has a success rate of 78%. Sounds good...right? But without controlling their psychology, most people will still fail and I will show a screenshot of a trade that was trending really well on a specific day, on a specific currency pair, and my setup only gave me a 14 pip bonus. Many would say there is not enough time yet to understand all the market conditions. I strongly disagree. There are only two ways the market can move...trending or consolidating (fluctuation)...that's it! Six months offers hundreds of trend and consolidation periods.
Okay... let's take a look at the chart.
As the post title states, I'm using bricks instead of time-based bar charts. This was a huge initial breakthrough for me personally because I could now look at graphs the way my procedural engineering background processed information...1's and 0's. I use 8 point bricks... PA is either up 8 points (1's) or down 8 points (0's)... that's it... nothing in between!
I won't take the time to explain how to set up a Renko chart. Find out. There is a wonderful resource called Google that can provide you with everything you need. I will of course provide the EA I used to generate them.
All indicators are sourced from various forums on the Internet. Many thanks to those who have the skills to program some of these custom indicators!
Overview of specific details
Extremely simple...just 2 high probability entries and 1 high probability exit.
Indicators are numbered 1 to 5.
That's it. You'll notice that the currency pairs I use are all high volatility, but you are free to try any pair you want.
It was my exit rules that had a huge impact on me. Most of you will laugh at my TP being 2 blocks and my SL being 3 blocks...scoff, that's my rule. Everyone is free to make their own rules. I'm just giving everyone a system ME that has proven to be very successful.
My daily target is 3 successful trades (just as a guide), minus a 48 pip spread . I use a script to enter, which I will provide, that will set the stop loss, take profit, and equity percentage for each trade, which I set to 3%.
Now you know about entries, exits, and money management.
My next article will cover each indicator I use, their settings and screenshots.
Below are the latest documents.
If anything has changed over time, this zip file will always represent the latest version.
My eyes are focused on the price reversal of 3 bricks, as shown in the chart. Due to the high volume and volatility, I would consider a fourth entry, but PA would have to act fast. For all intents and purposes, this is a reversal of the 3 bricks and the indicator lives up to the stated requirements.
The threading rules are short and simple; play well or you're out.
Edit April 15, 2014 Here is the myfxbook link for anyone interested.
I have been a currency trader for over three years. Like many people, I've been through hell many times, both emotionally and financially. It took me almost that long to figure out that I only had one enemy in this lonely industry, and to let you understand it, this is a business. The enemy is not your broker, not your indicator mix, not their settings, not your pets, not even your spouse... you.
Again like many people, I jumped from this system to that at least 10-15 times. Furthermore, in these systems approximately 100 different indicators and their parameters were added, removed and changed in search of the "perfect" combination. I participated in the Quest for the Holy Grail event. It has to exist somewhere, how could it not be there...hundreds of indicators and dozens of settings...there absolutely has to be a combination of indicators and settings worthy of wearing the title of "Holy Grail"...right?
Oh, there really is a Holy Grail, and it does contain the right combination of parameters...it's your own personal mind.
It is a combination of;
1) Faith - Understand and accept that any business will suffer losses in a proven system
2) Patience - waiting for specific settings and knowing that no system setting will capture 100 of the 120 ADR points
3) Control – Frustration and anger, as well as elation and ego. But above all, one of the most destructive characteristics of the humanities… greed.
So...what exactly do I bring? After going through everything you've read so far, I finally figured out exactly what I personally needed to do this business every day.
After I was able to calmly step away from this for a while, I came to the conclusion that I needed only 2 requirements:
1) High probability of entry
2) High probability of exit
As one browses the Forex forums, it is obvious that there are many valuable systems that would be useful to the system demonstrator and some of his followers. (If you believe everything you read). I can tell you what doesn't work for me most often is the second thing I do that requires... a high probability of quitting.
That's what I'm going to cover.
After 6 months of backtesting and 2 months of forward testing, my system has a success rate of 78%. Sounds good...right? But without controlling their psychology, most people will still fail and I will show a screenshot of a trade that was trending really well on a specific day, on a specific currency pair, and my setup only gave me a 14 pip bonus. Many would say there is not enough time yet to understand all the market conditions. I strongly disagree. There are only two ways the market can move...trending or consolidating (fluctuation)...that's it! Six months offers hundreds of trend and consolidation periods.
Okay... let's take a look at the chart.
As the post title states, I'm using bricks instead of time-based bar charts. This was a huge initial breakthrough for me personally because I could now look at graphs the way my procedural engineering background processed information...1's and 0's. I use 8 point bricks... PA is either up 8 points (1's) or down 8 points (0's)... that's it... nothing in between!
I won't take the time to explain how to set up a Renko chart. Find out. There is a wonderful resource called Google that can provide you with everything you need. I will of course provide the EA I used to generate them.
All indicators are sourced from various forums on the Internet. Many thanks to those who have the skills to program some of these custom indicators!
Overview of specific details
Extremely simple...just 2 high probability entries and 1 high probability exit.
Indicators are numbered 1 to 5.
That's it. You'll notice that the currency pairs I use are all high volatility, but you are free to try any pair you want.
It was my exit rules that had a huge impact on me. Most of you will laugh at my TP being 2 blocks and my SL being 3 blocks...scoff, that's my rule. Everyone is free to make their own rules. I'm just giving everyone a system ME that has proven to be very successful.
My daily target is 3 successful trades (just as a guide), minus a 48 pip spread . I use a script to enter, which I will provide, that will set the stop loss, take profit, and equity percentage for each trade, which I set to 3%.
Now you know about entries, exits, and money management.
My next article will cover each indicator I use, their settings and screenshots.
Below are the latest documents.
If anything has changed over time, this zip file will always represent the latest version.
My eyes are focused on the price reversal of 3 bricks, as shown in the chart. Due to the high volume and volatility, I would consider a fourth entry, but PA would have to act fast. For all intents and purposes, this is a reversal of the 3 bricks and the indicator lives up to the stated requirements.
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