Renko system - looking for ideas
Hello everyone,
I have an idea that works for now, but I'm not relaxing because there is no SL. I always trade with SL and my R:R is fine, but I get annoyed when the trade only touches my SL a few points and then goes my direction.
I use classic charts and Renko charts. For this idea I used a brick shaped 4 point box. You will see on the picture that there is a TMA+CG (2 Tma's with 2.5 and 3.5 settings), ZZ signal and random signal. I always draw a trend line connecting the number "3" and try to find the price to enter the trade.
The logic is that I made an Excel sheet where you enter the price and get the calculated TP for each pending order. No SL. In addition to stop loss, there are also pending orders, etc. You will see it in the table. Aim for 0.5% per trade (wait for 1-2 ideal positions per day). When you have 5 active transactions, you need to change TP for all transactions. When the price retraces, you will receive 0.5%.
The problem is the retracement. Currently my maximum DD is 6%, but it can be larger and you could lose all your money. What if there is some momentum and the price goes against me, activate a few of my pending orders and don't pull back. It's foolish to work for a week or a month and then lose it all on one trade.
This is just an idea, maybe someone knows how to make it better, how to secure the DD, maybe how to find a better entry point.
I'm looking for ways to control risk.
Here are pictures, indicators and tables.
Sorry for my English ;-)
I have an idea that works for now, but I'm not relaxing because there is no SL. I always trade with SL and my R:R is fine, but I get annoyed when the trade only touches my SL a few points and then goes my direction.
I use classic charts and Renko charts. For this idea I used a brick shaped 4 point box. You will see on the picture that there is a TMA+CG (2 Tma's with 2.5 and 3.5 settings), ZZ signal and random signal. I always draw a trend line connecting the number "3" and try to find the price to enter the trade.
The logic is that I made an Excel sheet where you enter the price and get the calculated TP for each pending order. No SL. In addition to stop loss, there are also pending orders, etc. You will see it in the table. Aim for 0.5% per trade (wait for 1-2 ideal positions per day). When you have 5 active transactions, you need to change TP for all transactions. When the price retraces, you will receive 0.5%.
The problem is the retracement. Currently my maximum DD is 6%, but it can be larger and you could lose all your money. What if there is some momentum and the price goes against me, activate a few of my pending orders and don't pull back. It's foolish to work for a week or a month and then lose it all on one trade.
This is just an idea, maybe someone knows how to make it better, how to secure the DD, maybe how to find a better entry point.
I'm looking for ways to control risk.
Here are pictures, indicators and tables.
Sorry for my English ;-)
Attachment to original post (4)
💡 Featured Recommendations
✍️ Latest by the author
- •
- •
- •
- •
- •
- •
📌 Popular topics
- •
- •
- •
- •
- •
- •
- •
- •
🔗 You May Be Interested In
- •
- •
- •
- •
- •
- •