here's a couple examples of my favorite day trade ES setup right
now. eventually I'll make a video about this.
Apparently Tradestation added this custom renko bars a while
back, they used to only be available in Ninja Trader. Anyway
my favorite setup is using a 4 tick box size with a 1 tick offset.
I added a few common indicators, but my main thing is price
action and moving average configuration. I add the 9 EMA in
magenta, the 20 EMA in blue, and the 34 and 50 EMA's in yellow.
I don't pick top and bottoms, instead my favorite setup is to
allow price to trend in a direction (up or down) which causes the
moving averages to expand out. You can see this with the
candles going nicely above the moving averages, but also what
happens is that the 9 EMA expands away from the slower 20 and 50
EMA's. I then wait for price to pullback, and for the 9 EMA
to pull back into the or close to the slower MA's. I think
place a buy a buy stop (if I'm looking for a long) at the price
that would cause an up Renko. candle. What's nice about the
renko bars is that you know the exact price that will trigger a new
bar, so you can set a buy stop at an exact price. Should
price continue lower and you don't get a reversal bar, no big deal,
you cancel the buy stop. My initial stop goes a tick or two
below the reversal bar and I then trial it up over time should
price go up like it is here.
I also like to trade range bars since I can place exact buy
stops for the next candles, I'll post an example of that too
Hi Matt thanks for sharing this setup. I have started
using the renko charts...still getting used to them. Can you
clarify the buy price...is it the top of the bar plus one? I
have noticed a few times the price will exceed that before a new
bar is formed. Second question is do you wait to place the
order after the reversal bar has formed? Thanks.
will do, planning on it. live has been crazy lately with
my parents, last week dad went into hospital for a mini stroke, and
yesterday my mom went to the hospital for the flue, so been nutso
here
that's a Renko custom chart, it's not time based, it's point
based only. I'll be making a video soon about these, it's
just been so crazy around here lately as you can tell from my lack
of posts lately, should be getting better soon though
here's an example of the range bar setup that I trade, like
renko you also know the exact price that will trigger the next
candle. The range bars look a little more normal than the renko.
Anyway I look for setups on both chart types.
again I'll post a a video sometime.
otherwise side note, this new Tradestation is buggy and slow
since they updated it for the new Windows to fix the Metldown and
Specter bugs, hopefully they put out a new version soon to fix
these bugs
here's a couple examples of
Posted by matt on 12th of Jan 2018 at 10:40 am
here's a couple examples of my favorite day trade ES setup right now. eventually I'll make a video about this.
Apparently Tradestation added this custom renko bars a while back, they used to only be available in Ninja Trader. Anyway my favorite setup is using a 4 tick box size with a 1 tick offset. I added a few common indicators, but my main thing is price action and moving average configuration. I add the 9 EMA in magenta, the 20 EMA in blue, and the 34 and 50 EMA's in yellow. I don't pick top and bottoms, instead my favorite setup is to allow price to trend in a direction (up or down) which causes the moving averages to expand out. You can see this with the candles going nicely above the moving averages, but also what happens is that the 9 EMA expands away from the slower 20 and 50 EMA's. I then wait for price to pullback, and for the 9 EMA to pull back into the or close to the slower MA's. I think place a buy a buy stop (if I'm looking for a long) at the price that would cause an up Renko. candle. What's nice about the renko bars is that you know the exact price that will trigger a new bar, so you can set a buy stop at an exact price. Should price continue lower and you don't get a reversal bar, no big deal, you cancel the buy stop. My initial stop goes a tick or two below the reversal bar and I then trial it up over time should price go up like it is here.
I also like to trade range bars since I can place exact buy stops for the next candles, I'll post an example of that too
Hi Matt thanks for sharing
Posted by wowten on 17th of Jan 2018 at 12:10 pm
Hi Matt thanks for sharing this setup. I have started using the renko charts...still getting used to them. Can you clarify the buy price...is it the top of the bar plus one? I have noticed a few times the price will exceed that before a new bar is formed. Second question is do you wait to place the order after the reversal bar has formed? Thanks.
Nice Matt. Stuff like this
Posted by goap1207 on 12th of Jan 2018 at 12:14 pm
Nice Matt. Stuff like this adds tremendous value to our trading strategies. Also I learn something new. Awesome stuff!!!! Video please. Thanks
will do, planning on it.
Posted by matt on 15th of Jan 2018 at 08:20 pm
will do, planning on it. live has been crazy lately with my parents, last week dad went into hospital for a mini stroke, and yesterday my mom went to the hospital for the flue, so been nutso here
Have you ever tried a
Posted by harlee on 12th of Jan 2018 at 12:01 pm
Have you ever tried a Linear Regression Curve?
What time frame are you
Posted by electricjmr on 12th of Jan 2018 at 11:29 am
What time frame are you using?
that's a Renko custom chart,
Posted by matt on 15th of Jan 2018 at 08:19 pm
that's a Renko custom chart, it's not time based, it's point based only. I'll be making a video soon about these, it's just been so crazy around here lately as you can tell from my lack of posts lately, should be getting better soon though
Really beautiful work, Matt!
Posted by stevieb294 on 12th of Jan 2018 at 11:24 am
Really beautiful work, Matt!
here's an example of the
Posted by matt on 12th of Jan 2018 at 10:42 am
here's an example of the range bar setup that I trade, like renko you also know the exact price that will trigger the next candle. The range bars look a little more normal than the renko. Anyway I look for setups on both chart types.
again I'll post a a video sometime.
otherwise side note, this new Tradestation is buggy and slow since they updated it for the new Windows to fix the Metldown and Specter bugs, hopefully they put out a new version soon to fix these bugs
Hi Matt Would you be interested
Posted by nicole4 on 12th of Jan 2018 at 02:40 pm
Hi Matt
Would you be interested in sharing the workspace for this setup?