Trade Tiger - Tips, Tricks and Hints

[hmp]

I did so but not getting desired values esp. 1.5%

 

[DSM]

HMP,

Check the TimeFrame of your chart. Please post a snapshot. That will help.

I did so but not getting desired values esp. 1.5%

 

[hmp]

Dear DSM here is the image of crude chart

 

[hmp]

Dear DSM
Its lead chart. And i realized my fault also.Now i got exact value as per your chart.Thanks.

 

[MikeH16]

This chart is very helpful. Where can I view this on a daily basis?

 

[DSM]

Dear HMP,

Suggest watch Renko charts in smaller TF in conjunction to your regular charts to get an idea of Renko's charactereistics.

Was watching Nifty yesterday in Renko 5D 1M Chart and Nifty 5D 15M Chart. The difference in sensitivity of regular candlestick chart is quite apparent, while Renko chart takes a longer time to react to the prices. This is due to two reasons :

1. Time frame : It is better to choose smaller timeframe. As noted in the marked Renko 5D 1M chart of Nifty, the first Red candle created at 11.17 closed only at 1.46 The reason? The ATR of 14 seems to be too high. We will need to reduce the ATR parameter to enable quicker signals for day trading. As to how much should the changed ATR be? That we can say only after we o continue observe Renko with different ATR values till such time that we get the one that is more reliable as well as robust so as to filter out the noise while getting good RR trades.

2. ATR - As stated above.

Attaching two 5D charts of Nifty futures - Renko and Candlestick for comparison.

Dear DSM
Its lead chart. And i realized my fault also.Now i got exact value as per your chart.Thanks.

 

[timepass]

Hello DSM, good of you to bring it up. On the daily I think that ATR(10) is good enough because 10 sessions is 2 weeks. Someone here in the forum had similarly suggested using the parameters 5 and 20 for ichimoku clouds because in our markets 1 week = 5 sessions.

What is that 10% ?? How is it used ? I saw another member use 1% in the natgas chart. I understand that 12.77 is the price movement per candle.

 

[DSM]

Good questions TP - That is the avantage of the forum where we can interact and exchange thoughts and get different insights. Your query too got me thinking. To answer in short :

Regards the setting of 10 period session, if it is used on daily chart, it would be too volatile to trade. Welles Wilder himself preferred 8 as the setting for daily charts.

The 10% refers to the brick size created. So for quicker signal, we can reduce the % and to slow it down, we can increase the %. Will post in detail later - as I too am studying the nuances of Renko based on actual charts with different TF's and settings.....

Hello DSM, good of you to bring it up. On the daily I think that ATR(10) is good enough because 10 sessions is 2 weeks. Someone here in the forum had similarly suggested using the parameters 5 and 20 for ichimoku clouds because in our markets 1 week = 5 sessions.

What is that 10% ?? How is it used ? I saw another member use 1% in the natgas chart. I understand that 12.77 is the price movement per candle.

 

[timepass]

and the 4ema and 10 ema - is it an experiment or recommended ?

 

[DSM]

TP,

The MA's are a filter that I am observing to avoid entries or trade against the trend.... A 1 or 2 brick reversal in a strongly trending or sideways market can be expected, but it should not be a reason to trade against the trend. Already outlined in the rules..... Now to just follow and analyse Renko perfomance basis signals along with the filters....

and the 4ema and 10 ema - is it an experiment or recommended ?