My Revolutionary New Trading System
I'll post the daily trades each day that I trade it.
I like the idea because it's rather like martingale without all the margin, if you can see my meaning. It's much easier for the market to give you a few pips then it is for it to move against you a whole bloody 240 miles, so to speak.
Not to say it won't happen. it will, eventually. the goal is to see whether we can accumulate more than our stop loss amount before that happens. If, and I stress, IF it does so consistently well by george we have ourselves a simple, profitable system that uses 0 indicators.
The interesting thing about how this works is that the gross P/L on one trade can float in negative limbo for hours finally to surface at a measly +.60 (and of course you grab it because my god it's been hours) or so and shoot straight to $5 or so within the first two minutes of the next trade.
It's conceivable to get the $25 within a few days.
Which means it's at least possible for it to be profitable..maybe. I think.
One thing I can tell you for sure is that it's bloody frustrating watching the gross P/L fluctuate. A word of caution:
Don't be too eager to close all trades as soon as it goes a pip into profit. Give it a chance to run. Give it some breathing room. If it helps open your charts and look for support and resistance levels to try to guage whether or not you should take it and run or let it ride. Just remember not to put TOO much credence in that. If such indicators were fool proof we'd all be giving Bill gates and that Latin American dude a run for richest people in the world.
Any thoughts?
Flip-A-Coin method?
That's basically what you're doing, and yes it can work with right money management. 
Or might you just be better off using TA for your setups? And flip a coin IF it's in a range, but for example tonight the euro completely dropped out of it's tight range, hard. If you were long...you would be adding at the bottom of it right? or no?
Flip-A-Coin method?
That's basically what you're doing, and yes it can work with right money management.
I'm not sure I'd exactly call it coin flipping, but you are probably technically correct. It will eventually bust, there's no doubt about that.
The only question is whether or not you would consistently make more than your stop loss amount before you bust. Say it made $35 and then busts. The total round trip profit would be $10. That number is totally arbetrary BTW. Make it $10,000 if you want.
I'm just using the micro account as an example because that's what I test on.
If you avoid news days it's perfectly reasonable to expect to get at least $5 without busting. $10? $20? $25? I don't know.
I'll find out.
My last trade floated in negative limbo for about half an hour and then shot up to $3.35. The one I'm in right now has been up to +.66 so far.
If it works, it works on the principle of physics that markets seem affected by as well: It requires lots of energy to move a great distance. In the mean time it moves in ranges and so is happy to give you little freebies as your trades move into the positive range.
It's interesting that theoretically you only need one of your trades to move well for you to make up for the others and move you into profit.
Here's a break down of a trade I'm in right now:
USD/CHF: -6.7
EUR/USD: -14.7
GPD/USD: 31.9
USD/JPY: -2.5
--------------
+.80
I've been in this one for about ten minutes.
I'll post screen shots tomorrow.
k, what is the outcome so far?
Simplified Renko System
Hey guys,
This is a simplified Renko system that I put together. It should get the same results that the more complex Renko system gets but with only two indicators. This is possible because I am using time tested, non-lagging indicators.
Buy when the MACD is 'healthy' and reading above 0 and the + (positive) ADX line crosses up through the negative and a new candle forms.
Reverse for sell.
This looks really promising, imo.
I really like the Renko concept because it removes the 'time static' inherent in the standard type of chart. I just don't think it's necessary or desirable to have a complex system with Renko. The chart has already done 70% of the work for you.
Great stuff - thanks - will test
Hi Cyclesurfer,
can you post the indicators and the template.
will test.
and a description as you are trading.
Thanks, thanks, thanks.
Sure. I'm using the Renko script which can be found here https://www.mql5.com/en/forum/179557 download the PDF found in the first post. It gives instruction on how to make the script work. Then follow the steps I outlined in the first post.
The indicators I use are standard MACD and Average Directional Movement Index, both of which come standard with Metatrader.
If you open all five majors and watch them you should get a decent number of good quality signals a day. The key with a Renko system-maybe any system?-is to not get impatient. Wait for the premium trades and take those. You want the MACD to be well above 0 for a buy, well below for a sell. That is the most important thing. ADX gives good, non repainting signals with minimal lag so there is really no need to use anything else.
If you do test, make sure to let us know your results please.
Thanks for your idea, looks promising too.. 
Which timeframes and SL, TP levels do you use? Is it always the same number of pips or do you use indicator for this? Do you have any rules for closing position? I can make EA if you describe strategy in more details.
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Here's a simple idea that would be easy to forward test:
Simply pick 4 pairs at random with spread < 1.5 and trade them all. Assuming you are testing on a Micro account your stop loss is $25 or 250 pips.
You would take your profit more or less as soon as it moves into profit though you would use your discretion. If the pairs are moving with a good deal of momentum then by all means let it run.
has anyone tried this?
If you always buy with 2 pairs an sell with 2 pairs and if those pairs are correlated it seems that you would have a good chance at keeping your floating loss down.
If my logic is wrong on that by all means correct me.
Anyway, I'll test it and let you know how much it accumulates before it busts.
Profitability, of course, would be determined by how much (if any) over $25 it accumulates before it busts.
Also it would probably be a good idea to only run this on no news days.
You'd probably want to avoid say buying 3 and selling one. Again, you are probably safer buying two and selling two.
Just an idea.
I know this post is a bit disjointed. Sorry, it's like 4 am here.
(BTW New Digital I love the new site look)