8# BMANS Renko System Trading System
Submit by Joker
Hi everyone, I'm going to be showing you guys my system. The problem most people have in
teadingaregare entries and exits, they let fear and greed
direct them into a trade which is the wrong way to approach it!
This strategy has very high accuracy when predicting good entries and has a decent exitstrategy as
well. I'm showing people here this so we can try to develop an EA with these rules that I will outline in the coming paragraphs. First let me answer some basic questions first, so the thread
isn't cluttered up with people asking the same things over and over.
First Things First:
Q: Why do you think your System is awesome?
A: I think it's awesome because it takes all the best parts of the best Systems and combines it into one
that will not fail.
Q: What indicators do you use in your
system?
A: I use a variety. CCI (30), RSI (50), ASI (300), Nonlag MA,Renko Bars, EMA (89), and TRO Dragon Tunnel.
Q: What time frame do you use?
A: I use Minute 2 Time Frame with Renko Bars set to BoxSize 7.
Q: What Pairs do we trade with the system?
A: EUR/USD. It obeys techincal the most and moves the
most intraday. If EUR or USD ever ceases to exist we can trade this strategy on pretty much anything
with a chart. I just likeforex and eur/usd because of the amount
of profit you can make.
Q: Does your System have Take profit and Stop Loss?
A: Yes, the strategy consists of a stop loss and
a way to take profit.
Q: Any negatives of the Trading
system?
A: Only negative is you cannot be zoomed all the way in on your chart otherwise theindicators such as CCI and ASI repaint. Keep it in the middle. Example: zoom all the way out then press the zoom in button 2 times for
best view.
Now I will explain it for everyone. CCI is an
amazing indicator for entries, I have learnt
this through much study so we will implement this into the system. We also need a way to know when to enter exactly and when to exit exactly, so we will use the Nonlag MA color change to do
this. The
Renko Bars will Help with stress, distraction and
provide a nice divergence for the Nonlag MA to
follow.
Setting Up
The Trading System in
Steps:
1. Download all the indicators here and the
Template
2. Put all the indicators in the expert/indicators
folder in metatrader folder. Put the .tpl
(Template) in the Metatrader/template folder.
3. Go into Metatrader, open up a 1 Minute Chart of EUR/USD.
4. Find the RenkoLiveChart_v2.1 indicator and attach it to the chart. Add 7 for the BoxSize and make sure RenkoTimeFrame is set to 2.
5. Open Offline Chart, select Eur/USD M2 (minute 2).
6. Right click and load the Template I have given here.
Entries and Exit Rules:
Buy/Long entry: Buy when the Light Blue CCI line is above the Yellow ASI line and the Nonlag MA has turned green and is above the Dragon
Tunnel. (Buys can also be a lot stronger
when Light Blue CCI line is above both Yellow ASI and the Red RSI line).
Short/Sell: Sell when the Light Blue CCI is below the Yellow ASI line and the Nonlag MA turns red and is below the Dragon Tunnel. (Sells can also be stronger
if Light Blue CCI line is below both the Yellow ASI andRed RSI line).
Exits:
Exit the trade when the Nonlag MA turns the opposite color on you. If you're long and it turns red, exit. If
you're short and it turns green, exit.
The Pink EMA
(89) is used as
a indicator of the overall trend. You can notice how the price likes to touch it once in awhile to test
if the trend is still valid then it continues on its way or breaks the Pink Line. IF it breaks you know a
change of trend has taken place. Be careful of ranging price in and out of the Pink Line, this means price is
consolodating for the next big move!
The Dragon
Tunnel is also an
indication of the trend but not as strong as the Pink
line. Price in an uptrend will stay above it and sometimes poke the bottom to test if it can be broken. Price in a downtrend will stay below it and poke up sometimes to test if it can be
broken.
So, remember what all those people told you when just starting, trade with the trend!
Safety First:
You should use a Stop Loss, doesn't mean you have to but it is recommended. Always move Stop Loss to Break Even when in profit and trail it. You can use a Trailing EA if you wish. But I do it manually and just move it
2 Renko bars away as
price moves.
Additional indicators for you
serious money makers: You could try adding theFibonnacci pivot points to this so you will be able to see where price will want to retrace. It mighthelp getting you out of those exits a bit early, which = more pips in the bank.
Everything is in the .rar attachment. I even added screenshot showing you how to enter. The Blue squares in the screenshot at the bottom are where the Light Blue was over or under the Yellow
ASI.
Share your opinion, can help everyone to understand the forex strategy.
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rudy4ex (Friday, 18 March 2022 12:52)
awesome!!
johan van oosten (Tuesday, 09 November 2021 15:29)
thank you for all the work and clear explenation.
nice to work with one chart only.
V (Thursday, 25 June 2020 08:18)
when move asi and cci indicator, line position move up down
jing (Monday, 27 January 2020 11:16)
Dear author, hello. How do you see this picture? Indicators of enlarged maps intersect, and those of reduced maps do not intersect.
Herman (Wednesday, 22 January 2020 08:43)
GOOD!!! BRAVOOO!!
Please read first!!
Q: Any negatives of the Trading system?
A: Only negative is you cannot be zoomed all the way in on your chart otherwise theindicators such as CCI and ASI repaint. Keep it in the middle. Example: zoom all the way out then press the zoom in button 2 times for best view.
Janus (Tuesday, 20 August 2019 02:42)
There are many strategies posted on this site that have been put up for sale, with a nicer frontend.
Greg (Monday, 19 August 2019 20:02)
VERY cautiously optimistic. Saw somebody selling this system on ebay for 49.95. Looked interesting so I googled it and arrived at this page. I LOVE Renko charts. I use 10 pip Renko boxes. Just my personal preference. I downloaded and installed all the indicators and the template. I am backtesting it on my charts and I have to say that I am VERY impressed so far. Using 10 pip renko bricks and looking ONLY at the CCI and the Non lag MA. Even ignoring the dragon tunnel. It appears to be an astonishingly accurate signal. If the CCI is above the ASI and the Non lag MA is green, buy. If the CCI is below the ASI and the Non lag MA is red, sell. Like I say, even ignoring the dragon tunnel, the wins are very consistent. Thanks so much for sharing!
Oliver (Saturday, 13 October 2018 01:41)
Hello, where is the "M" button at the bottom of the chart to open the offline chart?
Oliver
charlie (Tuesday, 31 March 2015 15:07)
Hi Joker ,
are you still using this strategy i used and its ok . have you already got an Ea for this strategy im a renko fan
good luck to u all
Srznlu (Tuesday, 24 March 2015 19:16)
Bro my mt4 is lagging after applying the template file. help me.
george (Monday, 14 April 2014 14:58)
hi i am having trouble putting this stra. on my metatrader4 can anybody help......i cant find the indicators or the template
John (Sunday, 13 April 2014 16:41)
Kof, renko is pip based, not time as candlesticks or ohlc are. Suggest you read up on renko first before you even try this method.
KOF (Thursday, 16 January 2014 11:48)
Thanks for sharing. My question is must one use only the 2mins chart. Can it be used on higher time frames?
Denis (Monday, 18 November 2013 13:16)
Read the description thoroughly, this problem is mentioned. You look at the chart after zooming all the way out and zooming in two times.
jerome (Monday, 18 November 2013 06:08)
The problem.... the CCI and ASI indicators don't have fixed high/low values.
which mean that the signal will be different based on the zoom or number of candles on the screen.
the signal can be upper in full screen / 1600px, but downside when in 800px or not in full screen and a different zoom applied.
Denis (Friday, 15 November 2013 14:30)
Thank you for sharing! You're awesome! :)
Manfred (Thursday, 29 August 2013 07:18)
I've just placed order for an indicator incl. none repainting arrows and e.mail alerts based on this Bmans renko system.
will keep you advised of results
regards .
asaens (Wednesday, 28 August 2013 23:39)
Try TCCI.ex4 with setting 16 (or 10 [a little more aggressive])
wrlcpa (Tuesday, 16 July 2013 18:07)
Anyone using this method? is it working profitably?
I am working on a Automated expert and would like to know