Hi gents,
I'm personally a huge fan of heiken ashi charts but lately decided to give a try to Renko Charts that make patterns extremely clear and noiseless.
I lately fell on this screenshot (first attachement) from a random guy on a TSD post and had the following idea:
What if, using (or not) Renko on M1 timeframe with:
Indicators:
*50SMA slope as hourly trend indicator
*ATR 60 as volatility filter
*Stochastic cross (fast enough settings, 14,3,3 or 15,4,4/15,5,5) as swing indicator
*Fast cross 5EMA/8SMA (FX Bootcamp setup) as entry/exit points
Conditions:
Filter 1 (Trend):
If 50SMA slope>0, only long entries
If 50SMA slope<0, only short entries
Filter 2 (Swing wide enough to wipe spread out):
ATR 60>2*spread
Long entry:
Stoch upward cross followed by 5EMA/8SMA upcross
Short entry:
Stoch downward cross followed by 5EMA/8SMA downcross
See second image for yesterday's last market hour on USDJPY results
Attachment
I will test the milking strategy on monday's Sydney's hours and give you guys more results.
I am sure we can end up doing something with more filters, clear and simple based on this easy setup.
Cheers
I'm personally a huge fan of heiken ashi charts but lately decided to give a try to Renko Charts that make patterns extremely clear and noiseless.
I lately fell on this screenshot (first attachement) from a random guy on a TSD post and had the following idea:
What if, using (or not) Renko on M1 timeframe with:
Indicators:
*50SMA slope as hourly trend indicator
*ATR 60 as volatility filter
*Stochastic cross (fast enough settings, 14,3,3 or 15,4,4/15,5,5) as swing indicator
*Fast cross 5EMA/8SMA (FX Bootcamp setup) as entry/exit points
Conditions:
Filter 1 (Trend):
If 50SMA slope>0, only long entries
If 50SMA slope<0, only short entries
Filter 2 (Swing wide enough to wipe spread out):
ATR 60>2*spread
Long entry:
Stoch upward cross followed by 5EMA/8SMA upcross
Short entry:
Stoch downward cross followed by 5EMA/8SMA downcross
See second image for yesterday's last market hour on USDJPY results
Attachment
I will test the milking strategy on monday's Sydney's hours and give you guys more results.
I am sure we can end up doing something with more filters, clear and simple based on this easy setup.
Cheers
You'll always miss 100% of the shots you don't take.