[pa18]

I was going to put this in the GU thread but felt it was better served with it's very own dedicated thread.

Post anything you want about the EJ, anything at all for further discussion.

[pa18]

I choose D / H4 / H1 / 30MIN areas which I believe are strong SR levels and use smaller TF for entry such as 1, 5 and sometimes 15 min for entries gunning for whatever pips I can get.

Here's my EJ trades for today

[StevenSJC]

Thanks for posting your work -- I enjoyed looking at your charts and seeing your perspective.

I tend to use Renko bars or Range bars more than time interval.

I posted this trade in the GBPUSD thread:

http://www.traderslaboratory.com/for...html#post98219

But here it is below - I didn't personally take it since I was already long GBPJPY at the time and my GBPUSD was closing in on a trade so felt I would be over-correlated.....

Just noticed you posted some in the GBPUSD thread - cool, looking forward to checking out your analysis there.

[pa18]

Originally Posted by StevenSJC »

Thanks for posting your work -- I enjoyed looking at your charts and seeing your perspective.

I tend to use Renko bars or Range bars more than time interval.

I posted this trade in the GBPUSD thread:

http://www.traderslaboratory.com/for...html#post98219

But here it is below - I didn't personally take it since I was already long GBPJPY at the time and my GBPUSD was closing in on a trade so felt I would be over-correlated.....

Just noticed you posted some in the GBPUSD thread - cool, looking forward to checking out your analysis there.

HI StevenSJC,

I'm not sure I can trade without the added dimension of time factored in, but I do understand that range is the real market, looks like you are doing great though

Can you recommend any good reading material on renko/range bars, any famous traders using them effectively?

Thanks,
Pete

[StevenSJC]

Pete,

Famous traders using renko? Why me of course! Ok, all kidding aside not sure on that though I am someone who likes to trade a bit different than the pack. I look at it this way, probably 95% of the people who trade end up failing. Maybe it's worse than that. They almost all try to trade with the same indicators and use time intervals. So I'm usually thinking it can pay to be contrary to that opinion given the odds aren't good.

The thing I like about renko are the charts are without noise. However, there are definitely going to be some things that are slow to respond -- since you get less bars indicators that take a while to do their thing won't be effective - I think it's most effective when you have price based strategies -- either looking for price based patterns, or using supports/resisitance, etc....

One thing you have to get used to is the fact that renko bars to not plot every move of the market. The reason is if you for example had the a 20 pip renko bar, and the EURJPY went from 109.80 to 110.00 you'd get a bar. But, let's say then it goes up to 110.16 then fades back down - it won't show that move above 110 unless it gets to 110.20 -- and it won't show another bar formed until it either closes at 110.20 or 109.60 -- as it has to go another 20 pips fully above or fully below -- like bricks being stacked up end to end.

You need to make sure when testing/back-testing that you have entries that only end up at the high of your renko bar (or open of next) -- otherwise the testing can be faulty.

So that takes a bit to get used to.

Range bars are really cool as well and you don't have this issue above -- they are not quite as clean though as Renko but definitely have their place and I think respond well to most indicators and quicker than a renko bar would.

I think time bars can work if you are strictly looking at price, breakouts, etc... I don't think they work well with indicator based strategies.

Hope that helps a bit.

[pa18]

Hi StevenSJC,

I agree what you are saying, most traders are looking at the same charts and trading the same, I'm glad you found something working out for you.

I tried looking at range bars before in real time and it gave me a headache, the movement was jerky, sometimes speed up and or slow in intervals and difficult to read, but in all fairness I didn't experiment on them that long. Renko and range bars sound like a steep learning curve so maybe I stick to what I know so far.

Pete

[pa18]

Busy day doing other stuff but managed a quickie trade

[pa18]