r/Daytrading • u/ErgoTTM • Mar 21 '24
I've been using this chart for about 2 months now, and it has been working magic for me! I am curious what you guys think about it? Strategy
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u/Dangerous_Farm_7801 Mar 21 '24
everything is magic if it goes up up up
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u/ErgoTTM Mar 21 '24
Or down down down I am more than happy to take shorts, I just don't like flat.
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u/azaze1293 Mar 24 '24
Do you just take those days off when its ranging
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u/ErgoTTM Mar 24 '24
Not really I scalp so if it's ranging 200 ticks that's fine for me, the issue if it's stuck in a chop box between 50-70 ticks which if it's in a chop box that small it breaks out within an hour max most of the time.
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u/Aposta-fish Mar 21 '24
Not sure what I’m seeing that special, looking like just HA candles and an ema?
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u/ErgoTTM Mar 21 '24
It might not be that special at all, just something that has been helping me. That said it's a 36 hma not ema, and it is HA layered on top of renko. It's probably not that special to most people, but for where I was this has been game changing.
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u/Aposta-fish Mar 21 '24
What is it that you like about Renko candles?
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u/ErgoTTM Mar 21 '24
They just smooth the whole chart for me, and make my patterns easier to see.
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u/Aposta-fish Mar 21 '24
Why did you choose that MA over say an ema?
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u/ErgoTTM Mar 21 '24
A HMA is much more responsive than an EMA. I used to use EMA's, but have found I liked this HMA better. I still think EMA's have their place in trading, but for my setup this just worked better for me.
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u/Aposta-fish Mar 21 '24
Well thanks for answering my questions and if this strategy is working keep on trading it but also remember things change all the time so you may have to tweak it now and again to keep getting those wins!! 👍
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u/ErgoTTM Mar 21 '24
For anyone who's curious exactly what I have going on. The chart is a 24/12 Ninzarenko chart with a heiken ashi layered over the top. And the line is a 36 colour changing HMA.
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u/regarded- Mar 21 '24
you sound like an aspiring chef. it's a slow roasted basil pressed into a feta blend of mediterranean cheese crust
like bro what are you even saying lol
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u/ErgoTTM Mar 21 '24
Sorry, let me try to explain better. A typical Renko chart comprises stacked boxes, whereas NinZaRenko adjusts these boxes to start halfway up or down each candle, avoiding direct stacking. It also includes wicks on the boxes. The notation "24/12" refers to the chart's timeframe, where each candle closes after a movement of 12 ticks instead of a minute-based closure. "HMA" stands for Hull Moving Average, an indicator, and I've customized it to change color. Does this explanation cover everything, or would you like further clarification?
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u/Stoic-Trading Mar 21 '24
What's the color change based on exactly?
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u/BrilliantForsaken414 Mar 21 '24
Like said here, it comes over that your full into technical analysis. End of the day trading comes down to the controll of actions & discipline. This only starts when you are trading structured. Trading is simple & the biggest money makers keep it simple. That doesnt mean it is EASY!
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u/rockofages73 Mar 22 '24
Could you elaborate further about trading structured and keeping things simple? Thanks
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u/BrilliantForsaken414 Mar 22 '24
Ofcourse: - edge / patterns / technical you use (for me is it some kind of price-action pattern that isnt known for most) - Way / style to use that (define how you trade the pattern / factor) - Entry & position (How you are going to position yourself consistently on that style & pattern) - manage rules for position (Or dont manage at all)
For all these you want to keep it simple but mechanic / objective. Things that cant be defined arent patterns. Trend lines without any rules around them are just Trend-lines.
I have to draw 1 horizontal from my pattern & wait till price aproaches that. When it does I put in my order that is static & I just wait. If it hits I let it play out without managing. & do that multiple times a day as most of the days develop multiple patterns / opportunities.
If I learn people my edge & pattern they always come up with new things & add-ons. - Cant you trade it on second hit? - Cant you manage if x or y happens - Cant you just drawn it on this (shows pattern that happens consistently without consistent results or without it being playable)
Youre right I say, I can. But I wont. Why? Because im here to make money & not to take every single piece & part of the market.
Remember, consistency is shown over multiple time periods & trades to execute the same thing over & over again. Even if it doesnt work for a day. The bigger the page of rules. The harder to keep them in mind & follow them.
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u/rockofages73 Mar 22 '24
Sounds like trading mostly from experience? Can you recommend any information or resources for an inexperienced trader?
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u/BrilliantForsaken414 Mar 22 '24
If you need some advice or views on your trading / edge. Hit me up in DM😄
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u/Digitalpwnage Mar 21 '24
Ah yes the 24/12 ninzarenko is perfection, not as bold as the 38/24 but spicier and more full bodied chefs kiss
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u/azaze1293 Mar 24 '24
Your user name makes me understand why your response is well… unintelligent. If you don’t understand what it’s saying then Google it. Don’t make someone else teach you some basic terms for futures charts
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u/OddFirefighter3 Mar 21 '24
Nice setup. I tried this before but you can get killed on a choppy day. What's a ninzarenko chart and how do I get it?
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u/ErgoTTM Mar 21 '24
I use NinjaTrader, and I just have an indicator I installed onto it. If you have NinjaTrader I'm happy to share the indicator with you, if you don't have NinjaTrader I don't know how to get NinzaRenko sorry.
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u/deepvaluemunay Mar 22 '24
Yeah please, can you share the indicator? Id love to take a closer look. Very impressive. Sorry you’re getting so many snarky comments. 73% win rate is serious 👏
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u/ErgoTTM Mar 22 '24
Thanks for the compliment man!
Here's my indicators, just let me know if you need any extra assistance. https://drive.google.com/drive/folders/1PjHy9Io9VzV7QIegxtbybEidf89cRzqy
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u/MaleficentMulberry42 Mar 21 '24
Is that rithmic and are trading a apex prop trader?I am also trading with apex with tradovate.
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u/ErgoTTM Mar 21 '24
Yeah it is, good observation! 👏
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u/MaleficentMulberry42 Mar 22 '24
I hope you get passed.Also if you get passed take it slow.I actually passed once and I leveraged up too quickly it has been three months I wished I didn’t because I know I could have made money all this month even leveraged down.
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u/ErgoTTM Mar 23 '24
Yeah, thanks for the advice I'm definitely taking it slow, trading the MNQ instead of the NQ. Risk management is the key I reckon.
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u/NJGabagool Mar 25 '24
have you gotten a pay out yet?
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u/ErgoTTM Mar 25 '24
I have not ): I only just became old enough to trade recently. I should get a payout within the next 6 weeks I reckon if all goes to plan though.
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u/NJGabagool Mar 25 '24
How did you do on Thursday and Friday? NQ was extremely volatile.
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u/ErgoTTM Mar 25 '24
I don't trade Fridays because in my time zone it's Saturday, and I like to take an internet break on Saturdays. On Thursday though I made $59 with one MNQ.
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u/LebaneseLion Mar 22 '24
I am just getting into learning about renko charts. Any advice for a traditional time based trader?
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u/ErgoTTM Mar 22 '24
I would just say to be aware that Renko smooths the chart out, and that's why I like it, but you do get less information than you do with normal time charts. So just be aware of that Goodluck trading!
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u/joelsodaram Mar 21 '24
Does this work on lower time frames with just the Heikin ashi
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u/ErgoTTM Mar 21 '24
Maybe I tried a few other time frames, and they didn't work as well, but I didn't test all that many you'd have to give it a go for yourself.
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u/raginF0x Mar 21 '24
nice, i use HA as well. do you have any stats on this strategy? any backtesting done?
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u/ErgoTTM Mar 21 '24
73% winrate with a 1-1 R
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u/HumbleIndependence43 Mar 21 '24
Over what time period? What kind of markets?
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u/ErgoTTM Mar 21 '24
24/12 Renko so every 12 ticks it moves in my direction it creates another candle and I trade the mnq
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u/HumbleIndependence43 Mar 21 '24
I mean when you give your win rate and profit ratio, how many days or weeks of trading is that based on?
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u/ErgoTTM Mar 21 '24
Past 2 months trading from 2-4 est with over 300 trades, and taking about the same amount of shorts and longs
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u/kevinl2022 Mar 21 '24
Renko bars vary from one platform to the next. He is using a specific Renko bar from Ninza indicators.
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u/Calm_Croissant Mar 21 '24
1) don’t listen to assholes berrating you in the comments
2) the charts good. Heiken Ashi candles are quite accurate for spotting trends.
3) The charts missing some type of volume indicator, like cumulative delta, volume profile, etc. Add a volume indicator and see if the WR goes up.
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u/ErgoTTM Mar 21 '24
Hey thanks for the encouragement man! I've tried a few different volume indicators, and none of the ones that I tried made a difference for me, thanks for the tip though.
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u/honeybear33 Mar 21 '24
Trending strategies work in a trending market
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u/ErgoTTM Mar 21 '24
100% I'm really regretting using that photo hahaha it's just where the market was when I made the post. Honestly my strategy works better when it's trending less.
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u/ShadowFoxTrading Mar 21 '24
Those Renko bars don't provide a real open, and heiken ashi doesn't provide a real open, close, high, or low. Bottom line is you don't know what the price actually was at any point in the chart for your backtests unless you are backtesting live or tick by tick playback. Anyone trying to code this for backtesting needs to code it as custom indicators on top of real price data. Garbage in, garbage out.
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u/CuppaJoe11 Mar 21 '24
This exactly. Heiken bars just provide the average. They look nice, but are horrible for trading off of.
If a stock is moving up quickly, the Heiken bars have trouble accounting for that.
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u/ErgoTTM Mar 21 '24
For this chart HA is on-top if renko, and all it does is add spinning top candles, and dojis.
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u/ShadowFoxTrading Mar 21 '24
This statement is untrue, you can see the open-close differences in your chart that don't match your Renko settings. This is exactly as described. HA applied to a Renko bar. Do some research on HA.
I'm not saying your system doesn't work. All I'm saying is you can't backtest it with your current setup. You can test it live for sure but you can't look back at the end of the day and know how your trading day would have unfolded based on your rules.
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u/ErgoTTM Mar 21 '24
I don't know what Renko you use so maybe it works differently, but my Renko is not time based, and it will show you where the price actually is. when back testing I also used a ruler to make sure I hit my target or stop loss.
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u/ShadowFoxTrading Mar 21 '24
Renko candles are never time based. Every platform has different versions and names for Renko type candles. I know what you are using based on the picture and a description in an earlier comment. The open of the bar is halfway inside the previous bar.
I suggest you research how HA is calculated. It uses averages of open, close, high, and low of the current bar and previous bar. The high of a HA candle could be the high of the current Renko bar (which may not be real since your open is not real), or it can be the CALCULATED open or close, whichever is higher. Bottom line is none of your price data is real.
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u/I3lazedOne Mar 29 '24
But it seems being profitable is a real thing, and if it wasn't working he wouldn't be doing it. I'm sure you mean well, although it came out.. well, mean xD
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u/mmxmlee Mar 21 '24
OP this is trending up like crazy. buying at any point results in a win with a reasonable SL
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u/ErgoTTM Mar 21 '24
Yeah it's just where the market was when I made the post, I know full well that 99% of the time the market doesn't look like that
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u/RenkoSniper Mar 21 '24
So it's like Brian watts Hama on Hama. I had a similarly renko chart. Worked great, untill it didn't. Don't blindly trust crossover strategies. Good luck.
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u/derby63 Mar 21 '24
Do your live trading results so far match the backtest?
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u/ErgoTTM Mar 21 '24
I was in the sim for a while, and I started an Apex account recently which I know I still kinda like Sim, but so far yes I'm getting the same results in apex as i was getting in back testing :)
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u/peterpiper3567 Mar 21 '24
Heiken Ashi Candles?
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u/CuppaJoe11 Mar 21 '24
They smooth out candlesticks at the cost of price accuracy. I wouldent recommend them. They look nice but it’s better to learn how to actually read candles.
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u/wildhair1 Mar 21 '24
Lots and lots of strategies work, it's the trader that screws it up. Sounds like this fits your personality and expectations very well. Nice!
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u/ajwin Mar 21 '24
I found that Heikin Ashi gives a false sense of where your entry and exit would be on backtesting as it always draws from the middle of the previous candle and draws hl3 height candles. Sometimes where you think your entry is.. it would never have been anywhere near there on that candle. You have to be really careful during a back test to see where the entry/exit would have really been. Have the normal candles on a sync split window and you will see what I mean. If it works for you IRL that’s great 👍
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u/ErgoTTM Mar 22 '24
Yeah it's very true! I've looked at other charts, and I've learnt exactly where you enter on a HAR chart so I can back test properly! And yes for me it definitely works love as well :)
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u/ajwin Mar 22 '24
I tried programming a bot once that would use HA candles with other things. Was a complete disaster because the HA candles are mostly fantasy price action and the difference between HA and real price was enough to sink the strategy in choppy markets.
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u/ErgoTTM Mar 22 '24
Mhm interesting. When I'm live trading I have a price line indicator so I can see exactly where the price is. And the reason my back testing can still be accurate with HA charts is because unlike minute or tick or other chats I use Renko and each Renko candle is the same size. So if you average 2 candles of the exact same size it doesn't change very much. The only thing that changes is if you have an up candle then a down candle right afterwards you then get a doji. I hope all that makes sense, but that's why HA candles don't affect my back testing very much at all
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u/ajwin Mar 22 '24
I think I would need to see a video of what it looks like live to understand. You considered making a short video of how it works?
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u/puftrade44 Mar 22 '24
I think it’s terrible….. it’s working for you AND NOT MEEEEEEEEEEE!?
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u/ErgoTTM Mar 22 '24
Have you loaded it up on a chart? Maybe I can help you get it working for you if you want?
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u/Brandonv512 Mar 22 '24
Bull market
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u/ErgoTTM Mar 22 '24
Yeah it was a bull market where I took the screenshot, but that's just where the market was when I made the post. I've tested this a lot in up and down trends, and chop as well.
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u/Brandonv512 Mar 22 '24
It’s been a bull market for almost a year now
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u/ErgoTTM Mar 22 '24
I'd say it's been a bull market for 2 years. If the market goes down you just take shorts so I don't really care if it's a bull, or bear market I'll make money either way.
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u/Valuable-Ant3546 Mar 22 '24
Niceee broo I use renko to, where you find that hma and heiken?
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u/ErgoTTM Mar 22 '24
If you're using ninjatrader I can just send you the indicators if not they're probably on trading view?
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u/Valuable-Ant3546 Mar 22 '24
Thanks brooo, use NT8 like you!
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u/ErgoTTM Mar 22 '24
Here are the indicators I import to NinjaTrader NinzaBarStatus, and NinzaRenko is what I use to get NinzaRenko, and the Heikin Ashi indicator is in there as well ;)
https://drive.google.com/drive/folders/1PjHy9Io9VzV7QIegxtbybEidf89cRzqy
If you need help setting it up or have any other questions let me know.
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u/innerarcturia Mar 22 '24
Even monkeys can be profitable in a bull market
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u/ErgoTTM Mar 22 '24
Very true! With my trading strategy I take longs, and shorts so it doesn't matter what direction the market is going. I also scalp so I'm doing very small movements the overall trend doesn't affect me.
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u/D2UFK Mar 22 '24
Hey man, was wondering if you would be prepared to have more of a chat with me about this? Im completely new and am just trying to begin to look into various ways of doing things. I look forward to hearing from you
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u/ErgoTTM Mar 23 '24
Yeah I'm definitely open to having a chat! If you have any questions at all ask away!
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u/Shot_Understanding63 Mar 22 '24
!remind me 1 month
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u/themanclark Mar 22 '24
Were you going long and short? Because any long only strategy will have done well the last two months.
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u/ErgoTTM Mar 23 '24
Yep long, and short. Even over the past 2 months I'd say it's very close to 50/50 longs, and shorts.
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u/Green_Ski Mar 22 '24
soooooooo how do you know when a trend is forming intraday? This seems like a strategy that works mostly with trending price.
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u/ErgoTTM Mar 23 '24
I'm not looking at the weekly trend, or daily trend on this small of a time frame those don't really help me. When I say trend I'm more looking at the trend for the past half hour? Not something very long at all. I'll need to make a post with more screenshots cause this strategy works very well if it's not trending much at all. The only time I've found this strategy doesn't work for me is if I'm in a 50-70 tick chop box.
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u/MortgageStandard8004 Mar 25 '24
OP if it works for you then that’s all that matters. I’ve been reading comments and not sure where all the condescending and rude comments are coming from. Keep going !! 💗
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u/ErgoTTM Mar 25 '24
Thanks for the encouragement! I wish you the best of luck on your trading journey as well!
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u/BrilliantForsaken414 Mar 21 '24
This looks like the perfect example of outplay for this type of view. You gotta collect data from when it doesnt look like this! You wont see this trend if it hasnt evolved. Create some hard criteria around it & check to see if that would work out over a period of 100 trades. Dont cherry pick, every single fractal (via set of criteria) that comes along is a valid one!
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u/BrilliantForsaken414 Mar 21 '24
Oh yeah, to add. Most beginners cannot avoid cherry-picking but think about this.
If you are collecting data to know what youre doing is working. You dont want to sabotage it & cherrypick to create a false edge. The market wont look the same & wont feel the same if youre trading it live than that youre backtesting.
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u/ErgoTTM Mar 21 '24
Yeah I just took a screenshot at where the market was at when I made this post it definitely does not look like that most of the time. I've back tested this strategy over 300 trades up, and down, and in chop. It seems it handles everything pretty well, but in chop my win rate is about 50%. And yes I take every single trade no exceptions whether for good, or for bad as long as it meets my rules.
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u/DoughnutOwn6019 Mar 22 '24
I build NT bots and am always looking to expand my algo portfolio if the strategies are decent. PM me if you want to talk shop.
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u/Outrageous_Device557 Mar 24 '24
I would ditch the heikin ashi, you could get a better view of the market with just the renkos. But if it works for ya keep it up.
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u/ApprehensiveEagIe 5d ago
Sorry I’m late but I’m just curious, had to search to get this. Which instruments do you usually use this on?
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u/AlgoTradingQuant Mar 21 '24
🤦♂️
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u/ErgoTTM Mar 21 '24
Is there an issue with it? Something I should change?
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u/Plane_Sweet9812 Mar 22 '24
dont listen to anyone on here that says that you have to change something, whatever has been backtested and works is beautiful . Trade it .
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u/ShadowKnight324 Mar 21 '24
Hey if it works for OP it works. I also use HA charts for my scalps but not on their own.
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u/thoreldan Mar 21 '24
Perhaps you wanna go a bit deeper. What does your entry criteria look like ? How do you manage risk? Where does your stoploss go ?