Hello Traders it's samurai trader here I've been asked by a number of members
in light of the new Renko videos I've been recording just to put together a
recommended cheat sheet so what I'm just going to quickly do is just run through
a cheat sheet that just may assist you just the one pager that may assist you
with your trading so as we get underway as always we do need to bring up the
risk disclaimer if you're watching I feel for a member of a public and you
haven't seen one of my videos before please pause the video and ensure you do
read the risk disclaimer and members if you haven't read the risk disclaimer for
some time please pause the video and also just very quickly if you don't have
my free training manuals please click on the download links below and ensure if
you're new to my channel that you subscribe and even better still become a
member of the day traders fast-track program visit my website and get more
information about the day traders fast track program traders that's the end of
the ads let's now get into the cheat sheet so what I've done
traders and this is particularly relevant to members of course is I've
put together a word document and I've placed this word documents and just to
quickly show you for the benefit of the new members ok so if you log in to my
Google Drive you will find this in the renko folder so simply click there and
you'll find a copy of this cheat sheet in the renko folder it's also under new
recordings now I've had a number of questions or members email me just
having trouble finding the new recordings folder so it's where I put
new recordings and upload so it's in this folder simply go up to this little
icon here and you can sort by date and by folders just there so this is where
you actually can sort them just there so hopefully that assists now let's get
back to the cheat sheet so the word document is there so you can actually
download it and make it your own and I think it's very
very important I've put together some key points here but tailor it and make
it your own remember the simpler the better so you
could have this out in front of you just as a reminder as you're trading so one
page cheat sheet for Renko chart trading target 5x5 so what is your daily target
so 5x5 means $550 or 5 tick trades as a minimum our target there is 200 a day
net per contract traded so do I have a rule of 1 for new members you'll see
that I uploaded a new video on the rule of 1 for Renko which absolutely works an
absolute treat we're going to be looking at some charts in a moment do I have a
t2 all of these here by the way a trend either trend trades or trend
orientated trades for new members start off with your rule of 1 if you're
trading renko the rule of 1 and the 34b focus on those two setups to begin with
and leading to the others with experience as you gain experience a rule
of 1 and your 34b start with those and once again we'll have a quick look at
the charts in a moment so rule of 1 t2 t7 now as a reminder that t7 is a double
top or double bottom with trend now of course you'll have your double tops and
double bottoms kanna trend trades but this is with trend and it's also it's a
great trade when you have a double top or double bottom in the direction of a
trend if it's a bounce off the 89 over 200 we call those bet the farm trades
there are a very high probability trade do over 34b and 89B now you may notice
here I've left off a 200B because you're 200B's being a deeper pullback
and much deeper pullback really quite often
counter trend trade so I've just once again follow the gold do I have a t20
at10 so here T10 T20 and at T20 - 1 now as a reminder here
the t20 - one is simply this represents the one means the first trade after
t20 which I'll show you on a chart in a moment couple of other things you just
want to remind yourself I wait for the sweet spot you wanna wait for the sweet
spot every market has its sweet spot I follow the gold and you hear me talk
about that regularly and most importantly do I have a fanning of the
EMAs now if you're following a trending Gold EMA do I've a fanning of the EMAs
it's gonna put you well ahead of the crowd does the AC does the anchor
chart confirm the trade very important we want to be looking at a time frame as
most of you are aware with Renko charts I like to use a time frame twice as high
as my entry chart if I'm trading tick I like a time frame three times higher or
if I'm trading a range chart I go from one point seven times higher so twice
higher on my Renko do I have angulation and of course angulation what does that
prove that we've got a good fanning of the EMA's and almost missed it tear does
the long-term stochastic confirm the trade very important particularly if
you're looking at your t2s you'll see tens which is very reliant on
the long term stochastic I'll use the trigger line eight to stay in a trade
we'll look at that in a moment couple other things beware of sideways
action equals chop now remember when it comes to watching your your EMA's when
you see your emails in a horizontal position overlaying of price action etc
you're in a choppy market you want to wait for the for the breakout but
remember traders I want you to look at trading chop of a breakout to reframe it
a lot of people are very fearful of chop well yes you might get hit by one or two
losses if you hit a choppy market but just remember after you have the
breakout of chop usually means great move system great trading opportunity so
you want to learn too recognize chop but then how to get in
after that because usually there's some great trades after that character and
trading remember traders focus on you trend trading into your consistently
profitable as a trend trader but do you have a double trouble double bottom with
Renko there Rob they're very sweet they're very nice
so do I have a double top or double bottom do I have a 1d
or a 2d now remember a 1d is divergence on your anchor chart with no divergence
on your entry a 2d is when you got divergence on both your anchor and your
entry a double-whammy a fantastic counter trend trade do I have
a V trade the V trade of course is a very violent quick move where you've got
a really good V in the market I particularly by the way love of the
trades during the Globex session B and just on this point
just remember traders be very cautious in trading counter trend in a strong
trending market just remember that if you've got a really strong trending
market you're gonna get hammered usually if you start taking your counter trend
trades you want just just remember that and do I have a t19 our classic
divergence trade so that's just a quick one page or a short one page you can
have in front of you tailor it to suit the key points now most of you know I've
got my trading rules actually let me just pull that up I'll show you this I
just have to quickly go in some archives here and pull this slide out so most of
you are aware I've got most of my trading rules and patterns etc in
plastic sleeve folders and of course my trusty notebook to be taking notes as
I'm trading so you're one page you're going to have just the front of this and
really you're looking at or you have as a reminder in front of you keep it
simple remember as Richard Branson said any fool can make something more
complicated you want to keep it simple so you might just have that in your
front sleeve as your trading focusing just as a reminder what to be looking at
but what we want to do now traders is go to
chart so let me just minimize this and let opps
sorry let me go down here get the chart up here we go okay so we're looking at
this is co by the way I love this is co the end of the New York session so
the afternoon session and this is sort of 1:30 onwards so as I trade I like to
mark my charts up and I've just got a couple of comments here mock-up and
drawing trend lines your TL your trend lines as you trade one of the greatest
challenges we have as traders is what we call boredom becoming bored by focusing
during any patterns your trend lines your micro trend lines etc for an
example here is a micro trend line see how all potential trend line see how
you've just got this whoops let me just try to get this trend line here for you
okay so see I've got a peak here a peak here
so as you tray draw these in it's like a little flag and of course flags are
great in trending markets and we're looking for breakouts when we have a
flag there it is there so our entry could be at the close of the first
candle outside but in actual fact you can see there we've got a rule of one so
here's a rule of one rule of one rule of one rule of one now the point I've got
here you've got three rule of one's here but you write at the pivot now remember
traders you want to be very very cautious when you trade enter pivots
time and time again we get what we get what we call a pivot
bounce and we can see here we've had three test of a pivot before finally we
break through so if you want to be conservative wait until you get a number
of tests you've also got there what do we got there a triangle setup here as
well we can see we've got high lows here's your high and you can see you've
got your breakout now the other point I want to bring down here is and it gets a
little hard for you to see it let me see here but you actually had a 1D you
had divergence on your anchor chart here here is your your t20 now I'd like to
mark in the T20s because remember T20 coincides with a 50cci 0 line
crossover so it removes the need to have a CC on your chart as you know many
traders will trade only in the direction of the 50 CCI so if you're above the
zero line on a CCI you're looking for long as if you're below the zero line
you're looking for shorts so here we've got a great t20 and so the quicker or
soon you're taking your trades after a t20 the greater the opportunity for
maximizing your returns they've also got a point here you need to be fast now
unlike a time based chart of course with a Renko you're basically trading as the
market ranges but by the range you're having by price action so these can be
can really take off a time so that's something you need to be aware so at
times you may struggle with a a limit order and you're going to be using
market orders well that's just goes with the territories okay so moving along
here so we've got our our anchor chart here of course
so I'm looking over at my anchor chart I can see I've been getting a nice fanning
of the EMA's on my anchor chart and I've got a great fanning of the EMA's here on
my entry chart so that's great so maximize that for a moment and that's
what I'm looking at now the other thing I've got here and I was marking this up
live is it where's the FP where's the floor pivot you always want to know
trader so what we've got here this is our r1 up here so here's my floor pivot
here's my s1 my s2 now we know that the chances are moving from your floor pivot
to the r1 are very very high so always be asking yourself where are the floor
pivots an example here where's my next pivot here where's my next pivot
because for R1 S1 and your percentage of dropping down or your
percentage lowers as you go from your r1 to your r2 etc what else we got here
okay so mark this up we then had a 1d which is also a PB pivot bounce
and you'll see that a lot so we had a pivot bounce here as well we come down
for another pivot bounce 34b and we had a number of great trades now
the other thing I want to say about this is you can this is what we call sweet
spot trading we've got a great fanning of the EMA's we've got a great trend on
our EMA's if you looked at the anchor chart we had a great trend here as well
try to this is the ideal training scenario trading scenario and of course
virtually every day you're going to have multiple opportunities like it's
multiple sweet spots in the market as we trade the thing is is to be patient and
to wait for these and if you look at for an example at the ES at this time we had
a great trend at this time also on the ES on the NQ you're quite often find
that trading gold in the afternoon for an example can be very choppy great in
the mornings and by the way we're in three minutes time we have Globex opens
up so the market of course is closed at the moment well you may not disclose and
we have the market reopens in three minutes I give it a 5 to 10 minutes to
settle down but usually there's some great opportunities there on the NQ gold
and on CL during the closing session so members are hopefully that's given you
some ideas on using just having a one page cheat sheet wait for the sweet spot
so traders I'll see you on the next video or I should say you'll hear me on
the next video if you haven't subscribed if you're watching this for the first
time or you're not a member please visit my website and find out more about the
day traders fast rate program thank you traders