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Live Renko Charts Forex Strategy

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I would like to present a real exist Renko chart forex strategy you can use on any sort of currency pair and length of time. The trading rules are really simple not to mention straightforward. The strategy incorporates 2 wonderful trading evidence, one for the purpose of trend place (Renko) andf the other to provide trades for the the trend. It’s acceptable for scalping, time of day trading, groove trading not to mention long duration forex trading. Let’s begin to do this:

Chart Setup

Used indicators: ScalpCycle.ex4, RenkoColorBars1.ex4
Preferred time frame(s): any
Trading sessions: scalping and day trading (London & New York), swing trading and long term (24/7 trading)
Currency pairs: any

Example: GBP/USD M15 Chart

renko-forex-system

The actual figure over is a good example of the Renko system for action on the actual 15 moment British Pound/US Buck chart. It exhibits our suggested buy as well as sell admittance points together with our suggested stop-loss amounts. 4 Simple to spot trading setups happen to be generated within the Renko up- as well as down marketplace trend. Learn beneath the buy as well as sell conditions of the strategy.

Trading Rules

Buy conditions:

  • The Renko indicator (RenkoColorBars1.ex4) draws gray candlesticks (market goes up)
  • The scalping cycle indicator ScalpCycle.ex4 changes its arrow color from red to gray.

==> Open buy trade. The stop-loss is placed slightly below support.

Take profit method: Get out of the buy trade to get a profit at an increased risk to prize ratio 1 or perhaps better. Additionally, use any trailing quit to freeze profits and allow the trade run in terms of possible. (until stopped out).

Sell conditions:

  • The Renko indicator (RenkoColorBars1.ex4) draws red candlesticks (market goes down)
  • The scalping cycle indicator ScalpCycle.ex4 changes its arrow color from gray to red.

==> Open short trade. The stop-loss is placed slightly above resistance (see figure).

Take profit method: Get out of the short trade to get a profit at an increased risk to prize ratio 1 or perhaps better. Additionally, use any trailing quit to freeze profits and allow the trade run in terms of possible. (until stopped out).

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