Simple Renko System

The tools for the trade are Renko ea slope direction line traditional macd Template as above

Renko box size is the amount of pips per bar , default is 10 , I have mine set to 5. Renko time frame is just a reference for the offline chart you will be using. Change show wicks to false. This chart is not used to trade with , minimize it and go to file/ open offline.

The only other indicator I have is the macd , the rule is very simple , for long entries , both lines have to be heading upwards with the green above the red and for shorts, both lines angled down with the green below the red. Now the reason I listed some as winners and some as losers even though the trade went in your direction for one or more bars is because I’m looking at a reward for risk of 2 to 1, each trade has a 10 pip stop for a 20 pip
target. You can try different risk to reward ratios, trailing stops, I prefer the set and forget style so this is my idea for how to trade this method.

These may interest you:

Receive Updates Free



Post a Comment

If you like this post,please leave your comment: