FOREX Trading Strategies

 

Renko Candles

 

 

Will it not be fantastic if you can

eliminate all the noise and confusion

from your Forex trading

and start winning your trades on a consistent basis?

 

 

Jeff Glenellis (Tampa. FL) claims:

 

Simple Forex Scalping Technique

Using Customized Renko MT4 Indicators

Consistently Wins as Many as

9 out of 10 Trades

 

Source: Forex Scalping X

forex scalping

 

 

Renko charts are strictly price-based charts, meaning new candles (or boxes) will not form unless price moves "x" number of pips (and you decide the value for "x" so you can use Renko Charts for both scalping (1-5 pip boxes) and longer term trading (10-30 pip boxes)).

 

Standard candlestick graphs can be difficult to follow due to many small zig-zag moves:

 

forex scalping

 

The two vertical red lines at 04:00 and 06:00 represent two hours of trading on this 5 minute chart, from 9:00 to 11:00 p.m. eastern time (6:00-8:00 p.m. pacific time).

 

Now take a look at the same time frame (more or less) that is demonstrated by the Renko Chart:

 

forex scalping

 

Notice a difference?

 

Where the standard candlestick chart showed price was in a range with no real discernable pattern, Renko Charts clearly show price moving up and down within the 30 pip range.

 

And while the candlestick and bar chart crowd was sitting there scratching their heads, trying to decide if they should take a trade, Renko Traders had 8 separate trading opportunities, with 12-24 pips available for the taking. Had you used any of the indicators we recommend with 3 Pip Renko Box Settings (as displayed above) you would have received 8 separate signals worth a minimum of 10 pips each.

 

That's 80 pips in 2 hours when the rest of the trading world was still trying to decide if they should buy or sell. Not to mention 80 pips during a time when the markets are considered to be slow and untradable by most traders!

 

 

Here is the main benefit to using Renko Charts:

 

You know when a new trend is developing and you can get into a trade at the very beginning of that trend, long before the candlestick and bar chart crowd has even the first clue as to what to do.

 

If you trade with a specific pip target in mind (a 10 pip goal, for instance) you can be in and out of the trade, with your 10 pips safely banked in your account, before the rest of the trading world even gets their first signal!

 

Another benefit of using Renko Charts is you can decide if you want to use Large Renko Boxes (those red and blue candles are called "boxes") and shoot for 30-50 pips a trade, or use smaller boxes (2, 3 or 4 pips is size) and scalp the markets at any time, day or night. Renko boxes are 100% size adjustable, leaving you in complete control over your trading environment.

 

Of course, anyone can put up some still photos and draw whatever conclusions from them they want.

 

 

SO HOW CAN YOU CONSISTENTLY MAKE WINNING 10+ PIP TRADES 
USING RENKO CHARTS

AND THESE CUSTOMIZED INDICATORS?

 

 

Take a look at this screencap. 

 

 

This is what Jeff's charts look like when he is trading, and it's what his charts looked like when he won 21 out of his last 25 trades.

 

 

There are a pair of dual-50 moving averages running through the middle of that picture. 

  • When price breaks ABOVE the upper band, and all of his other indicators are in agreement, he will BUY

  • When price breaks below the lower band and all the other indicators are in agreement, he will SELL.

 

Some people using this method will remain in a trade until the first opposite color Renko box closes. 

 

Others, including Jeff, prefer to exit at +10 pips profit, as they have a daily trading goal of 20 or 30 pips and many of these trades will stall out after +10.  By exiting at or near +10 we are one-third to one-half of the way towards our daily goal.

 

One thing you need to know about these indicators--4 out of the 5 represented in this picture DO NOT REPAINT, EVER, and as for the 5th, as long as the other 4 indicators are in accord, I have NEVER seen it repaint after giving a concurring signal.  On it's own, it will repaint on occasion, but when used properly in concert with the other 4, repainting is NOT a problem!

 

 

The Renko Charting Package comes with all the indicators you need to turn your MT4 charts into Renko Charts. The package also includes more than 2 hours of video training, along with some companion PDF's you can review when you need a quick answer and don't want to watch a video all the way through again.

 

At $49, you're likely to earn back your investment in the Renko Chart Package on your first day of trading.

 

So don't waste any more time on bar and candlestick charts that only serve to fake you out time after time.

 

 

Trade with Renko Charts and start winning trades today.

 

 

Price: Now only $49.00

 

Click here to order:

 

Buy

 

 

Back to the Top


Disclaimer

 

Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

 

Copyright 2013, FOREX MASTERS