Renko system forex

Renko and Stochastics Team up for Winning Forex Trades.

by Gregory McLeod.

Renko reduces noise from violent price swing found in the Forex market Renko and Stochastics can help traders stay with the trend longer Buy and sell signals on Stochastics are easier to see on Renko charts.

This is the third in a series of articles discussing Forex Renko Bars . We have gone over how to install and use this often neglected charting system. For years, Renko charts have lingered in the shadows of its cousins, the line chart, bar chart, and Japanese Candlestick chart. Even esoteric Heiken Ashi charts are better known.

But Renko is uniquely simplistic as it removes the dimension of time and volatility from the chart to allow traders to recognize the trend, make fewer trading mistakes, and stay with the trend longer. Renko also illustrates the ability of a currency to sustain consistent price moves.

Learn Forex: GBPCHF Forex Renko Chart with Stochastics.

(Chart Created using Marketscope 2.0 charts)

The addition of the stochastics indicator is like adding high definition stereo to an already top-of-the-line u ltra high-definition television. You can trade Renko bars by themselves using the system of long after two bricks of the same color exit the trade when a brick of the opposite color appears. However, Stochastics gives an added visual confirmation that can give traders confidence in placing a trade.

Notice how slow stochastics with setting of 14, 3, 3 in the above example of the GBPCHF 5-pip step Renko chart pinpoints the exact turning points. A trader has three reasons to take a long trade; a rising uptrend, two consecutive blue bars, and stochastics crossing up from the ‘20’ horizontal reference line. The more reasons that traders can line up to support their decision to go long or short, the better the trade becomes. In addition, notice how the stochastic %K and %D lines flow smoothly from peak to valley without the erratic moves in between seen on other charts. This eliminates the guesswork and distractions allowing traders to focus on important decision making areas.

In addition, stochastics can be used with Renko to take profit on trades or to tighten stops. In an uptrend as stochastics moves above the ‘80’ horizontal reference line the indicator is in an overbought region. Traders must remember that stochastics can remain oversold for an extended amount of time and that it is not a reason to get short.

However, savvy traders may want to protect profits by moving stops just below the previous Renko “brick” or close part of the position once stochastics moves into the overbought region. The appearance of a red would be the clear signal to exit and look for the next trade.

Making a good thing better is how we can describe the addition of stochastics to Renko charts. Traders can derive the benefits of additional visual confirmation and signaling of turning points as well as money management cues. Stochastics and Forex Renko charts are a winning combination!

--- Written by Gregory McLeod, Trading Instructor.

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Highly Profitable Renko Street Trading System.

IMPORTANT NOTE Highly Profitable Renko Street Trading System:

You can not install the system in the Market Closed. Saturday and Sunday. Wait till Market active on Monday-Friday.

HOW TO INSTALL RENKO STREET.

Follow these steps to install:

1. Extract file. RAR.

2. Open your MT4 then click Files Open data Folder.

3. Place file templates into folder Templates.

4. Find folder MQL4 then open this folder.

If you want to change sound alert with sound alert from the system. Go to C:\\Program files\Your MT4 folder\Sounds . Then replace alert. wav with file from the system.

7. Restart your MT4.

8. Open your preferred pair, e.g: EUR/USD , select TF M1.zoom out, turn off chart shift and auto scroll. Click and hold button “Home” on your keyboard to download data history.

9. Attach RenkoLiveChart_V3.2 to chart .. wait till you see notification at top-left and top-right of your chart.

10. Click File Open offline, select EUR/USD M2 Click Open.

11. Select Template of RenkoStreet V 2.0 then Load Template to chart.

12. You are ready to trade.

For more details how to install RenkoStreet V 2.0, please refer to this video:

This is most question asked. The answers are:

Do not install in the market closed. Refer to step no.10 Refer to step no.8.Do not forget to click”Home” after you attached RenkoLiveChart_V3.2. This way is to download data history of your chart. So, EA can work properly.

# There are 6 templates, which one is the best?

All are the best and all are same, the different is the display of each template. You can choose by your self which one is comfortable for you doing a trade.

About Renko charts.

Renko charts are based on PRICE , not on TIME. Renko charts update dynamically tick by tick. Renko charting is considered to be best in predicting the change in the market sentiment that precedes a new trend.

Trend reversals are signaled by the emergence of a different color candle. An easy system to follow is to trade in the direction of the trend, and exit when it reverses. Support and resistance levels are easily seen on Renko charts.

Renko charts smooth out market noise, clearly show the trend, and detect reversals.

Renko charts are very effective for traders to identify key support and resistance levels. Buy/sell signals are generated when the direction of the trend & color of the candles changes.

Actual volume values are displayed for each Renko candle.

What Renko charts can show even without any indicators (summary):

Trends Reversals Support and resistance levels Buy/sell/exit signals Actual volume.

Why 90% of all systems are profitable but 90% of traders are losing money or Common trader’s mistakes.

Not trusting your system or indicator(s). Entering a trade too late or too early. Taking two thirds of a trade instead of the whole lot. Exiting a trade too soon. Ignoring your self-established rules or the rules of the strategy. Changing rules during trading. Lacking patience. Taking trades between sessions. Overtrading. Traders are not looking at the market as is, but through the lenses of their own expectations. Risk Level. Traders do not follow their own rules like StopLoss, TakeProfit and get out from winning position too early.

You must know your strategy before you start trading . If market turns against you get out of trade when stoploss conditions have been met.

Always follow your trading plan. Not following the trading plan is the number one mistake traders make. You must know exactly what you are going to do from start to finish BEFORE you enter a trade, and stick with it. Don’t second guess yourself in the middle of a trade. If you can’t overcome this hurdle you won’t be around as a trader for long.

Never hesitate to enter a trade when you have set up conditions. Be careful with reversals; do not get in too early.

Patience is the key.

Many people starting out in trading have difficulty with the principles of Money and Risk Management. In this aspect of trading you have to calculate everything for you and adjust the size of your trades based on the balance of your account whilst respecting your tolerance for risk. Let us also assume that you are prepared to risk 5% of your account on each trade.

About Repaint and non-repaint.

Many people have had questions about repaint and non-repaint indicators of the system. I can say that do not worry about this type of indicators. The important thing is how to read the indicator itself. If you find non-repaint indicator, you will get it as flat or lagging or late.

Vise versa. Because indicator is based on prices, moved by prices. There is no perfect system/indicator provide the real signal. The real signal is price itself. That’s why I combined 3 indicators to collaborate them and providing the best probability of profitable signals.

Everyone is trader for himself… I found myself as complicated trader .

So you must found out what trader you are.

In my case my system do 75% of a trade, other is technical analyses (candle pattern-chart pattern - elliot wave of TF H4 and D1), experience and the last but not least important – feeling. Sense of security in your trade! You have to be 100% confident in that what you are doing. This is the only way that leads to succses! Whatever system you use to trade.

No more guesswork in trading. Money Machine does not exist. There is no one single super smart Forex trading tool which gives you profit, profit and more profit.

The only possible solution is to use a combination of different tools – System identifies the favorable market forces to get a maximum number of high probability trades over a period of time.

About the System.

Simpler and lighter in the following currency pairs:

EURUSD, GBPUSD, AUDUSD, USDJPY, USDCHF, USDCAD, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, GBPJPY, GBPCHF, NZDUSD, AUDCAD, AUDJPY, CHFJPY, AUDNZD, NZDJPY, EURNZD, CADCHF, CADJPY, NZDCHF.

Please note that the system only works properly at the currency pairs above. If you use to other pairs, you will never get alert and also indicator will not work as expected.

RenkoStreet V 2.0 consists of 4 indicators, 6 custom templates and 1 expert.

Here I explain one by one of them:

Indicators:

This is the Currency Strength Meter Indicator.

This indicator has unique strength meter value between 0-100.

If you get “ BUY ” alert with strength meter value is 100, it means that you get the best signal . Or if you get “ SELL ” alert with strength meter value is -100, it means that you get the best signal , too. But the value is not always 100 or -100 to enter market. Once you get alert, it has been qualified to enter the market.

Please note that if you find symbolprefix in your currency pair, this indicator won’t work by default. You have to set it manually. Right click on your chart -> Indicators list -> Renkostreet STF -> edit .

GBPUSDecn , you can type “ecn” without the quotes.

EURUSDm , you can type “m” without the quotes.

It draws lines and dot-circles. In this indicator you will see that dot-circles is repaint. But don’t worry, we only need to enter a trade when 3 indicators have been confirmed each other.

By this indicator, I usually define SL and TP. See horizontal lines: red and lime.

In the case above you can also place Take Profit 2 at 10-15 pips above horizontal line.

Showing Trend of the recent market.

This indicator window show us red-lime signals where red color is sell signal and lime is buy signal. Same with other indicators, we can not use single signal from this indicator only, it should be combined by other.

Every 3 indicators: RenkoStreet_STF, RenkoStreet_Trend and RenkoStreet_Channel are matching, we will get alert. Support sound alert, alert and window pop alert.

There are multiple choices of template. You can use one of them and they all are same, the different is the display.

This EA is to generate Renko Chart in M2 chart offline. We need this EA when installing Renko Chart only. The place is in Time Frame M1. Not for Opening Position or making automatic trading.

We recommended to use default setting Renko Box 10, under this value might the system provide false signals.

And please do not close M1 chart where this EA here in order to M2 offline run properly.

Image above show us that EA run properly signed by notifications at the top left and top right on your M1 chart.

In this version, you don’t need to watch and wait in front of your chart to get 3 indicators confirmed. You will get alert immediatelly every these 3 indicators have the same signal and confirmed each other.

There are 3 types of alerts; , sound and window pop.

Below are some alerts that need your attention:

After opening the chart you may be immediately get alerts . These is false alert. To avoid this, please wait for chart to finish downloading data after opening mt4 and do not re-attaching template. Because indicator will read your previous data history and providing an alert. Use only alert that coming from standby chart. Sometime you will get repeated alert from the system at the very close time , this is just normal. Especially in the high market trend and currencies are equally dominant so RenkoStreet STF generates Red-Green Signals alternately. But it happen just a moment. After currencies price movements are relatively stable, then indicator RenkoStreet STF backs to normal, too. In this case, Wait until RenkoStreet STF stabilized. Or combine with your own technical analyses skill.

You will not recieve signal alert sent via before setting up your in your MT4. You need that support SMTP, example: aol.

To do this, here are the steps:

Open your MT4. Click Tools, Options, select tab Check list Enable. SMTP server : smtp. aol:587 SMTP Login : youraol SMTP Password : Your password To : Youraol (recipient)

For recipient is free, you can use yahoo, gmail, or others.

RULES OF TRADE:

Enter trade BUY when you get alert “ BUY ”.

RenkoStreet STF=lime, RenkoStreet_Channel=lime, RenkoStreet_Trend=lime)

Take profit on the horizontal line above your position. Or 10-15 pips before the horizontal line above your position.

Stop Loss on the Horizontal Line below your posistion.

Enter trade SELL when you get alert “ SELL “.

RenkoStreet STF=red, RenkoStreet_Channel=red, RenkoStreet_Trend=red)

Take Profit on the horizontal line below your position. Or 10-15 pips before the horizontal line below your position.

Stop loss on the horizontal line above your position.

TRAILING STOP.

If you have take profit with long distance from your position, you might want to save your trade by trailingstop. This trailingstop will move your SL to save your profit. Pips by pips depending on your setting. Right click on your position -> Trailing Stop -> choose your trail , recommended 20-30 pips.

“After I get alerts then the trend reversed,……” This is classic Frequency Asked by several people.

Suggestion:

We should thank God That has given us the gift of a Trading Art. This is Trading. Nobody knows exactly what is the next trend and there is no perfect system around the world. No Holly Grail. Let us enjoy how wonderful the art of trading. Either loss of Profit.

What to do?

Consider before making decision.

Once you make the OP, there are two options that you can not avoid them: loss and profit. So, I suggest you to place your Stop Loss and Take Profit then let your position runs from start to finish.

In my case, after getting alert, I usually crossed-check with chart pattern and candle pattern (both of Renko Chart Pattern and H4/D1 pattern). And by this way, I could make 90% winning rate. If you have a little bit knowledge about oversold/overbought, fibo or SR, it will be something powerful. Do not let the system do 100% of your trading.

The best signal is when alert qualified with these conditions:

Appearing at 2-3 candle (about 25-40 pips) after Circle-Dot of RenkoStreet_Channel Indicator. RenkoStreet STF has value 60/-60 above. For SELL= -60 -> -100, BUY=60 ->100. Already in the oversold area for BUY alert and in the overbought area for SELL alert. Following a trend.

I recommend you to trade following a trend , against the trend will make you very risky trade. You get alert does not mean that you have to open your position. Always look at the current trend.

Simply, zoom out your chart and you will see the current trend. Also try to combine with overbought/oversold area, chart patterns, fibo lines, candle pattern D1 or H4. As I said before that you have to be 100% confident in that what you are doing. This is the only way that leads to succses! Whatever system you use to trade.

Below is an example of trend:

# The system uses Renko Box 10 . It might need long time to wait till alert display on your chart. To solve this, you can open several pairs at the same time. E. g: 5 pairs. It can save your time. But note that so many pairs could make your mt4 runs heavy even crashed. Example more than 10 pairs .

# What should I choose, TP1 or TP2? My answer is you are free to choose one of them depending on recent market condition where you place your position. Market is very complex, here you need skill/your own experience to decide what the best to do. Otherwise, you can trade with 2 positions with each half of your lot, one with tp1 and one with tp2.

# Please try the system in Demo first , before doing on real account. If you think that you have been able to drive your chart by the system, you can do trade in real.

The Secret of Renko Street Moving Averages Trading Strategy – How to Trade Forex Successfully Using Renko Charts With many years of research using this system, we have. Advanced Simple Forex Renko Trading Trends With Moving Average Indicator Forex Renko Trading Trends Strategy With Moving Average – The. Correctly Identify Forex Trend with Renko Bar Chart and Momentum Trading System High Accuracy Renko Bar Chart Trading System. I will tell. Best 50 & 200 EMA Renko Street Channel Forex H4 Daily Trend Following Strategy Best high profits trading with the 50 & 200 EMA for. Simple Forex Renko System – Making Money in Forex is Easy if You Know How Making Money in Forex is Easy if You Know How. Online Forex Currency Trading – SUPER EFFECTIVE Renko Maker Forex Trading System The “RenkoMaker pro Trading System” is a simple trading tool. Forex Day Trade Setup – A Very Simple and Profitable Highly Trading Strategy Day trade setup is very simple and profitable trading strategy. Forex Trading System 96% winners – Highly profitable and simple strategy Forex Trading System 96% winners – WELCOME TO MY OWN. Highly Profitable Foreign Exchange MT4 Software and System With EMA Momentum Trend Trading Indicator High Profitable Forex Strategy – The secret of EMA Momentum. Highly Profitable Forex Trend Momentum Trading System and Strategy for Intraday Trading Aroon up down is a trend momentum system for intraday.

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6 thoughts on “ Highly Profitable Renko Street Trading System ”

its goooood one for new traders. thanks.

were u able to extract the files?

or street trand indicator is repant.

Do you have time and feet?

1M5M15M1H4H? Is it?

Thans for this renko indicator. One question I didn’t see the strenghts meter between the forex pair and red/green Arrow.

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Category Archives: Renko Charts.

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Renko Strategies.

Collection of profitable Renko trading strategies. The purpose of this section is to provide the different renko trading systems that are free to use for the trader. Whether you like price action or indicators, our collection of forex renko trading systems have it all. It best to read this section after you are familiar with the basics of renko charting.

Renkostreet trading system review – Does it really work?

The Renkostreet trading system is marketed as a top renko trading strategy. But does this trading system live up to its name? Read this review of Renkostreet trading system and find out the truth.

Simple forex trading strategy with Renko charts.

A simple forex strategy for beginners and experienced traders that makes use of no technical indicators. Learn how you can trade with this simple forex trading strategy with a minimum of 1:2 risk reward set up. If you are a patient trader, then you can make lots of money with this simple but efficient trading strategy.

Renkomaker pro trading system Review.

Detailed review of the Renkomaker Pro trading system for Renko charts. Read and learn how to trade with Renko maker pro and whether this trading system is as easy to trade as it is claimed. Also learn about potential drawbacks in trading with the Renko maker forex trading strategy.

Equidistant price channel trading strategy on Renko Charts.

The equidistant price channel Renko trading strategy is a price action based trading strategy that is used to trade the counter trend moves. Using the equidistant price channel, traders can identify potential short term reversals that take place within a trend. Learn more on how to trade price reversals on Renko charts using the equidistant price channel.

Renko Chart Parabolic SAR Retracement strategy.

This Renko trading strategy is based on trading the pull backs in a trend, by using the parabolic SAR indicator and combining it with Renko price action. Read how to trade this rather simple Renko trading strategy.

Renko scalping with 15-minute close.

Make 20 – 50 pips every day with this simple to use and easy to understanding scalping set up with Renko charts. Learn how to make profitable trades intraday with a high rate of success using Renko charts and a trading strategy of your choice.

Renko Moving Average Crossover system made easy.

Learn how you can make use of one of the most simplest of trading strategies. Apply two moving averages to Renko charts and use the methods outlined in this article to trade one of the most powerful set ups you can find.

Mini-median line with Median Renko chart – A scalping strategy.

Mini-median lines and median Renko charts is a simple but powerful trading strategy that can be used to scalp strong trending markets. Learn how to apply this Renko trading strategy.

Trading Parabolic SAR pull backs with Renko Charts.

The Parabolic SAR Pull back trading strategy with Renko charts offers traders a unique way to scalp the markets. This Renko trading strategy offers a favorable risk/reward ratio with consistent profits. For traders who want to make a fixed number of pips per day, this renko trading strategy is worth exploring.

Simple Renko Scalping System.

So you are an intraday trader! You prefer to take small profits when the markets offer an opportunity and you are content with taking small profits over a short period of time. In this article read how this simple Renko trading strategy can offer traders a simple way to make profits scalping with Renko charts.