Renko Chart Simple Trading Strategies

Renko Chart Simple Trading Strategies

Hi all of my friends ! Hope everybody trading good with profit. Today we are going to know about Renko Chart trading. There are many Renko trading strategies, but here we outline a few of the simplest Renko trading strategies that traders can use.

Trendline Breaking Renko Trading

Renko trend line

Above chart shows how a trend line break method can be applied to the Renko chart. We notice a minor downtrend in play and plot a trend line connecting the pullbacks. When the trend line is broken, a trade can be entered, targeting the immediate previous support/resistance or pullbacks for booking profits.

Renko Support and Resistance Trading

Support and Resistance

Above chart, we notice how the support and resistance lines are easily spotted on the chart. We see a support level being established which was broken later. Price rallies back to the support line to retest it for resistance, which makes it an ideal price level to short targeting the most recent minor support level.

Renko Chart Patterns Trading

Renko Chart Patterns

The following above chart shows a double top formation, which is very clear to the eye. This kind of precision is something that requires a second or even a third look at traditional charts. After the double top was identified, sell positions could be initiated near the support targeting the rest of the price action.

Renko Charts with Indicators

Traditional indicators can also be applied to Renko charts such as Moving averages, Bollinger bands and even oscillators such as the RSI, CCI and so on.  In the below chart ,we have a simple 5/10 EMA cross over method with Stochastics confirmation applied to the Renko charts.

Indicators

Confirmation

At the arrow marked on the chart, the 5/10 EMA cross over method is very easy to trade with Renko charts. We have many confirmations.

  1. 5 EMA crosses below 10 EMA
  2. Red/Bearish Renko Brick is formed
  3. Stochastics cross over near the 80 level

The shorts would be continued to kept open as long as future bearish Renko bricks continue to form, with stops trailed one or two Renko bricks above price. As price shows signs of reversal by forming bullish Renko bricks and closing near the 5 EMA, the short position could be closed with some decent profits to be made.

Bear In Mind

Renko charts are very clean to understand and it is straightforward to understand price movement trading with renko charts. Any buying and selling method that you presently use to candlestick or line or bar charts may be very well carried out to renko charts, as long as the strategies are not time dependent.Try to use in 4h and daily time-frame.

For Download Click Here

Renko livecharts_pimped_v4_13

Risk warning:

“We are not liable for getting loses using this signal, We are testing and getting nice result. Forex is a great risking business. Do your trade with your own risk”. I am 90% sure this will work fine if you signup from our listed Forex company. My recommendation is True ECN ICMarkets from Right sight. You can signup  from Here (I will help as much as possible and will be added My Personal Signal Group . Send WhatsApp msg to +971558610518).

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