Im up for, would take a lot of patience. Steps to create and trade this system, place the renko ea file into experts, place the Slope Direction line and the traditional macd into experts/indicators. Renko forex trading in islamabad time frame is just a reference for the offline chart you will be using. Before I explain this system, I want you all to know that I developed it in a couple of hours while playing around, I noticed through the comments on ForexWOT that some people have trouble understanding how to load renko charts so cant load the. You can now change the zoom in out, change from bars to candles and load any indicators or templates to this chart. I have provided a template to use for the system Im about to explain. In our opinion this trading tool works better than all other system that weve tried. This chart is not used to trade with, minimize it and go to file/ open offline. The first rule is to look for the reversal bars as I wrote about above, ie when a red bar closes after the previous bar was green or a green bar closes after a red bar.
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The renko chart audjpy, I have on the M3 instead of the M2 as I have tick charts using M2 already. 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. Recommended Article: Forex Mechanical Trading System with CCI Adaptive Parabolic Histo Indicator 2nd rule is check the directional slope line is blue after a bar close for longs and yellow for shorts, it doesnt repaint but can change colour while the current bar is developing. As you can see there are 10 possible trades marked, by my rules as Ill explain further, 5 winners and 4 losses and the last one in progress, as I write it closed at a loss. As you can see its not the holy grail and doesnt catch the turning points in the market but it will keep you out of the majority of small corrections and help trade an already established trend. This is just something I made up, its not a commercial product, it hasnt been tested properly, I dont know how to run an offline chart through the strategy tester or even if it can be done? As it is trade it at your own risk I take no responsibility for any losses you may have. Renko ea, slope direction line, traditional macd, template as above. The only other indicator I have is the macd, the rule is very simple, for long / BUY entries, both lines have to be heading upwards with the green above the red and for short / sell, both lines angled down with the green below. If I could load 10 or even 20 charts and have a pop-up with sound alert to quickly check the pair Im alerted to I would definitely trade this system. Open a M1 chart for the pair you are going to trade, drag the renko ea from navigator/experts onto the chart, recommended Article: Forex, ichimoku Half Trend TD swing Trading.
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