Best Forex renko strategyfibomen
A standard, generally accepted quote chart often shows false information to traders. Waves of quotes are deceptive. Technical analysis does not give good results. What to do? Use forex renko strategy!! The type of price charting using the forex renko charts technology will allow you to better understand the market, which means that you will be much more profitable to trade!
What is forex renko charts?
The main difference between Forex renko charts and the usual price graph is the lack of clear time intervals in the renko method of plotting the chart. Price bars have a predetermined size (measured in the number of points) and are built on the price chart not in a time chronology, but due to the passage of a certain number of points by the price. For example, if the size of the renko bar is 10 points and the quotes have passed the distance of 30 points, then 3 candles will appear on the quote chart.
Here’s what forex renko charts looks like:
As you can see for yourself, the renko chart has more pronounced waves of quotes, on which it is much easier and more profitable to trade! Теперь рассмотрим как торговать на таких графиках цены на примере Forex renko strategy – TREND RACER.
How does forex renko strategy work?
So, to analyze renko charts, we created a system that uses the Renko Trend price reversal indicator. As you can see, this indicator perfectly shows the moment of the reversal of renko quotes. At the same time, this indicator filters out minor fluctuations (price corrections):
We add the Renko Channel indicator to the price chart and we can see the upper and lower limits of price fluctuations:
The most intelligent readers at this point probably guessed the rules of trading on this Forex renko strategy. Who hasn’t figured it out yet, let’s describe it in detail.
So, we wait for the quotes to reach the upper limit of the renko chart channel and then wait for the signal to appear about the trend reversal in the opposite direction. As soon as such conditions arise, we conclude a deal on SELL. For transactions on BUY, the trading conditions are the opposite.
Here’s what it looks like on the quote chart:
During real use, such a forex renko strategy brings the trader an excellent profit. Here is an example of the profitability chart of renko forex trading (our personal test results of this RENKO RACER system):
Where can you get the RENKO RACER system?
Every trader should know
a few secrets without which you will not be able to trade
Of course, such renko forex trading can be significantly expanded. You can add any additional technical indicators to the price chart. Accordingly, create your own renko forex strategy based on it!