RenkoStreet Trading System
What is Renko Chart?
A type of chart, developed by the Japanese, that is only concerned with price movement; time and volume are not included.
It is thought to be named for the Japanese word for bricks, “renga”.
A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount.
White bricks are used when the direction of the trend is up, while black bricks are used when the trend is down.
This type of chart is very effective for traders to identify key support/resistance levels.
Transaction signals are generated when the direction of the trend changes and the bricks alternate colors.(investopedia.com)
On a Renko chart, time and volume have no role and only the price changes are considered.
We can change the box size in the Renko charts.
A new box will appear on the chart, only when a special level of price change occurs.
When the box size is set to a smaller setting, then new boxes come faster, but when the size is set to a higher setting, then a larger price change needed, in order to appear a new box on the chart.
Click Here to visit RenkoStreet Trading System website
Why Renko Chart?
I really found that The Renko Strategy was very valuable.
If youre looking for something powerful that isnt overly complex, whether youre a beginner or an expert, then the Renko Forex Trading Strategy is just the thing.
Not only are its results assured, but the manner in which it executes makes it a clear frontrunner in terms of being simple yet effective.Now the Renko forex trading is a highly profitable 100% mechanical system that seeks to put you on the right side of the market most times.
Trust me when I tell you: Renko Strategy is completely different from everything that you might be used to.
Renko charts are used to determine the following about:
(a) Easy identification of support and resistance lines.
(b) Easy identification of continuation patterns such as triangles.
(c) Identification of reversal patterns such as head and shoulders, triple tops, double bottoms and other classically accepted reversal patterns.
(d) Discovery of trends and their reversals that cannot be “seen” on a PPS chart.
(e) Refine our abilities to daytrade/swing a chart as to build up our accounts.
-Trend Follower Indicators
-Easy to identify trade area today
-Easy to identify Take Profit and Stop Loss
-Readable and simple.Everyone can use it even if a Newbie
-Using Renko Chart.This can reduce the false signals
-The System is combined by all type of indicators.Repaint,no-repaint,flat/lagging,SR/Pivot,Trend Lines and coded to be the simple ones.
-Equipped with an intelligent trendline Indicator.Drawn automatically-Real time.
-Equipped with TrailingStop EA.It can maximize and save your profit levels.
-Equipped with Support and Resistant Indicator.To Identify Overbought-Oversold Area.
-Based on Price,not Time Frame.So You can trade in the all market sessions.Asia,Pasific,America,Europe.
-You only need to wait for triple signals formed then set and forget.