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Renko Street - accurate trading system based on Renko charts

Published: 23.01.2019
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Renko Street Trading System is a very interesting trading system based on Renko charts. The strategy is easy to use (even a beginner will master), equipped with simple rules for installing Stop Loss and Take Profit. The system is devoid of repainting indicators and the number of false signals has been reduced due to Renko charts. Renko Street can be used to trade in any trading session, whether it be the London, New York or Asian sessions.

Characteristics of the Renko Street
  • Platform: Metatrader4
  • 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
  • Trading Time: Around the clock
  • Timeframe: M2 (Renko chart, see video)
  • Recommended broker: Alpari, Forex4youRoboForex
Trading rules

As I said before, Renko Street is built on the use of Renko charts. That gives it some advantages and reduces strong trading noises. What are these charts, you can read more in Investopedia. I will not quote here. Let me just say that, compared to traditional candlestick charts, Renko charts make the decision-making process much easier.

Before you install the template strategy to the chart, we need to do some preparation. Namely, prepare the chart and generate on it the Renko chart. This will help us EA RenkoLiveChart_v3.2, which comes with the system. The sequence of the system installation, see in this video:

BUY Signal:

  1. RenkoStreetMTF is green and shows an upward trend
  2. Price pushed off the RenkoStreet_Channel and a green dot appeared
  3. RenkoStreet_Trend is green

renkostreet-buy-signal

SELL Signal:

  1. RenkoStreetMTF is red and shows an downward trend
  2. Price pushed off the RenkoStreet_Channel and a red dot appeared
  3. RenkoStreet_Trend is red

renkostreet-sell-signal

Stop Loss (SL) and Take Profit (TP) set on the borders of the channel as shown in the images.

The author of the system proposes to additionally install the second Take Profit (TP2) and use trailing stop (Trailing Stop EA), for more details see this video:

Remember, no matter how profitable and accurate the trading system, but the market is insidious. Therefore, always pre-test on a demo account.

In the archive RenkoStreet.rar:

  • RenkoLiveChart_v3.2.ex4
  • TrailingStop.ex4
  • RenkoStreet_channel.ex4
  • RenkoStreet_MTF.ex4
  • RenkoStreet_PV.ex4
  • RenkoStreet_TL.ex4
  • RenkoStreet_Trend.ex4
  • RenkoStreet.tpl
  • RenkoStreet+.tpl
  • RenkoStreet Manual.pdf
  • Trailing_Stop_Manual.pdf

Free Download Renko Street Trading System

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Author:
Daniel
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Comments:
  • Mustafa Faisal
    Published: 23.01.2019 Reply to the message

    "System is devoid of repainting indicators"

    Indicators DO repaint.
    I checked. You should too brother.

  • Matt
    Published: 23.01.2019 Reply to the message

    Quote from the description: "The system is devoid of repainting indicators" - I don't mean to sound condescending, but the Hi Low channel used in this system is the very definition of a repainting indicator, it effectively works like a zig Zag indicator. If price hits the high/low of the channel an arrow appears, if price continues moving upward/downward the channel and arrow repaints with the movement of price until price finally turns. It repaints, so does the Renko Street histogram indicator. I struggle to see how anyone could make any consistent profit with this system, 50/50 at best, its a flip of a coin, nothing more than a market gambling tool.

    • Daniel
      Published: 23.01.2019 Reply to the message

      *THUMBS UP*

  • Danny
    Published: 24.01.2019 Reply to the message

    This indicator is bad ass if you know how to use it... Thanks just caught the spike on EU mins ago

  • Mensur
    Published: 26.01.2019 Reply to the message

    hi Daniel!

    Can you tell us what kind of indicators do you use to be a profitable trader ??

    kind regards/Mensur

  • Juan
    Published: 02.02.2019 Reply to the message

    chicos, buenas a todos, a base de miles de horas y miles de pruebas con indicadores, he dado con algo muy rentable, y curiosamente funciona al contrario de como debería funcionar según el indicador, curioso, no?

    • luis
      Published: 05.03.2019 Reply to the message

      que es lo que has encontrado? apenas voy a hacer tests con este sistema :-D

  • Horst Gündisch
    Published: 22.03.2019 Reply to the message

    Hello,
    sorry, I thought this website is also in conjunction with Instaforex. Therefore do not answer my message.
    Sincerely
    Gündisch

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