Renko Street – accurate trading system based on Renko charts
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.
- 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, Forex4you, RoboForex
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:
- RenkoStreetMTF is green and shows an upward trend
- Price pushed off the RenkoStreet_Channel and a green dot appeared
- RenkoStreet_Trend is green
- RenkoStreetMTF is red and shows an downward trend
- Price pushed off the RenkoStreet_Channel and a red dot appeared
- RenkoStreet_Trend is red
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:
- RenkoStreet Manual.pdf
Free Download Renko Street Trading System