Forex Chase Renko Chart Strategy

Trading Strategies 0 1,079


Summary : 

Forex Chase Renko Chart Strategy is a price action based strategy that uses renko chart. Though this is intended for scalping, it can still be used for swing trading.

 

Metatrader Indicators : 

- Moving average 3;

- Moving average 5;

- Heiken Ashi MA T3;

- Dynamic Gains;

- Forex Strategist Support and resistance;

- Gold Miner 2;

- Hirurgia 3.0 (optional);

- Renko live chart indicator buil 600+;

- Forex Entry point;

- Dynamic bull Bear Band.

 

Note

Renko box size 3-5 pips is used for scalping, for EURUSD use 3 pips, for GBPUSDU use 3 pips, USDCAD 3 pips, AUDUSD 2 pips and GBPJPY 4 pips.

 

Trading Conditions

- Chart Timeframe : 15 Minute or Higher Timeframe.

- Currency Pairs : Any Pairs.

 

Long Position Entry : 

1.     Forex Entry point is an aqua bar.

2.     Forex Strategist Support;

3.     Dynamic arrow indicates buy arrow.

4.     MA 3 is greater than MA 5.

5.     Gold Miner green bar.

 

Short Position Entry : 

1.     Forex Entry point shows red bar.

2.     Forex Strategist resistance.

3.     Dynamic arrow indicates sell arrow.

4.     MA 3 is less than MA 5.

5.     Gold Miner red bar.

 

Exit Rules : 

- Profit Option : Take profit depends by currency pairs and renko box. But, 7-12 pips is ideal.

- Stop Loss Option : Previous swing.

 

How to install Files?

- Download *.zip file.

- Copy Indicators folder to your Metatrader Directory / indicators /

- Copy Template folder to your Metatrader Directory / templates /

- Copy Libraries folder to your Metatrader Directory / Libraries /

- Start or restart your Metatrader

- Select Chart and Timeframe where you want to test your forex strategy

- Right click on your trading chart and hover on “Template”

- Move right to select Template

- You will see Trading System strategy is available on your Chart

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