Forex Reversal with Donchian Renko Chart Strategy

Trading Strategies 0 1,009



Summary : 

Forex Reversal with Donchian Renko Chart Strategy system that uses donchian bands and has 2 ways of trading, the reversal and trending methods. You have the option on which method you want to use.

 

Metatrader Indicators : 

- Moving average linear weighted 10 period

- Moving average linear weighted 21 period

- Profit loss indicator

- Range indicator

- Donchian bands 30 period (sienna)

- Donchian bands 60 period (purple)

- Donchian bands 90 period (teal)

- MACD alert (10, 30, 9)

 

Trading Conditions

 - Chart Timeframe : 1 Hour.

- Currency Pairs : Any pairs.

 

<<TREND TRADING>>

 

Long Position Entry : 

1.     The price must break up one of the Donchian bands.

2.     MACD must cross upward.

 

Short Position Entry : 

1.     The price must break down one of the Donchian bands.

2.     MACD must cross downward.

 

Exit Rules : 

- Profit Option : Target profit depends on the timeframe or box size.

- Stop Loss Option 1 : at 5 pips.

- Stop Loss Option 2 : above or below EMA 21.

 

<<TRADE REVERSAL>>

 

Long Position Entry : 

1.     The price broke the one of the lower Donchian Bands.

2.     The price must retrace above the MA.

3.     MACD must cross upward.

 

Short Position Entry : 

1.     The price broke the one of the upper Donchian Bands.

2.     The price retrace below the MA.

3.     MACD must cross downward

 

Exit Rules : 

- Profit Option : at the Donchian Band.

- Stop Loss Option : Nothing

 

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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