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Renko Scalping with FxTurtle

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  • Renko Scalping with FxTurtle

    Hello Renko trader wannabees,

    I will post 2 renko trade setups I trade frequently. There are other trade setups I trade frequently, but for this thread, I will show only 2. The rest is up to your motivation to find it and learn.

    A. Retest of previous broken support (Short Trade)
    B. Retest of Previous high of congestion (Short Trade)

    Pair: EURUSD
    Indicators: None
    Tools used: Horizontal lines and Trend Lines
    Stop Loss: 20 pips
    Target: 40 pips or 20 pips
    Trade management: Move SL to BE +2 after 20 pips profit. The downside of this is it could stop you out and then price will move to the original trade direction without you.
    Renko Brick size: 7 pips (This is for illustration only, I use different sizes for my trading depending on my mood on that day)

    When not to trade: Avoid setups between 4:00 PM - 7:00 PM EST

    Where to get renko generator? There are free somewhere, but I use the Renko Indicator from Ovo Renko for which I paid $45.

    Cheers,
    FxTurtle
    Last edited by fxturtle; 03-29-2015, 10:37 AM.

  • #2
    Trade setup: Retest of previous high of congestion.

    Previous High (A): 1.0896
    Short at the close of the red bar: 1.0878
    SL 20 pips: 1.0898

    Maximum profit reached: 23 pips (1.0855)

    If TP 40:
    End result: +2 (SL moved to BE +2 after 20 pips profit)

    If TP 20:
    End result: +20

    Cheers,
    FxTurtle
    March27A.JPG

    Comment


    • #3
      Trade setup: Retest of previous broken support.

      Previous low of broken support (A): 1.08904
      First red bar. No go because it happened at 4:24 PM EST (It happened between time to avoid trading)
      Short at the close of the second red bar: 1.0878. This bar was formed at 8:46 PM EST
      SL 20 pips: 1.0898

      Maximum profit reached: 76 pips (1.0802)

      If TP 40:
      End result: +40

      If TP 20:
      End result: +20

      Cheers,
      FxTurtle

      March27B.JPG

      Comment


      • #4
        Trade setup: Retest of previous broken support.

        Previous low of broken support (A): 1.0949
        Short at the close red bar: 1.0934.
        SL 20 pips: 1.0954

        Maximum profit reached: 42 pips (1.0892)

        If TP 40:
        End result: +40

        If TP 20:
        End result: +20

        Cheers,
        FxTurtle

        March27C.JPG

        Comment


        • #5
          Trade setup: Retest of previous broken support.

          Previous low of broken support (A): 1.0943
          Short at the close red bar: 1.0927
          SL 20 pips: 1.0947

          Maximum profit reached: 70 pips (1.0857)

          If TP 40:
          End result: +40

          If TP 20:
          End result: +20

          Cheers,
          FxTurtle
          March27D.JPG

          Comment


          • #6
            Here is a good Renko generator https://www.mql5.com/en/code/11739

            Comment


            • #7
              Trade setup: Retest of previous broken support.

              Previous low of broken support: 1.08012
              Short at the close red bar: 1.0780
              SL 20 pips: 1.08

              Maximum profit reached: 52 pips (1.0728)

              If TP 40:
              End result: +40

              If TP 20:
              End result: +20

              Cheers,
              FxTurtle

              April1.JPG

              Comment


              • #8
                Where is EURUSD headed?

                According to my turtle lines, we are going up and down between 1.0800 - 1.1050.

                As long 1.07 is not broken, EU is most likely going to break 1.1050. When? I wish I know. There is a another turtle line above 1.1050 which was the low way back January 6, 2015 that could cap the rise.

                Whatever direction she takes, I will cheer "Long Live EU" when she rises or "Die EU" when shes dropping.

                Cheers,
                FxTurtle
                April4.JPG
                Last edited by fxturtle; 04-05-2015, 04:01 PM.

                Comment


                • #9
                  EU, where are we?

                  Eu will either go up from here and reach or break the rising TL.However, if the swing low at 1.0710ish holds, price will most like gyrate between 1.07 - 1.1050 until such time she decides where to go.



                  Cheers,
                  FxTurtle

                  Comment


                  • #10
                    Seems like EU going down well below 1.03

                    Comment


                    • #11
                      Sk,

                      I dunno about the 1.03 cuz I do not see the future. I trade what I see now and place my stops. If my trade does not bear fruit, I move on and wait.

                      Cheers,
                      FxTurtle

                      Comment


                      • #12
                        EU broke the rising trend line in the 4HR and daily timeframes. My trades will be most shorts until 1.0710ish. Short every bounces to fib retracement measured from most recent high to most recent low. See image for an example of my latest trade currently open as of this writing.

                        Cheers,
                        FxTurtle.

                        April8.JPG
                        Last edited by fxturtle; 04-09-2015, 07:54 AM.

                        Comment


                        • #13
                          The trade above was close at 1.0752 for +44. I took two more short at the bounce at 61.8%. One short still open as of this writing. I will see how price behave at 1.0710ish. If she bounces from here,we might see a range for the next few days.

                          The up arrow is where I close the trade from the previous post. I was at 127% fib expansion.
                          The down arrow is where I took another 2 shorts.

                          Cheers,
                          FxTurtle

                          April9.JPG

                          Comment


                          • #14
                            Support at 1.0713 was broken decisively. Look for bounces in the red line or declining TL. Stop is above the blue line if u do not want tight stop loss.

                            Cheers,
                            FxTurtle

                            April9B.JPG

                            Comment


                            • #15
                              EU continue its fall. My ideal short will be near or at the yellow line with SL just above it. But I will also consider going short at 1.0635ish with SL above 1.0650.

                              April11.JPG

                              Cheers,
                              FxTurtle

                              Comment

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