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
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
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