18# Renko Charts with Triangle Formation

The Triangle Trading Method

Submit by joy22 20/02/2013

Renko box size ( 5-20 pips)

Metatrader Indicators:

triangle breakout formation (otional).

Recommended draw the triangle on the chart manually.

This method the breakout of the triangle formation with renko charts is one the best.

It is not for beginners and requires a learning period.

Compared to the trendline is most reliable.

RenkoLiveChart_v3.3

Cynthia's_Triangle_Breakout

Long and Short Orders

a) Enter a long position when the price bar close above the triangle's resistance line.

b) Enter a short position when the price bar close below the triangle's support line.

Long and Short Exits

a) Exit a long position at the protective stop, the breakeven stop, or the profit target.

b) Exit a short position at the protective stop, the breakeven stop, or the profit target.

When a triangle breakout occurs and you take a position, the stop loss is placed immediately at the apex of the Triangle pattern.

If the low of entry is below the apex, place the stop loss just below the low of this (in the case of a Buy) or if the high of entry is above the apex, place the stop loss just above this high (in the case of a Sell).

Ideas for Take profit is retracement of Fibonacci or PivotPoint or ratio 1.3 Stop loss.

In the pictures Renko Charts with Triangle Formation forex system in action.

Share your opinion, can help everyone to understand the forex strategy.

Comments: 1

#1
Erik (Friday, 29 May 2015 22:46)

1. why is it in Renko strategy if it is Heiken Ashi chart?
2. since when TP (take profit) is PT (what is that? profit take or p*ss take?)