41# FR Renko Trading
Trend trading with renko chart
Submit by Alexeyev 6/2017
Trending market
A trendline is a dynamic line of support during an uptrend and a dynamic line of
resistance during a downtrend.
It is easy to find trendlines with Renko Charts.
Sideways market
The most important thing in trading – recognize sideway (flat) market.
In SideWays market conditions you have 2 possibilities - Wait or Change currency.
1. FR-TrendLines indicator has no angle, changing his color and goes thru bricks candles
2. FR-Signal and FR-ReversalPoints indicators generate too many signals which stand pretty
close to each other.
3. FR-Trend indicator keep changing his color and almost doesn’t have an angle.
4. FR-Scanner bricks keep changing color (directions).
Enter Rules
Up Trend
1 FR-Trend indicator show uptrend color
2. FR-Lines indicator show uptrend color
3. FR-Signals Indicator show uptrend color g
4. FR-Scanner bricks show uptrend color green (direction)
5. Enter trade after retracement or breakout line (1-2 pips above). See picture.
Down Trend
1 FR-Trend indicator show downtrend color
2. FR-Lines indicator show downtrend color
3. FR-Signals Indicator show dowtrend color
4. FR-Scanner bricks show downtrend color red (direction)
5. Enter trade after retracement or breakout line (1-2 pips above). See picture.
Always open position after retracement
Retracement examples:
Summary of enter rules
Always enter the trade 1-2 pips bellow/above retracement or breakout line.
Exit Rules
Study trade examples bellow for all rules.
1. FR-Trend indicator change color.
2. Brick (candle) change color.
StopLoss Rules
Never work without StopLoss.
By default use approximately 50 pips and then calculate StopLoss more precisely.
Little tricks
95% of time those currencies goes on same direction and predict each other.
About 70% of time London and NY sessions change trend direction – be careful.
Exit and enter points not only indicators set up matter but also time matter.
For Intraday trading we recommend brick size 10 (default).
For Positional trading change brick size to 30 (in your EA inputs).
If you trade EUR/USD or GBP/USD always keep open 2 charts.(EUR/USD, GBP/USD)
Trade Examples:
Share your opinion, can help everyone to understand the forex strategy.
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