How to use the system
Renko Street is built on the use of Renko charts. That gives it some advantages and reduces strong trading noises. What are these charts, you can read more in Investopedia. I will not quote here. Let me just say that, compared to traditional candlestick charts, Renko charts make the decision-making process much easier.
Before you install the template strategy to the chart, we need to do some preparation. Namely, prepare the chart and generate on it the Renko chart. This will help us EA RenkoLiveChart_v3.2, which comes with the system. The sequence of the system installation,
Buy Setup
1 RenkoStreetMTF is green and shows an upward trend
2 Price pushed off the RenkoStreet_Channel and a green dot appeared
3 RenkoStreet_Trend is green
Stop Loss (SL) and Take Prot (TP) set on the borders of the channel as shown in the images.
The author of the system proposes to additionally install the second Take Prot (TP2) and use trailing stop (Trailing Stop EA),
The author of the system proposes to additionally install the second Take Prot (TP2) and use trailing stop (Trailing Stop EA),
Chart Timeframes : ANY
Target Pips : 1M 7 Pips, 5M 15 pips, 15M 20 pips.
Timeframes : Renko uses M2 as a minium timeframe
Pairs : Works on any pair recommend are GBPUSD, USDJPY, EURUSD
Trading Times : Tokyo Open, London open and New York open is the best time to open the trades,
Exits : The exit should be based on the indicators and major support and resistance areas
Metatrader Version : 4
Target Pips : 1M 7 Pips, 5M 15 pips, 15M 20 pips.
Timeframes : Renko uses M2 as a minium timeframe
Pairs : Works on any pair recommend are GBPUSD, USDJPY, EURUSD
Trading Times : Tokyo Open, London open and New York open is the best time to open the trades,
Exits : The exit should be based on the indicators and major support and resistance areas
Metatrader Version : 4
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