This article takes a detailed look at how you can trade with median renko charts on MT5 trading platform.
Examples of Renko Charts
Both reasonable entries and both would put you in position to grab or so pips this move made. So looking back at the various results, you can see that any of the indicators got you in at pretty good prices Using Support and Resistance was the least successful trading tool for this particular trade All of your indicators need price to move pips before they start triggering trades. Since most of us are on quests just to make pips, it just kills me to see pips get passed by while waiting for my indicators to kick in.
If there was some way to get in on a move on the very ground floor or at least the mezzanine I could have my pips already banked before the indicators began getting everyone else into the trade, and I could either close out the trade happily, I might add or hang in and grab a few extra pips as the momentum kicked in from all the other traders around the world jumping in when THEIR indicators started giving them the same signals.
I've spent months years, even trying just about every indicator known to man or beast, using every conceivable setting I can think of, and have reached the conclusion that just such an indicator does not exist. Last week, I learned something shocking: I was right all along. What I spent years looking for and finally found is called Renko Charting. It's a type of chart developed by the Japanese, and brought to the western world by Steve Nison the guy who actually "wrote the book" on using candlesticks for trading.
I'm not going to get too deep into all the theory behind how these charts differ from "normal" candlesticks The first thing I think you'll notice on these charts is the complete lack of "noise" that you see on regular candlestick charts. No long wicks, no protracted periods of sideways movement.
Pretty much just up or down. Sometimes the Up moves last 1 or 2 candles, sometimes they last 8 or more candles and of course, the same goes for downward moves as well. If you are an aggressive trader, you get in the first time you see a blue candle or a red candle close meaning the previous candle was the opposite color. You stay in until the color changes again. Or you can wait for two or even three candles to close, to make sure the trend is established, and then get in.
Obviously, by waiting you are getting a worse price than you would get by jumping in on the first color change, but you are also avoiding getting into a set of whipsaw trades that do nothing but knock you out of trade after trade. And that can happen when price is in a tight trading range. In this case, the first blue candle closed at 1. That is 19 pips before you got the earliest signals from the other indicators I mentioned.
The second candle closed at 1. If you are a more conservative type trader, there are a couple of other indicators you can add to the charts to give you added confidence before you place a trade. In the videos I created for using Renko, I'll show you the exact indicators I use, with their special settings, that get me into the best trades possible and make earning 30 pips on a trade as easy as pushing a button and walking away.
The other issue is where to get out of the trade. You can see there were four red candles interspersed along the upward move. There are a few ways to deal with this, but I'm not going to bother getting into it here. The quiz question had to do with entries.
But rest assured that there are simple and effective ways to stay in a trade and bank as many pips as there are for the taking, if you have the guts to stay in the trade.
In the videos, I go over my exit strategy in full detail. I only trade 1 mini-lot right now, but I paid off my purchase in the first week of trading, and after just three weeks, I have almost doubled my account. This is so simple to understand and works so well, I do not understand why all traders are not using this method to spot winning trades. I hope you find my testimonial useful.
Thanks for your email; no, you do not need to issue a refund for a duplicate charge. He said he hadn't used it, but he knew a couple of traders who were having some success, so he thought it might be a good way for me to start. I used it for one week, and at the end my Dad looked at my trades and compared them to his.
He immediately bought his own set of Renkos from you which is why you have two credit card charges to the same account. Now we are on the phone to each other constantly, talking about the charts and trades we are seeing.
Exit trade on 2 candle break of trend or 3 depending on your appetite for risk. Could provide heaps more profit if resistance is broken this time. Tandem has turned around. The company recently launched a new insulin pump algorithm and offers the best touch screen pump in the U. One of the first links I came across which seemed to have the least complex strategy: A special thanks for GcNaif for helping me with High flag Bitcoin taking more fuel to finish its route in the region k before retreating to fuel its last starting point in 6.
OK so here's the Renko on the daily. If you've seen my previous ideas, you will notice I've been talking about a big triangle wave, along with some other people doing TA. These waves are bouncing in a big triangular formation I'm not good at explaining things, but this shit looks promissing.
Another trick I'm sharing For those that don't know renko plots bars differently to candles. This supposedly takes out all the noise in the system or at least This caught my eye as the weakest Dow performer today.