Highly Profitable Renko Street Trading System | Indicator MT4
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rive your Chart to Generate Profits with RenkoStreet V 2.0
Renko Street V2 strategy is another updated version of the RenkoStreet chart. This system is really simple and easy to use. Most of the losers in the forex market believed that they could predict the future. However, if everyone knew everything, prices would never have been a surprise and market would not exist. Guessing is the first sign of failure in the market. This system was actually built to make trading easier for the average person and professional trader, and see a real market picture to help you to be a highly successful trader.
Renko Street V2 Trading system is based on Renko chart. Renko chart is a type of chart developed by the Japanese, which is only concerned with the price action. Renko chart ignores the time and volume side of the trading. Renko word is derived from the word ‘renga’ which means bricks. Renko chart can be very effective for traders to identify key support/resistance levels. Trading signals are generated when the trend reverses. Renko chart doesn’t have high and low values. Renko charts will create a brick if the price moves up or down by the number of pips specified as your brick size. We can edit the box size of the Renko chart. A new box will appear o the chart only when the significant reversal occurs on the chart. When the size of the box is set to smaller settings, the new boxes will come faster and slower when the box size is set to higher settings.
Renko Street V2 trading strategy consists of four custom made indicators.
RenkoStreet STF: This indicator measures the strength of a currency pair. RenkoStreet Channel: It is an indicator that displays the channel on the chart. RenkoStreet Trend: RenkoStreet Trend works as a filter. RenkoStreet Alert: This tool alerts you when to buy and sell the pair.
About Renko charts
Renko charts are based on PRICE, not on TIME. Renko charts update dynamically tick by tick. Renko charting is considered to be best in predicting the change in the market sentiment that precedes a new trend.
Trend reversals are signaled by the emergence of a different color candle. An easy system to follow is to trade in the direction of the trend, and exit when it reverses. Support and resistance levels are easily seen on Renko charts.
Renko charts smooth out market noise, clearly show the trend, and detect reversals.
Renko charts are very effective for traders to identify key support and resistance levels. Buy/sell signals are generated when the direction of the trend & color of the candles changes.
Actual volume values are displayed for each Renko candle.
What Renko charts can show even without any indicators (summary):
Trends Reversals Support and resistance levels Buy/sell/exit signals Actual volume Why 90% of all systems are profitable but 90% of traders are losing money or Common trader’s mistakes.
Not trusting your system or indicator(s). Entering a trade too late or too early. Taking two thirds of a trade instead of the whole lot. Exiting a trade too soon. Ignoring your self-established rules or the rules of the strategy. Changing rules during trading. Lacking patience. Taking trades between sessions. Overtrading. Traders are not looking at the market as is, but through the lenses of their own expectations. Risk Level. Traders do not follow their own rules like StopLoss, TakeProfit and get out from winning position too early. You must know your strategy before you start trading. If market turns against you get out of trade when stoploss conditions have been met.
Always follow your trading plan. Not following the trading plan is the number one mistake traders make. You must know exactly what you are going to do from start to finish BEFORE you enter a trade, and stick with it. Don’t second guess yourself in the middle of a trade. If you can’t overcome this hurdle you won’t be around as a trader for long.
Never hesitate to enter a trade when you have set up conditions. Be careful with reversals; do not get in too early.
Patience is the key.
Many people starting out in trading have difficulty with the principles of Money and Risk Management. In this aspect of trading you have to calculate everything for you and adjust the size of your trades based on the balance of your account whilst respecting your tolerance for risk. Let us also assume that you are prepared to risk 5% of your account on each trade.
$1,000 x 5% = $50 risk capital.
So you must found out what trader you are.
In my case my system do 75% of a trade, other is technical analyses (candle pattern-chart pattern- elliot wave of TF H4 and D1), experience and the last but not least important – feeling. Sense of security in your trade! You have to be 100% confident in that what you are doing. This is the only way that leads to succses! Whatever system you use to trade.
No more guesswork in trading. Money Machine does not exist. There is no one single super smart Forex trading tool which gives you profit, profit and more profit.
The only possible solution is to use a combination of different tools –System identifies the favorable market forces to get a maximum number of high probability trades over a period of time.
About the System
Simpler and lighter in the following currency pairs: