Swing Trading Using Forex Renko Chart Strategy
This strategy is a price action based strategy that uses renko chart. Though this is intended for scalping, it can still be used for swing trading.
Renko box size 3-5 pips is used for scalping, for EU pair, use 3 pips, for GU use 3 pips, UC 3 pips, AU 2 pips and GJ 4 pips.
MT4 Indicators:
- Moving average 3;
- Moving average 5;
- Heiken Ashi MA T3;
- Dynamic Gains;
- Forex Strategist Support and resistance;
- Gold Miner 2;
- Hirurgia 3.0 (optional);
- Renko live chart indicator buil 600+;
- Forex Entry point;
- Dynamic bull Bear Band.
Buy Entry:
- Forex Entry point is an aqua bar.
- Forex Strategist Support;
- Dynamic arrow indicates buy arrow.
- MA 3 is greater than MA 5.
- Gold Miner green bar.
Sell Entry:
- Forex Entry point shows red bar.
- Forex Strategist resistance.
- Dynamic arrow indicates sell arrow.
- MA 3 is less than MA 5.
- Gold Miner red bar.
Exit Position:
- Set an initial stop loss on the previous swing
- Take profit depends by currency pairs and renko box.
7-12 pips is ideal.
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