The Renko Street Trading System is based on PRICE, not TIME. Renko charts are dynamically updated with bookmarks. The Renko chart is considered the best way to predict changes in market sentiment that precede new trends. Reversal of the trend is marked by the appearance of candles in various colors. An easy-to-follow system is to act in the direction of the trend and stop when it changes. The levels of support and resistance are easily seen in the Renko diagram. The Renko chart smooths market noise, shows trends, and recognizes sales. The Renko chart is very effective for traders to identify key levels of support and resistance. Buy / Sell warnings are generated when the trend and color of the candle changes. The actual volume value is displayed for each Renko candle.
What can be displayed on the Renko Street Trading System even without indicators (summary):
- Support and resistance levels
- Buy/sell/exit signals
- Actual volume
Why 90% of all systems are profitable, but 90% of traders lose money or mistakes from normal traders.
- You do not trust your system or indicators.
- Enter into trading too late or too early.
- Take two-thirds of the trade instead of the whole lot.
- Leave trading too fast.
- Ignore your own rules or strategy rules.
- Changes to rules during trading.
- Without patience
- Perform transactions between sessions.
- Traders see the market not as they are but through the lens of their own expectations.
- Risk Level.
- Traders don’t follow their own rules like StopLoss, TakeProfit, and leave profit positions too quickly.
You need to know your strategy before starting trading. If the market turns against you, stop trading if the stop loss condition is met. Always follow your trading plan. Non-compliance with trading plans is the biggest mistake a dealer makes. You must know exactly what you are going to do from start to finish before you enter the trade and stick to it. Don’t guess in trading. If you can’t overcome this obstacle, don’t stay long at the merchant. Don’t hesitate to enter the transaction after you set the conditions Be careful of curves; don’t come too early.
Patience is the key
Many people who start trading have difficulty handling the principles of money and risk management. In this aspect of trading, you need to calculate everything for you and adjust the size of your transaction based on your balance while maintaining your risk tolerance. Suppose you are ready to risk 5% of your account for each transaction.
$ 1000 x 5% = $ 50 venture capital.
About Repaint and non-repaint.
Many people have questions about indicators to paint and not paint the system. I can say that you don’t need to worry about this type of metric. It is important how the indicator itself is read. If you find an indicator that hasn’t been repainted, you will accept it as flat, delayed, or delayed. More Versa. Because the indicator is based on prices driven by prices. There is no perfect system/indicator to provide an actual signal. The real signal is price. That’s why I combined 3 indicators to promote it and provide the best chance to win the signal. Everyone is a trader for themselves … I find myself a complex trader again. You just realize what kind of dealer you are.
In my case, my system accounts for 75% of trade, the other is technical analysis (candle table model – Elliott waves from TF H4 and D1), experience and the least felt. Feel safe in your trade! You must be 100% sure about what you are doing. This is the only way to succeed! Whatever system you use to trade. There are no more guesses in trading. Money Machine doesn’t exist. There is no super-smart forex trading tool that will allow you to make more profit, more profit. The only possible solution is to use a combination of different instruments – the system identifies cheap market forces to get the maximum number of transactions with high probability over a certain period of time.
How to trade with the Renko Street Trading System Forex?
Easier and easier in the following currency pairs:EURUSD, GBPUSD, AUDUSD, USDJPY, USDCHF, USDCAD, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, GBPJPY, GBPCHF, NZDUSD, AUDCAD, AUDJPY, CHFJPY, AUDNZD, NZDJPY, EURNZD, CADCHF, CADJPY, NZDCHF
Please note that the system only functions correctly with the above currency pairs. If you use another pair, you will never receive a signal and the display will not function as expected. RenkoStreet V 2.0 consists of 4 indicators, 6 special templates, and 1 expert. Here I explain one by one:
Indicators Renko Street Trading System:
Renko Street STF
This is a measure of monetary strength.
This indicator has a unique meter reading for power between 0 and 100. Receiving a “BUY” signal with a power meter reading of 100 means you get the best signal. Or if you receive a “FOR SALE” signal with a reading of -100 power meter, that means you also get the best signal. But the value is not always 100 or -100 to enter the market. As soon as you receive a warning message, you can enter the market.
Please note that by default this indicator will not work if you find the prefix of your currency pair. You have to set it manually. Right-click on your map / list of indicators / STF Renkostreet / edit.
Renko Street Channel
This draws lines and circle points. In this indicator, you can see that the circle is repainted with dots. But don’t worry, we only have to make a deal if the 3 indicators are confirmed together. Usually, I define SL and TP for this indicator. Look at the horizontal lines: red and linden. I use the red line as stable and the limestone cared.
Renko Street Trend
Show the latest market trends. This display window shows us the red chalk signal, where red is the sell signal and the chalk is a buy signal. As with other indicators, we cannot use a single signal from this indicator, it must be combined with the others.
Renko Street Alert
For every 3 indicators; RenkoStreet_STF, RenkoStreet_Trend, and RenkoStreet_Channel are the same, we received a warning.
Expert Renko Street Trading System:
Renko Live Chart V3.2
This EA must produce the Renko diagram offline in the M2 diagram. We only need this EA when we install the Renko Chart. This place is located in the M1 time frame. Not for opening positions or for automatic trading. It is recommended to use the default settings for Renko Box 10. At this point, the system can issue a fake signal. Don’t close the M1 diagram that this EA in for M2 is functioning properly offline.
How to use the system
You must install the Renko Chart before you can continue with this guide. Read the PDF manual to install the Renko Chart in this package.
For signaling signals In this version, you don’t have to look in front of the graph and wait to confirm 3 indicators. You will receive an alarm as soon as these 3 screens have the same signal and have confirmed each other.
There are 3 types of signals; E-mail, sound and pop-up windows. Here are some signals that might require your attention:
- You can receive a notification immediately after opening the card. This is a false report. To avoid this, wait for the graphic to finish downloading data after opening mt4, and don’t hang the template again. Because the indicator reads your previous data history and gives a signal. Use only alarms that come from standby mode.
- At a certain point in the near future, you will receive repeated warnings from the system. This is normal. Especially in high market trends, currencies dominate evenly, so RenkoStreet STF generates continuous red-green signals. But that only happened for a moment. After the currency exchange rate is relatively stable, the RenkoStreet STF indicator returns to normal. In this case, wait until the STF RenkoStreet is stable. Or combine it with your own technical analysis skills.
RULES OF TRADE
Enter a BUY trade when you receive a BUY notification. (RenkoStreet STF = var, RenkoStreet_Channel = var, RenkoStreet_Trend = var)
Get a horizontal payline above your position. Or 10-15 pips in front of a horizontal line above your position.
Stop losing horizontal lines below your position.
Switch to SELL trading when you receive the “SELL” warning message. (RenkoStreet STF = red, RenkoStreet_Channel = red, RenkoStreet_Trend = red)
Take advantage of horizontal lines below your position. Or 10-15 pips in front of a horizontal line below your position
Stop losing horizontal lines above your position.
If you have made a long profit from your position, you might want to hold your trade to the end. This final stop shifts your SL to save you profits. Pip tips depend on your settings. Right-click on your position. overrun barrier. Choose your path, it is recommended 20-30 pips.
Below is an example of a trend
How To Install Renko Street Trading System?
You can not install the system in the Market Closed. Saturday and Sunday. Wait till Market active on Monday-Friday.
- Extract file.RAR
- Open MT4, then click File \ Open Data Folder.
- Place file templates into folder Templates
- Find folder MQL4 then open this folder.
- Place file Indicators into folder Indicators, Expert into Folder Experts.
If you want to replace the beep with a beep from the system. Go to C:\\Program
files\Your MT4 folder\Sounds.Then replace alert.wav with file from the system.
- Restart your MT4
- Open the pair of your choice, for example, EUR / USD, select TF M1.zoom out, disable chart offset and
auto-scroll. Click and hold the Home button on your keyboard to download your data history.
- Add RenkoLiveChart_V3.2 to the diagram. Wait for the notifications to appear on the top left and right
from your chart
- Click on Open Open File, select EUR / USD M2 Click on Open
- Select RenkoStreet V 2.0 Template and load the template on the map.
- You are ready to trade.
The best way to learn to read RENKO STREET TRADING SYSTEM is to practice how to enter and exit transactions from the signals they emit. If you don’t want to trade in the immediate market, you can develop your skills in a risk-free environment by opening an FBS demo account.