Kumo Cloud Forex Renko Chart Strategy
This strategy uses price action. Several indicators are also used in order for the strategy to work better.
Follow the instructions below for guidance on how to use the strategy:
- Open “naked” M1 chart and attach EA, set Bars Range @ 3 (pips)
- Open Offline chart M2 from same pair (see pictures below)
- Load template on the M2 chart
- Always leave “naked” M1 chart open !
- Market must be open to load the renko data feed.
Rules:
- Enter when both price and Tenkan Sen cross the kumo and exit when they cross in the opposite direction.
- Pivot points are crucial for setting TP targets.
- SL is the opposite side of the kumo at the entry point.
- Use SMA (Simple Moving Average) 21 or 100 for reference on support and resistance level. Use also 5 minute chart as a guide.
- Alternatively you can open a separate 5M ichimoku chart and refer to it in order to differentiate retracement points. It indicates continuation of the current trend therefore stay in the trade or add to your position from reversal points indicating the end of this trend,
therefore exit of your position). - Refresh the autopivot.
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