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Channel Forex Renko Chart Strategy
This is another renko system that is a trend following system with price channel lines. The renko box size to be used is 5-10 pips. This system is applicable to
major pairs.
Forex Indicators:
- Ded,
- Fast TMA Lines,
- Heiken Ashi,
- KG Renko Range Bars,
- Offset renko,
- Support and resistance Barry,
- Timing indicator,
- Extreme channel,
- MA 50,
- MA 100.
- EA Renko: B625Renko
Buy Entry:
- Market must be an uptrend.
- Price must hit the lower bands.
- Heiken Ashi is blue.
- MA 50 is above the slow MA 100
- The timing indicator must be below 30 and crosses upward.
Sell Entry:
- Market must be a downtrend.
- Heiken Ashi is red.
- Price must hit the upper bands.
- MA 50 is under the slow MA 100.
- The timing indicator is above 70 and crosses downward.
Exit Position:
- Stop loss must be placed outside the signal bar, upper or lower band.
- It can also be placed at the support and resistance.
- Take profit at the middle band.
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