Reversal with Donchian Forex Renko Chart Strategy
This is a renko system that uses donchian bands and has 2 ways of trading, the reversal and trending methods. You have the option on which method you want to use.
This is applicable to any currency pairs and fiancial markets. Boz size 6 or higher is used in this system.
Forex Indicators:
- Moving average linear weighted 10 period,
- Moving average linear weighted 21 period,
- Profit loss indicator,
- Range indicator,
- Donchian bands 30 period (sienna),
- Donchian bands 60 period (purple),
- Donchian bands 90 period (teal),
- MACA alert (10, 30, 9).
TREND TRADING
Buy Entry:
- The price must break up one of the Donchian bands.
- MACD must cross upward.
Sell Entry:
- The price must break down one of the Donchian bands.
- MACD must cross downward.
Exit Position:
- Target profit depends on the timeframe or box size.
- Place Stop loss 5 pips above or below EMA 21.
TRADE REVERSAL:
Buy Entry:
- The price broke the one of the lower Donchian Bands.
- The price must retrace above the MA.
- MACD must cross upward.
Sell Entry:
- The price broke the one of the upper Donchian Bands.
- The price retrace below the MA.
- MACD must cross downward.
Take profit at the Donchian Band.
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