Forex Chase Renko Chart 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.
Metatrader 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.
Renko box size 3-5 pips is used for scalping, for EURUSD use 3 pips, for GBPUSDU use 3 pips, USDCAD 3 pips, AUDUSD 2 pips and GBPJPY 4 pips.
- Chart Timeframe : 15 Minute or Higher Timeframe.
- Currency Pairs : Any Pairs.
Long Position Entry :
1. Forex Entry point is an aqua bar.
2. Forex Strategist Support;
3. Dynamic arrow indicates buy arrow.
4. MA 3 is greater than MA 5.
5. Gold Miner green bar.
Short Position Entry :
1. Forex Entry point shows red bar.
2. Forex Strategist resistance.
3. Dynamic arrow indicates sell arrow.
4. MA 3 is less than MA 5.
5. Gold Miner red bar.
Exit Rules :
- Profit Option : Take profit depends by currency pairs and renko box. But, 7-12 pips is ideal.
- Stop Loss Option : Previous swing.
How to install Files?
- Download *.zip file.
- Copy Indicators folder to your Metatrader Directory / indicators /
- Copy Template folder to your Metatrader Directory / templates /
- Copy Libraries folder to your Metatrader Directory / Libraries /
- Start or restart your Metatrader
- Select Chart and Timeframe where you want to test your forex strategy
- Right click on your trading chart and hover on “Template”
- Move right to select Template
- You will see Trading System strategy is available on your Chart