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Renko Chart Trading Strategy

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 10 May 2023
Category: Chart Structure

Table of Contents

Timeframe: Any

Recommend pair: Any pair

Indicator: Renko charting indicator, Moving Average

Platform: MT4, MT5, TradingView

Long trade setup

Entry

When the green bricks cross above the 10-day MA, it signifies a potential uptrend. Wait for the price action to continue in the upward direction and then enter.

Take-profit

Set TP at a recent high from the entry point or when the bricks move below the 10-day MA.

Stop-loss

Place a stop-loss order near the recent low from the entry point.

Example:

The example below presented a potential buying opportunity when the green bricks started to move above the 10-day MA.

Systematic Forex Trading Strategies

Long trade setup

Short trade setup

Entry

The red bricks cross below the 10-day MA indicates a potential downtrend. Wait for the price action to continue in the downward direction and then enter.

Take-profit

Set TP at a recent low from the entry point or when the bricks move above the 10-day MA.

Stop-loss

Place a stop-loss order near the recent high from the entry point.

Example:

The example below presented a potential selling opportunity when the red bricks started to move below the 10-day MA.

Trading Performance Analysis

Short trade setup

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