FOREX RACER RENKO SYSTEM

Overview of the ForexRacer

The ForexRacer Manual details a trading system designed for the Forex market. It primarily utilizes Renko charts to identify trends and provides a comprehensive approach to trading, including installation, setup, trading strategies, and risk management. The manual emphasizes the importance of understanding market trends and avoiding common trading mistakes. It also covers the best times to trade, the significance of using stop-loss orders, and how to recognize sideways markets.

Entry Rules

Up Trend

  1. FR-Trend Indicator: Shows uptrend color.
  2. FR-Lines Indicator: Shows uptrend color.
  3. FR-Signals Indicator: Shows uptrend color.
  4. FR-Scanner Bricks: Show uptrend color (direction).
  5. Entry Point: Enter the trade after a retracement or breakout line (1-2 pips above).

Down Trend

  1. FR-Trend Indicator: Shows downtrend color.
  2. FR-Lines Indicator: Shows downtrend color.
  3. FR-Signals Indicator: Shows downtrend color.
  4. FR-Scanner Bricks: Show downtrend color (direction).
  5. Entry Point: Enter the trade after a retracement or breakout line (2 pips below).

General Rule: Always enter the trade 1-2 pips below/above the retracement or breakout line.

Exit Rules

  1. FR-Trend Indicator: Changes color.
  2. Brick (Candle): Changes color.

Stop-Loss Rules

  1. Always Use Stop-Loss: Never trade without a stop-loss.
  2. Default Stop-Loss: Approximately 50 pips, then calculate more precisely based on specific circumstances.

Little Tricks and Tips

  • Currency Correlation: 95% of the time, correlated currencies move in the same direction.
  • Session Trends: About 70% of the time, London and NY sessions change trend direction, requiring caution.
  • Time Sensitivity: Exit and entry points are not only dependent on indicator setups but also on timing.
  • Brick Size: For intraday trading, use a brick size of 10 (default). For positional trading, change brick size to 30.
  • Dual Charts: When trading EUR/USD or GBP/USD, keep two charts open and trade the pair with a clearer picture.

Recognizing Market Conditions

Trending Market: Identified by trend lines acting as dynamic support or resistance.

Sideways Market: Characterized by flat trend lines, frequent color changes in indicators, and closely spaced signals from FR-Signal and FR-ReversalPoints indicators.

Best Time to Trade

  • European Session: London Start: 08:00 GMT, London End: 16:00 GMT.
  • American Session: New York Start: 14:00 GMT, New York End: 21:00 GMT.
  • Avoid: Trading on Sunday Asian session due to false signals from a 2-day break.

Common Trader Mistakes

  • Not trusting the system or indicators.
  • Entering trades too late or too early.
  • Exiting trades too soon.
  • Ignoring self-established rules.
  • Changing rules during trades.
  • Lacking patience.
  • Overtrading.

Conclusion

The ForexRacer system is a structured and disciplined approach to Forex trading, focusing on trend recognition, timely entries and exits, and stringent risk management. By following the outlined rules and avoiding common pitfalls, traders can enhance their chances of success in the Forex market.

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