RENKO STREET V 2.0

Overview of RenkoStreet V 2.0 Trading System

RenkoStreet V 2.0 is a trading system designed for Forex traders, using Renko charts which are based on price movements rather than time. This system aims to simplify trading and provide a clearer market picture to aid traders in identifying trends, reversals, and key support and resistance levels.

Renko Charts:

  • Update dynamically with each price tick.
  • Smooth out market noise, highlight trends, and detect reversals.
  • Show support and resistance levels clearly.
  • Display actual volume values for each Renko candle.
  • Generate buy/sell signals based on trend direction and candle color changes.

System Components:

Indicators:
  • RenkoStreet STF: Currency strength meter with values between 0-100, providing "BUY" and "SELL" alerts.
  • RenkoStreet Channel: Draws lines and dot-circles, indicating support and resistance levels. Used to set Stop Loss (SL) and Take Profit (TP).
  • RenkoStreet Trend: Shows market trends with red (sell) and lime (buy) signals.
  • RenkoStreet Alert: Issues alerts when all three indicators confirm the same signal.
Templates:
  • Multiple templates for different displays, all with the same functionality.
Expert Advisor (EA):
  • RenkoLive Chart V3.2: Generates Renko charts on M2 offline charts using data from M1 charts.

Currency Pairs:

  • The system is optimized for specific currency pairs like EURUSD, GBPUSD, AUDUSD, and others. It may not work correctly with unsupported pairs.

Trading Rules

Buy Rules:

  • Enter a buy trade when receiving a "BUY" alert:
    • RenkoStreet STF: Lime
    • RenkoStreet Channel: Lime
    • RenkoStreet Trend: Lime
  • Take Profit (TP): At the horizontal line above the entry position, or 10-15 pips before this line.
  • Stop Loss (SL): At the horizontal line below the entry position.

Sell Rules:

  • Enter a sell trade when receiving a "SELL" alert:
    • RenkoStreet STF: Red
    • RenkoStreet Channel: Red
    • RenkoStreet Trend: Red
  • Take Profit (TP):
    • At the horizontal line below the entry position, or 10-15 pips before this line.
  • Stop Loss (SL): At the horizontal line above the entry position.

Trailing Stop:

Recommended to set a trailing stop of 20-30 pips to protect profits by moving SL as the trade becomes profitable.

Important Considerations:

  • Always confirm the current trend before entering a trade.
  • Be cautious with reversals; wait for the trend to stabilize.
  • Combine system signals with personal technical analysis for better accuracy.
  • Patience and strict adherence to the trading plan are crucial for success.

Recommendations:

  • Start with a demo account to practice using the system before trading with real money.
  • Consider multiple pairs to increase trading opportunities but be mindful of system performance.
  • Always ensure the EA and indicators are set up correctly on MT4 to avoid false alerts.
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