Hi folks, fairly new to renko and am glad there is finally a user base to which I an discuss various renko strategies with. One I am personally using myself is a fairly simple straight forward strategy, which is a renko chart, with a 50 ema channel (high and low) draw on the screen. below the channel and im looking for sell and above the channel and i will be looking for buys.
To get a valid buy signal i need two consecutive green renko bars after one red renko bar. Enter on the close of the bar with a 20 point stop loss and a profit target of 30 points. for every new green renko bar created or 10 pips i move stop loss 10 points.
Opposite for a sell signal.. two consecutive red renko bars after a green renko bar.
Its not done too bad back testing, but of course the real test with any strategy is forward testing. To help implement this strategy I was wondering if there already has been an indicator that has been created whereby each time this pattern is displayed an alert or arrow indicator pops up?
Thanks!
To get a valid buy signal i need two consecutive green renko bars after one red renko bar. Enter on the close of the bar with a 20 point stop loss and a profit target of 30 points. for every new green renko bar created or 10 pips i move stop loss 10 points.
Opposite for a sell signal.. two consecutive red renko bars after a green renko bar.
Its not done too bad back testing, but of course the real test with any strategy is forward testing. To help implement this strategy I was wondering if there already has been an indicator that has been created whereby each time this pattern is displayed an alert or arrow indicator pops up?
Thanks!