Trading 50% Retrace

This strategy is 100% Mechanical with a Risk Reward ratio of 1:1.

This strategy uses Mean Renko range Bars - 1,000 points (100 pips)

This strategy is soo simple that even a 5 years old can follow.

Ideal Instruments should be the highly trendy ones:
XAU/USD
GBP/AUD
EUR/AUD


Buy/Sell Rule:
-Set pending order Buy @ 50 pips price retrace when Renko Candle Close in Bullish.
-Set pending order Sell @ 50 pips price retrace when Renko Candle Close in Bearish.

-IF a new Renko Bar is forming without reaching your pending order on the previous bar,
then adjust the pending order 50 pips higher for buy or 50pips lower for sell.


TP:100
SL:100


100 pips Mean Renko Bars filter a lot of noise and can give you better view of the trend. No other indicators are needed.


There are a lot of strategies that uses retracement for entries during a trend, this strategy simplifies it in a much easier way for everyone to trade a trend retracement.



If you're lost in forex and have no idea where the price is going when looking at your charts and indicators then this may be for you!
If you're lost in forex then exit out right away and be happy with what you have.

If you have a strong market fundamental insights, using this strategy for entries can give better results.



PLEASE READ THIS BEFORE ASKING QUESTIONS ON HOW TO GET RENKO BARS.
Setting up Renko chart for Newbies:
1.On your MT4 click file ->Open Data Folder
2.Inside Data folder go to MQL4 -> Experts
3.Inside Experts folder paste the evolution renko ea v1 31.ex4
4.Go back to Data Folder and this time go to Templates
5.Inside Templates paste both of the templates for M1 and M2 charts
6.Restart your MT4.
7.Open your M1 (1 Minute) Chart and scroll to the left like there's no tomorrow until it stops loading anymore bars.
8.After scrolling, use template for M1 and minimize that chart.
9.Go to File -> Open Offline Chart -> Look for the instrument with M2, open it to get your renko bars.
10.Load M2 template on the M2 chart.

Enjoy!

Pending Order Examples:

normal currency pair also use same 100pips?

There are pairs that have more winning rate with different Renko Range settings but majority of them are fine with 100 pips range bar.

Basically the higher the range bar the less noise but you also get less trade because it rarely reach 50% retrace.

Here is USD/JPY Pending.

@ikouki
Do you ever tried set TP/SL according to their ADR?

Haven't considered it with this one. But it may be a good idea?

For sure, your TP/SL can not be the same day by day, it depends of the ADR, most of times you may loose money because of pair dont have the power range to get your TP, so your profit (Can be little, but is profit) can reverse to prejudice reaching your SL.

Try this and let me know your results, i use 15 - 25% of the Currency ADR as my TP.

Best regards

This is very cool!.
Thank you for sharing

Nice idea. Thanks for sharing it.

Can someone create an EA ?

But i have check back for GJ and GA for september and october it's break even only november making money.

Why every system needs EA?.

Whenever there is a new thread, someone always ask for EA, then majority forget to discuss system instead drag the thread towards creating EA.

First learn to trade manually man.

People are lazy as fuck. They dont want to MAKE money. They want the money to be MADE for them.

This might be a stupid question. How do you know you set a pending order at exactly 50% retracement?

Very true. This is the reason majority fail. They don't want to put an effort.

Originator of this thread has given us a simple method yet these lazy fellas want EA.

I guess this is the answer (Retracement factor 0.50). im not 100% though

NOTE: I'm using Renko from different vendor. Maybe my setting will differ from others.

Every time your pending orders are reached, it means the price retraced 50% or 50pips from the time the previous candle has closed.

Thanks for such a simple method.

Hi, everyone,

thanks ikouky to share your system.

Can someone help me? Here is the image of the mt4. What's wrong? Thank you

Probably on the 1 minute chart you have to move to the start of the chart (the oldest candles) before applying the template.