Forex Scalping With Renko Charts

Introduction Forex Scalping With Renko Charts

This forex scalping system has brought to me a new hope in life of making enough money for a forex retirement someday. In the Renko Charts time is not of concern or time is not what causes separation of one bar/candle to another, the emphasis is on the price and the movements in pips. Like a 10pip renko charts will display candles that are 10pips big and what separates one candle from another is 10pips of movement. Hence using a renko charts the noise of time-frame based chart are removed and it shows you the chart based on the movement of the market in pips. Time-frame is one easy way of losing money in Forex because if you are using a GMT Broker the candles look different, if you are using a GMT+2 broker candles look different and if you use a GMT+3 broker it looks different. So basically it’s the best way of losing money because indicator reading looks different from broker to broker, candles look different from broker to broker. As forex traders we only need to be concerned of one thing that is the PRICE, because that’s what we are dealing with, Price is what makes people want to buy or want to sell.
Change of price is what is the deciding factor between Earning and losing. When the price of a currency is low it gets into supply/demand, when the price of a currency is high it gets into selling from buyers for a profit. So we just need to be concerned with Price and with Pips in Forex. I have made a lot of success ever since I discovered the renko and started using it. I must Frankly let you know that just like any other system or strategy, This is not a 100% winning system or a holy grail thing, there will be losers here n there and moreover, I and the use of this system has put full focus on getting the best entries, It is still flawed in the department of finding the perfect exit strategies, I still have to come across someone or something that knows the perfect exit strategy and exit timings. This is as fool-proof as possible manual trading system today. Anyways I welcome you all to the world of making easy pips from forex and I am sure you will end up consistently profitable even in the long-term from the use of Renko Ashi 2.


Money Management, I’d always recommend that go very easy with it using this system, I would recommend like no more than 5% and a maximum of 10% if the probability is high. Keep compounding on the lot size as the balance grows, by 5% in lot size, you will be amazed that how in like 10,000-20,000 pips you could make it to millions just by increasing your lot size by 5% of your growing balance. Also I would like to suggest that do not put pressures on your trading with daily goals like trying to make 100 pips everyday by forcefully trading, That is not how you do long-term survival business in forex, Just wait for the right setup whenever it happens and take what the market can easily give you, keep repeating this over and over again till success.


Buy Rules

1.Make sure the candles are green in color
2. Make sure the MA_in_applied price is blue
3. Make sure the candles are broken out of the 2 Moving Averages channel
4. Make sure the MACD is flipped Up and Signal is Green
5. Enter a Buy and place the stoploss on the other side of the 2 moving averages channel

Sell Rules

1. Make sure the candles are red in color
2. Make sure the MA_in_applied price is red
3. Make sure the candles are broken out of the 2 Moving Averages channel
4. Make sure the MACD is flipped Down and Signal is Red
5. Enter a Sell and place the stoploss on the other side of the 2 moving averages channel

I would recommend only using the renko ashi 2 system on the following pairs EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDCHF, USDJPY, EURJPY, GBPJPY, AUDJPY, CHFJPY, CADJPY, GBPCHF, EURGBPor any forex pair that has a spread of less than 10 pips is just fine.


Please make sure that you are aware of the major sessions for the pairs you trade and to make sure of the newsbreaks and events for each of the pair by using an economic calendar. You can use this calendar located at forex factory, open calendar here to check on events for your currency pairs. You can also use a timezone clock and install an alarm to check up on sessions for the pair your trading, The one I’m using is a free forex clock available on the web, you can see clock here. For Example EUSUD only starts to move a lot after 7GMT when Frankfurt in Germany is open and GBPUSD only starts to move a lot at 8GMT when London in UK is open and USDJPY only starts to move a lot when Tokyo is open and vice versa for other pairs.
Please also pay attentions to these two important days of the week, its probably usually the only times you could make a hell of a lot of pips, that is when the week starts on Monday, Monday markets really move a lot, sometimes enough to make your weekly target and Fridays when the market ends there is usually a big movement to make a lot of pips, so keep your eyes peeled on Mondays and Fridays.


You can discuss or research more about the Renko Ashi Trading System 2 In the following forum topic at forex-tsd

Finally, here you can download all package FOREX SCALPING WITH RENKO CHARTS HERE

Using our tested and recommended forex broker on using this renko trading strategy.

Remember forex scalping with renko charts still need tight money management 2%-10%, practice and practice and don’t forget stay away from big economics indicators like fomc statement,fed, and non farm payroll.