AG Renko Chart Forex System

A lot of things are known to attract traders to the forex markets, some of which includes leverage, centralized exchange, high liquidity and the allure to quick profits to name a few.

In order to make profits, traders must get their hands on a well-planned forex strategy or trading system that works.

The AG Renko Chart Forex System is one of such and is designed to eliminate a lot of market noise (more profitable trades) that is generated as a result of price action.

This ensures that it can be used across different currency pairs and timeframe’s.

For this AG Renko Chart Forex System, we only need to use three distinct technical indicators.

Chart Setup

MetaTrader4 Indicators: ag-renko-chart.ex4 (Default Setting), cronex-taichi-indicator.ex4 (Default Setting), coeffoline-histogram.ex4 (Colors Width Modified; #0=2)

Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week

Recommended Trading Sessions: Any

Currency Pairs: Any pair

Download

Download the AG Renko Chart Forex System

Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Enter a bullish trade if the following indicator or chart pattern gets put on display:

  1. If the lines (Silver, red, lime & dark orange) of the cronex-taichi-indicator intersects the red line section of the ag-renko-chart Metatrader 4 indicator in a bottom up manner as shown on Fig. 1.0, price is said to be driven higher i.e. a trigger to go long on the designated currency pair.
  2. If the red coeffoline-histogram indicator hovers above the 0.00 center level as depicted on Fig. 1.0, price is said to be pressured to the upside, therefore it is advised to go long on the desired forex pair.

Stop Loss for Buy Entry: Place stop loss 1-3 pips below support.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit from all trades if the following rules or conditions takes precedence:

  1. If the lines (Silver, red, lime & dark orange) of the cronex-taichi-indicator crosses the royal blue line section of the ag-renko-chart indicator while a bullish trend is running, more buyers are said to be exiting the market, therefore an exit or take profit will suffice.
  2. If the red histograms of the coeffoline-histogram indicator readjust to stay below the zero center level (see Fig. 1.0), bulls power is said to be losing steam, hence an exit or take profit will suffice.

Sell Entry Rules

Go short if the following setups gets displayed successfully on the activity chart:

  1. If the lines (Silver, red, lime & dark orange) of the cronex-taichi-indicator intersects the royal blue line section of the ag-renko-chart custom indicator in a top downward fashion as seen on Fig. 1.1, price is said to be pushed lower i.e. a trigger to go short on the currency pair of focus.
  2. If the red coeffoline-histogram indicator stays below the 0.00 center level as exemplified on Fig. 1.1, price is said to be pressured to the downside, therefore it is wise to go short on the selected forex pair.

Stop Loss for Sell Entry: Place stop loss 1-3 pips above resistance.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following takes center stage:

  1. If the lines (Silver, red, lime & dark orange) of the cronex-taichi-indicator crosses the red line section of the ag-renko-chart indicator during a bearish signal, more sellers are said to be leaving the market, therefore an exit or take profit will do.
  2. If the red histograms of the coeffoline-histogram indicator readjust to stay above the zero center level (refer to Fig. 1.1), bears power is said to be halting, hence an exit or take profit is recommended.

Sell Trade Example

Fig. 1.1

Free Download

Download the AG Renko Chart Forex System

About The Trading Indicators

The ag-renko-chart.ex4 is a technical tool that is based on the Renko system. It foretells the direction of the market when its line color changes between royal blue and red.

The cronex-taichi-indicator.ex4 is a modified Ichimoku indicator with the Tenkan, Kijun and Senkou lines.

The coeffoline-histogram.ex4 custom indicator is a multipurpose pattern matching technical indicator that is deployed in comparing actual price data with either specific chart patterns, or other price data.

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