Step 1: Follow The Instructional Videos To Setup Renko Charts.
What are Renko Candles?
Renko candles, or Renko charts, are a type of financial chart that is used in technical analysis to represent price movements. Unlike traditional candlestick charts or line charts, Renko charts are not based on time intervals but on price movements.
In Renko charts, each brick (or candle) represents a fixed price movement, regardless of the time it takes for that movement to occur. If the price moves by a specified amount, a new brick is drawn in the corresponding direction. If the price doesn’t move enough to warrant a new brick, no new brick is drawn. This creates a chart where each brick is the same size, and they are either bullish (typically represented by white or green bricks) or bearish (typically represented by black or red bricks), depending on the direction of the price movement.
Before
Regular 1 min chart of USDJPY
After
Renko chart of USDJPY
Why use Renko Candles?
Renko charts filter out noise from small price movements and focus on significant price changes, making them popular among traders who want a clearer picture of the trend. They can help traders identify support and resistance levels, trend reversals, and overall market sentiment. They also show retracements in the markets that you don’t see in regular candlesticks. They are overall much better than traditional candles ad give a clear picture of what is happening in the current market.
Step 2: Wait For Volume Time or News to Occur.
Trade in the session of the pair you are trading. For example, GBPUSD will only move in London or New York session. Don’t try to trade this is Asia or you will get burned. You can also use this strategy to trade news. Wait for an important “Number” news on Forex Factory, Wait 20-30 minutes after news.
Step 3: Enter The Trade.
Once you are in the right time to trade now you look for an entry. Wait for my setup and take the trade. You get the setup rules when you sign up. It is best to take the trade in the direction of my analysis. I share my analysis in my webinars or if you are a “Premium Member” I send you my analysis through email every month for all Forex pairs.
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