In this post I will be reviewing the Renko Street Trading System v2.0. This is a forex trading system that uses special renko charts which basically display bars in pip rather than time value. Renko charts are determined by price rather than time.
With renko charts, you can specify the pip value for each renko block (bar) and the block will only close once that value has been reached in pips up or down from the bar’s open price. This can help to filter a lot of the noise from your standard time based charts.
If price had only moved 10 pips in an hour and you had the renko bars set to 10, then only one bar would have closed either up or down, clearly showing you the direction price moved in the previous hour.
A time based chart say for example the 5 minute would have had 12 bars in that same 1 hour period thus making it harder to decipher the bullish or bearish nature of the current market.
Renko Street Trading System
The Renko Street Trading System does explain renko bars and their advantages in much more detail and it is a great place to start if you want charts that are easier to interpret and can help to display market trends without the noise of a standard time chart. Renko charts can make it a lot easier to sport support and resistance levels as well as reoccurring chart patterns.
This is a very easy to understand system and is suitable for those who have never even seen a renko chart before. It shoul be used with good money management principles and can be used on literally any currency pair. That way, you have plenty of opportunities to spot obvious trends that jump out at you on renko charts – such as multiple consecutive up or down renko blocks.
Renko Street Trading System Summary
The Renko Street Trading System contains indicators required to trade the system and instructions on how to trade it with screenshots and video tutorials. This renko trading system will also give you alerts when there is a signal so it tells you where you could enter the market although you can also use your own initiative to filter trades if required.
Click the button below to visit the Renko Street Trading System for some examples of renko charts and for more information on how to get a copy.