Renko - RSI Momentum
In essence this Renko trading system is the following:
1. Momentum based entries
2. Trend trading system (small losses, big wins)
3. As well as a trend continuation system
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!IMPORTANT!
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- You MUST have a Pro+ account. Why? Cause Renko NEEDS to run on 1min or 5min chart, nothing larger.
If you don't, the chart will repaint.
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CHART SETUP
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1. Set chart to Renko
2. Set period of chart to 1 min (or 5 min)
3. Set Renko box size method to "Traditional"
4. Set Renko box size to:
- JPY Pairs: 0.2 to 0.4
- Other Major/Minors: 0.002 - 0.004
- Exotic pairs: NO IDEA... (I haven't tested them yet)
5. Load the indicator
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RULES
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Trend Entry
An arrow will appear the following conditions are met:
LONG: RSI(7) goes above 55 AND price is above the 50 SMA
SHORT: RSI(7) goes below 45 AND price is below the 50 SMA
Enter immediately after the bar is printed.
Counter Trend Entry
An orange dot appears when the following conditions are met:
LONG: RSI(7) goes above 55 AND price is below the 50 SMA and above the 10 EMA
SHORT: RSI(7) goes below 45 AND price is above the 50 SMA and below the 10 EMA
I would not suggest entering immediately but rather finding a trendline or support/resistance that is being broken.
Exit
- Exit when a white bar is printed
- OR use your own discretion. Like 2 bars in opposite direction or on EMA cross or hit of support/resistance.
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CHART
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- Green bars are when the RSI(7) is above 55.
- Red bars are when the RSI(7) is below 45.
- White bars are when the RSI(7) is between 45and 55.
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1. Momentum based entries
2. Trend trading system (small losses, big wins)
3. As well as a trend continuation system
------------------------------
!IMPORTANT!
------------------------------
- You MUST have a Pro+ account. Why? Cause Renko NEEDS to run on 1min or 5min chart, nothing larger.
If you don't, the chart will repaint.
------------------------------
CHART SETUP
------------------------------
1. Set chart to Renko
2. Set period of chart to 1 min (or 5 min)
3. Set Renko box size method to "Traditional"
4. Set Renko box size to:
- JPY Pairs: 0.2 to 0.4
- Other Major/Minors: 0.002 - 0.004
- Exotic pairs: NO IDEA... (I haven't tested them yet)
5. Load the indicator
------------------------------
RULES
------------------------------
Trend Entry
An arrow will appear the following conditions are met:
LONG: RSI(7) goes above 55 AND price is above the 50 SMA
SHORT: RSI(7) goes below 45 AND price is below the 50 SMA
Enter immediately after the bar is printed.
Counter Trend Entry
An orange dot appears when the following conditions are met:
LONG: RSI(7) goes above 55 AND price is below the 50 SMA and above the 10 EMA
SHORT: RSI(7) goes below 45 AND price is above the 50 SMA and below the 10 EMA
I would not suggest entering immediately but rather finding a trendline or support/resistance that is being broken.
Exit
- Exit when a white bar is printed
- OR use your own discretion. Like 2 bars in opposite direction or on EMA cross or hit of support/resistance.
------------------------------
CHART
------------------------------
- Green bars are when the RSI(7) is above 55.
- Red bars are when the RSI(7) is below 45.
- White bars are when the RSI(7) is between 45and 55.
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