A 90% Winning Strategy - Simple but effective

FX:EURUSD   Euro Fx/U.S. Dollar
9509 14 18
Guys ! we all know about Renko Charts, you can use this strategy which is really basic, simple but very very effective. For making good profit it's not that you need loaded Indicators and systems, sometimes a very basic system turns to be effective. Here i am discussing a system which always works. Clear entry and exit rules, you can use this system for scalping on 5 minutes to 15 Minutes charts as well but i suggest go with 1Hr chart for maximum profit.
1) Renko Chart
2) 20 Period Moving average - Simple or Expo no matter.
3) MACD with standard settings.

Now let's see when we have to take Long or Short entry:

Long Entry Rule:
Renko Chart create a Blue Candle Which is crossing above 20 period Moving Average then take Long on closing of candle. - EMA shape points upwards and MACD crossing up for Long entry. Exit rule is Simple, as Renko chart form first Red candle exit trade on closing of candle.

Short Entry Rule:
Renko Chart create a Red Candle Which is crossing Below 20 period Moving Average then take Short on closing of candle. - EMA shape points Downside and MACD crossing down for Short entry. Exit rule is Simple, as Renko chart form first Blue candle exit trade on closing of candle.
Hi! This strategy is great. How many pips do you use on the Renko Chart? (Thank's for sharing)
nov 23, 2016, I trade with 1 day and then the 1 hour timing, without the movies averages and MACD, the Renko is very predictive and does not have much of noise for the price, in fact this is 1 of the best indicators for prediction, usually the best also can be to go for a .80 and ten .10 ticks, and main issue here is to go for the smoothest Renko signals,
Hey! Can this be used on any currency pair or does it work best with the one selected. Thank you.
Hello @DsForexPro Nice strategy. I'm sure you're aware by now... If you weren't aware, when you use renko charts and backtest with TV the price it reports it the renko chart, not the actual price. So all of the entry and exit prices are off by a pretty large margin. I hope this helps for further advancement
@hankle, can you please elaborate on this? I can understand this for Heikin Ashi charts but why would the prices be different for Renko - especially if the Renko charts are calculated on close price
has anyone checked the validity of the success rate
Amazing, great idea and massive amounts of profit potential
what's the size setting for the renko bars?
Yeah - need to know how many pips per renko bar - that will make a lot of difference to statistics. Also - would be a good idea to add tail to the renko bars as that gives a better indication of how much price is actually moving.
ashmck73 ashmck73
@ashmck73, Actually - lloking at the chart you can work out it is 17 pip renko bars - bit of a weird number. The original poster talks about scalping on the 5m, 15m and even 1h charts - which sort of goes against what Renko is all about (price action based, not time based).
I've been using a variation of what the original poster had setup and it's been just fantastic.
infra204 captainquenta
The issue with renko is, it always repaints the chart in a live market. So any indicator will give great result when it is offline, but in real time it can misguide. At the same time, It gives great visibility of support/resistance and trendlines.
@infra204, I've never had it repaint when I used static numbers, it will on the ATR (which is the default), but when I use static/traditional never repaints.
infra204 captainquenta
@captainquenta, You must be using 1Minute chart. Theoretically Renko is not time dependent, but most of the charting software including tradingview show renko bars in a particular period. Smallest time frame means almost no repainting, otherwise it does.
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