Most Forex traders are familiar with Candlestick Charts. Candlestick charts are invented by Japanese rice traders in the 16th centuries. Over the centuries these charts have been perfected into an art form. But how about another Japanese invention, the Renko Charts?
Yes, Renko Charts are another Japanese creation that has been widely used in Forex trading yet, many Forex traders might never heard of these charts. These charts are based on price only not on time. On a regular candlestick chart or a bar chart after a fixed time interval, you will find a new candlestick or a bar but not on the Renko Chart.
What do Renko charts show?
Renko charts only show a new brick when the market moves by a fixed increment. By the way Renko is the Japanese word for a brick. Now, this brick can comprise of any price increment like 1 pips, 5 pips, 10 pips or even more. However, it is always good to keep the brick size small. It can be take a few minutes, it can take a few hours or it can even take a few days for a new brick to form. Whatever, these Renko Charts are considered ideal in determining the changes in the micro sentiment in the market.
Renko Brick Forex Trading Strategy is a fully robust mechanical Forex trading strategy that can be mastered very easily. Author shows you how to master Renko Charts and how to use this Renko Brick Forex Trading Strategy. It only needs a few minutes each day to check the trade setups. This is a completely price driven strategy that does not use any indicator. You will become indicator FREE with this strategy. Author will show you how to build Renko charts and from there he will show you a simple Forex strategy that will put you on the right side of the market most of the time.
You will need only a few minutes to check the trade setup. If you find a high probability trade setup, place pending orders and that’s it. You are done. You can try the the Renko Brick Forex Trading Strategy Risk FREE using free account from easy-forex. Author gives you no questions asked iron clad 60 days money back guarantee. This is a simple Renko trading strategy that you should first practice and master on your demo account. Once you start making consistent winners on the demo account, test this strategy on a micro account for a week or two. After that start trading live with it.