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    Scalping With Renkobars PDF

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    paparock34

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    © All Rights Reserved
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    Scalping With Renkobars PDF

    Uploaded by

    paparock34
    44 views6 pages

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    scalping with renkobars.pdf

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    Copyright:

    © All Rights Reserved
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    44 views6 pages

    Scalping With Renkobars PDF

    Uploaded by

    paparock34

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 6

    I posted the setup of this indicator as per Desander's recommendations in post #6775, but

    here it
    is again:
    Kumo (Cloud) trading with Renko bars on MT4
    If you are tired to study constantly charts with overloaded indicators,
    and just want to trade PA without stress or fear, than...
    feel free to study the attached chart.
    Template, EA, and extra needed indicator are available.
    To work with Renko bars in MT4, copy RenkoLiveCharts v3 EA in Expert folder.
    See extra EA settings FIRST on attachment !
    So :
    1. Open "naked" M1 chart and attach EA, set Bars Range @ 3 (pips)
    2. Open Offline chart M2 from same pair (see pictures below)
    3. Load template on the M2 chart
    Always leave "naked" M1 chart open !
    PS. To load Renko data feed, market MUST be OPEN !
    EXTRA NOTE : On the chart,where is noted Reversal - this must be Retracement, sorry
    for that
    Rule is quite simple:
    enter when both price and Tenkan Sen cross the kumo and exit when they cross in the
    opposite direction.
    Pivot points are crucial for setting TP targets.
    SL is the opposite side of the kumo at the entry point.
    I found that I can apply simple Moving averages like 21 or 100 for guidance on S/R levels
    since the 5M ichimoku components are not available in the 1M chart (if you are scalping on a
    1M standard ichimoku chart the 5M is a very important guide).
    Alternatively you can open a separate 5M ichimoku chart and refer to it in order to
    differentiate retracement points (which indicate continuation of the current trend therefore stay
    in the trade or add to your position) from reversal points (indicating the end of this trend,
    therefore exit of your position).
    I also found that you need to refresh the #autopivot indicator daily in order to redraw the
    correct pivot levels of the day.

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