Renko Forex strategy - Let's make money: A stable, winnig Forex strategy
By Geza Varkuti
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About this ebook
On the following pages a centuries-old Japanese technique, the actual application of the Renko chart will be discussed. According to the descriptions, rice traders used this technique to visualize the movement of the rice prices. Were they the first futures traders?
The Japanese culture is known for simple elegant forms and clear lines, both in the world of design and thought, but this simplicity originates from reducing things to their most essential content.
If we see a chart of a currency pair, index or a bond today, we can read a lot of information out of it. Opening and closing prices can be seen up to 1 minute resolution, peaks, volumes, etc. Now if we pack up a few more indicator to the chart, draw more trend lines, look at Fibonacci-levels etc. we believe we know almost everything about the current status of the market, but what does all this really tell us about the future? Does it really help us to make trading decisions, or is all that wealth of information just giving us the illusion of predictability?
The Renko charts do not care about the time, but are solely focused on the movements. It only shows that the price has taken a certain distance or not. No matter how long that takes. This creates a clean chart with no unnecessary information, which is much easier to read.
This is the basic of my winnig strategy.
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Book preview
Renko Forex strategy - Let's make money - Geza Varkuti
Imprint
Copyright: © 2014 Géza Várkuti
Published by: epubli GmbH, Berlin, www.epubli.de
ISBN 978-3-7375-2629-6
Table of Contents
Imprint
Results*
Prologue
The Renko chart
Renko chart in MetaTrader 4
The use of the Renko chart
Renko zig-zag strategy
Entry – Stop - Closing
Pull into breakeven
Reopen
Lossy situations
Breakeven situations
Profitable situations
Summarizing
Difficulties - errors
Results – alternative exit strategies
XAUUSD
DAX
GBPJPY
Summarizing
Automated version – Expert Advisor
The author
Terms
High risk warning
Results*
First of all, I think everyone is interested in how profitable this strategy is, the results are available here:
2012
XAUUSD 1952 pip
2013
XAUUSD 4118 pip
Until 30 September 2014
XAUUSD 1916 pip
GER30 (DAX) 2690 pip
GBPJPY 1756 pip
* Past and back test data do not constitute guarantees of future performance.
Prologue
The first step on the road to perfection is to focus on the essentials. There is an ancient Japanese proverb, which sounds like this. It hasn´t been put here by accident.
On the following pages a centuries-old Japanese technique, the actual application of the Renko chart will be discussed. According to the descriptions, rice traders used this technique to visualize the movement of the rice prices. Were they the first futures traders?
The Japanese culture is known for simple elegant forms and clear lines, both in the world of design and thought, but this simplicity originates from reducing things to their most essential content.
If