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Simple Renko Strategy

The Simple Renko Strategy involves waiting for two consecutive down candles to close before placing a buy pending order at the open of the first candle. If the price does not activate the order, it is adjusted to the new candle's open. The strategy includes specific money management rules, such as setting a take profit at 2 risk-reward ratio and adjusting stop losses based on recent price action.

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nouman
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9 views3 pages

Simple Renko Strategy

The Simple Renko Strategy involves waiting for two consecutive down candles to close before placing a buy pending order at the open of the first candle. If the price does not activate the order, it is adjusted to the new candle's open. The strategy includes specific money management rules, such as setting a take profit at 2 risk-reward ratio and adjusting stop losses based on recent price action.

Uploaded by

nouman
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Simple renko strategy

1 – we wait 2 down candels to close completely without change .

2 – then we put buy pending order on the candle 1 open

That’s it for the entry of the strategy

Now some different questions and answers :

q 1 : what happens to the line if price did not come back and activate the
pending order ?

answer : it means the price opened a new candle so we move the line like
this >
As u see , the white line is the old buy pending order which we moved to the
new candle the yellow line represent the moved order .

Question 2 : lets say the level kept moving , until when ?

Answer : until the price activates it like this >

Question 3 : how many trades per line ?

Answer : only 1

Question 4 : are there any other cases ?

Answer : yes have a look :

Long wick case :

As u see we did not have 2 down candles calosed , but we had a down
candle that = 2 down candle like this one

Question 4 : where to put the buy order ?

Answer : same in the picture > after one green candle like or look left and
out it qual to a green candle before the green candle .

Money managmet : ( all shall be adjustable per settings )


Tp = per rr , standered is 2 rr .

Risk : % from account cabital like if 10% from 1k is 100$ . if stop lose is x
value then it = x % from account as per settings .

Stoplose : last lo of 3 bars = to look for the lowest point in the current bar
with 2 prevuios bars .

Breakeve : if I put 0.3 % of the current trade then once price reach this 0.3
% the stop lose moves to 0.10% .

Optional : to recover old losses by increasing % by x value , means if we lost


1% then the next trade 2 rr will = 1.5 % for example .

Finished .

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