Renko Chart Trading System Forex

There is another chart type that available in Forex trading market, they called it Renko chart. Actually Renko chart is a technical indicator. This indicator chart eliminates the noise of market price during fluctuations, Renko chart also can be used to identify support, resistance levels and to identify direction of the market trends so traders can easily spot their trading positions.

If you have problem determining direction of the market trend then I suggest you to use this technical indicator. Renko chart is one of the best chart technical indicators in Forex trading market.

In Japanese Renko means brick. We can set the size of bricks in points or pips when we are using Renko chart technical indicator. For example, if we set the length from the low and high is 5 pips, so a five brick move is equal to 25 points.

Renko Chart Trading System Forex
A simple Forex trading system using Renko chart technical Forex indicator. When there are 2 bricks with red color then we can open sell trading position, but when 1 brick blue color ends the market trend then we can close our sell trading position.
When there are 2 bricks with blue color then we can open buy trading position, but when 1 brick red color ends the market trend then we can close our buy trading position.