Hey Everyone!
I have been wanting to put this strategy I have been using up for a while now but have not found the time.
Its a very solid strategy I invented using 10 pip Renko blocks. Here is my Myfxbook.com account for this strategy Error | Myfxbook and as you can see it gets very accurate entries and exits and has around a 1:2 Risk Reward Ratio. (And to keep everything honest and transparent you will notice a decent dip in my equity curve and a drawdown of 10% because I placed a trade and forgot to place the pending orders. It did hit my take profit but only after it took a decent dip while I was sleeping)
If you are not familiar with Renko please do some quick google searches to get familiar so you will understand this thread.
I will be posting more in threads to come because there are a few rules I try to follow and it takes a lot of explaining even though its very very simple.
So lets begin…
The idea is that when you enter a long position you will set a take profit if plus 40 pips and you will take a loss and reverse the trade if price moves against you by 20 pips. I don’t use stop losses however because I use pending orders in the opposite direction as my stops.
When entering a new trading I typically look for a recent high or low and wait for price to reverse block color and start from there.
More to come soon!