Renko Charts with Kumo
If you are tired to study constantly charts with overloaded indicators,
and just want to trade Price Action 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
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
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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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