Forex System Blog

Download this forex scalping renko charting package that can win 9 out of 10 trades! This forex scalping renko charting package uses Renko Charts. These forex scalping customized renko MT4 indicators have been developed by Jeff Glenellis who has been trading forex for sometime. There are many EAs that use scalping as a core strategy. But the dangerous thing about these EAs is that most of them don’t use any stop loss or use a stop loss that can be very large. Not using a stop loss or using a stop loss that is large when trading with an EA means taking unlimited risk.

On the other hand, there are many complicated manual scalping trading systems being sold online for $2K or more. Trading with these complicated manual scalping systems can take 6-8 hours daily. What you need is a simple scalping system that uses a small stop loss and has a high win rate. Jeff Glenellis has developed a few customized renko MT4 indicators that can make forex scalping very easy for you.

What Are Renko Charts?

Just like the candlestick charts, renko charts have also been developed by Japanese. Renko means a brick in Japanese. Renko charts don’t use time to display price action. Instead, on a renko chart, the price moves by a fixed amount known as a brick or a box before it is shown on the chart. This box or brick is defined by the trader. For example, you define the brick to be 5 pips. So when the price moves up by 5 pips, it will shown as a brick on the chart in the up direction. In the same manner, if the price moves down by 5 pips, it will be shown as a box on the chart in the down direction. Now, this 5 pip movement can take place in 10 minutes or 30 minutes, the box will only be added to the chart when the price has moved by 5 pips in one direction.

If the price moves by 4 pips then reverses and moves by 4 pips again, no box will be added even though price action has moved by 8 pips. Watch the above video made by Jeff Glenellis where he explains how he makes scalping trades using 3 pip renko boxes. The advantage of using 3 pip boxes is that your risk is only limited to 3-4 pips while your profit can be anywhere from 5-15 pips. Jeff Glenellis has developed a few customized MT4 renko indicators that when installed on a MT4 chart convert it into a renko chart.

Renko charts are considered to be highly accurate when it comes to measuring the changes in the trend sentiment. Using a small box size helps you detect changes into the market sentiment on a micro level. Using 3 pip box means that whenever the market moves up or down by 3 pips, a box will be added to the renko chart. When the boxes continue in one direction, it means that the micro trend is continuing. When the boxes tend to get added in the opposite direction, it means that the micro trend is reversing. Another advantage of using a small box size is that you don’t have to wait long for a new brick whereas using a large box size like 10-15 pips can take a long time for a new brick to appear.

Jeff Glenellis is giving 45 days no questions asked money back guarantee to test his Forex Scalping Renko Charting Package. What you should do is test his Forex Scalping Renko Charting Package on the demo account for 30 days and see how it works. If you feel satisfied with the results, you can plan to trade live using this Forex Scalping Renko Charting Package. And in case if you don’t feel satisfied with the customized renko MT4 indicators, simply get a refund.

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