18# Renko Charts with Triangle Formation

The Triangle Trading Method

Submit by joy22 20/02/2013

 

Renko box size ( 5-20 pips)

Metatrader Indicators:

triangle breakout formation (otional).

 

Recommended draw the triangle on the chart manually.

This method the breakout of the triangle formation with renko charts is one the best.

It is not for beginners and requires a learning period.

Compared to the trendline is most reliable.

 

RenkoLiveChart_v3.3

Cynthia's_Triangle_Breakout

Long and Short Orders

a) Enter a long position when the price bar close above the triangle's resistance line.

b) Enter a short position when the price bar close below the triangle's support line.

Long and Short Exits

a) Exit a long position at the protective stop, the breakeven stop, or the profit target.

b) Exit a short position at the protective stop, the breakeven stop, or the profit target.

When a triangle breakout occurs and you take a position, the stop loss is placed immediately at the apex of the Triangle pattern.


If the low of entry is below the apex, place the stop loss just below the low of this (in the case of a Buy) or if the high of entry is above the apex, place the stop loss just above this high (in the case of a Sell).

Ideas for Take profit is retracement of Fibonacci or PivotPoint or ratio 1.3 Stop loss.

 

 


In the pictures Renko Charts with Triangle Formation forex system in action.

Renko Charts with Triangle Formation
Renko Charts with Triangle Formation
Renko Charts with Triangle Formation
Renko Charts with Triangle Formation
Renko Charts with Triangle Formation
Renko Charts with Triangle Formation
RenkoLiveChart_v3.3
Forex:RenkoLiveChart_v3.3
RenkoLiveChart_v3.3x2.rar
compressed file archive 16.9 KB
Cynthia's_Triangle_Breakout
Forex Indicator: Cynthia's_Triangle_Breakout
Cynthia's_Triangle_Breakout.rar
compressed file archive 24.1 KB

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Comments: 1
  • #1

    Erik (Friday, 29 May 2015 22:46)

    1. why is it in Renko strategy if it is Heiken Ashi chart?
    2. since when TP (take profit) is PT (what is that? profit take or p*ss take?)

Triangle Forex Strategies