18# Renko Charts with Triangle Formation
The Triangle Trading Method
Submit by joy22 20/02/2013
Renko box size ( 5-20 pips)
triangle breakout formation (otional).
Recommended draw the triangle on the chart manually.
It is not for beginners and requires a learning period.
Compared to the trendline is most reliable.
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.
Share your opinion, can help everyone to understand the forex strategy.
Triangle Forex Strategies