Drop and Forget Renko Scalping System

Find pair with an up or downtrend that has extended for several bars and has a bar that is opposite direction of trend

Recommendations

1.) Use the Renko 14 bar or 7 bar

2.) Identify recent support or resistance levels

3.) Find pair with an up or downtrend that has extended for several bars and has a bar that is opposite direction of trend

4.) Wait on next bar to form and if it is also in opposite direction of trend then enter trade in same direction as two bars(remember that a Renko bar of a different color represents twice the price movement of the bars on chart so in order for a red candle to be written on a green trend the price has to move twice as far in red direction so it is a strong idication of a reversal the formation of another red candle would be conformation).

5.) Exit trade when you get two bars in original direction of trend

6.) When using the Renko charts ride trends when you get a 2 bars in reverse direction and exit when you get two bars in original direction

7.) Look to find reversal at key market structures like support, resistance and ma

8.) I have added bollinger bands (20, 1) and RSI (7, close) with high set at 80 and low at 20 to get trade setups and set stops loss.

a.) Anytime the price level goes outside the upper bands look for bearish divergence on the RSI to place short trade

b.) Set Sell Stop at most recent low to enter trade and Stop Loss at the high