This Renko trading strategy is based on trading the pull backs in a trend, by using the parabolic SAR indicator and combining it with Renko price action. Read how to trade this rather simple Renko trading strategy.
The Parabolic SAR Pull back trading strategy with Renko charts offers traders a unique way to scalp the markets. This Renko trading strategy offers a favorable risk/reward ratio with consistent profits. For traders who want to make a fixed number of pips per day, this renko trading strategy is worth exploring.
In the previous trading strategies, most of the divergence based trade set ups were primarily using either the Stochastics or the RSI indicator. While divergence is common across any oscillator that you use, there is a certain element of risk involved when it comes to using the regular oscillators.
Of the many chart patterns that appear in Renko charts, the "W" pattern is one of the most reliable renko chart pattern to trade. This article gives a step by step outline of how to identify the "W" pattern and how to trade it.