PK Scalping Forex Renko Chart Strategy For MT4
The PK Scalping Forex Renko Chart Strategy For MT4 works with the use of the Renko chart. The Renko chart can be set to a box size of three or even higher. What is beneficial about this system is the fact that it can be used on all currency pairs in the forex markets. Which means that trading opportunities are in abundance.
There are essentially three important indicators used - the first one is a 4 period Linear Weighted Moving Average. The other one is a ZigZag indicator and the other one is the QQE indicator which will be loaded in a separate window. The QQE indicator takes top priority when evaluating the markets because it forms the main source of tooling for detecting sell and buy signals in the forex markets.
In order to open a buy position - you have to wait for the QQE adv indicator to cross in an upward direction so that it breaks the upper line of the indicator. This is a scalping strategy therefore your stop loss and take profit targets will not be so big. However, there are traders out there who prefer not to trade using stop losses. It is not rocket science - if you are going to go this route then your lot size will be much smaller than usual to allow for the market to trade adversely against your position without bleeding a lot of money.
But this requires you to have a big account. Nevertheless, if you do not feel comfortable with that option you can always choose to use a stop loss. If that is the case, then set your stop loss below or above the recent swing highs and lows. When the opposite conditions, in contrast to your trade - comes into effect then you can close your trade.
Additionally, you might choose to just use a risk-to-reward ratio of 1 is to 1 or 1 is to 1.5. That is all dependent on you. Perhaps you might want to consider doing some thorough simulation to help you identify the most consistent manner to set take profit targets in line with this trading strategy.
Download the complete system description and the files here: