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Reversal with Donchian Forex Renko Chart Strategy

2 min read

This is a renko system that uses donchian bands and has 2 ways of trading, the reversal and trending methods. You have the option on which method you want to use.
This is applicable to any currency pairs and fiancial markets. Boz size 6 or higher is used in this system.

Forex Indicators:

  • Moving average linear weighted 10 period,
  • Moving average linear weighted 21 period,
  • Profit loss indicator,
  • Range indicator,
  • Donchian bands 30 period (sienna),
  • Donchian bands 60 period (purple),
  • Donchian bands 90 period (teal),
  • MACA alert (10, 30, 9).

TREND TRADING

Buy Entry:

  • The price must break up one of the Donchian bands.
  • MACD must cross upward.

Sell Entry:

  • The price must break down one of the Donchian bands.
  • MACD must cross downward.

Exit Position:

  • Target profit depends on the timeframe or box size.
  • Place Stop loss 5 pips above or below EMA 21.

TRADE REVERSAL:

Buy Entry:

  • The price broke the one of the lower Donchian Bands.
  • The price must retrace above the MA.
  • MACD must cross upward.

Sell Entry:

  • The price broke the one of the upper Donchian Bands.
  • The price retrace below the MA.
  • MACD must cross downward.

Take profit at the Donchian Band.


Forex Trading Strategies Installation Instructions

Reversal with Donchian Forex Renko Chart Strategy is a combination of Metatrader 4 (MT4) indicator(s) and template.

The essence of this forex strategy is to transform the accumulated history data and trading signals.

Reversal with Donchian Forex Renko Chart Strategy provides an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust this strategy accordingly.

How to install Reversal with Donchian Forex Renko Chart Strategy?

  • Download Reversal with Donchian Forex Renko Chart Strategy.zip
  • *Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
  • Copy tpl file (Template) to your Metatrader Directory / templates /
  • Start or restart your Metatrader Client
  • Select Chart and Timeframe where you want to test your forex strategy
  • Right click on your trading chart and hover on “Template”
  • Move right to select Reversal with Donchian Forex Renko Chart Strategy
  • You will see Reversal with Donchian Forex Renko Chart Strategy is available on your Chart

*Note: Not all forex strategies come with mq4/ex4 files. Some templates are already integrated with the MT4 Indicators from the MetaTrader Platform.

Click here below to download:

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