Have you ever tried to do scalping using Renko Charts? Very few traders use Renko Charts. Renko Charts just like the Candlestick Charts were invented by Japanese. However, Renko Charts unlike Candlestick Charts are not available on MT4 platform that is being used by most forex traders. Renko Charts eliminate most of the noise in the price by removing the the time dimension. Renko in Japanese means a brick. A brick or you can call it the box is the smallest movement of price that is shown in these charts. This brick can be very small something like 3 pips. These small bricks on the chart are used to detect the micro changes in the trend. Watch this video if you are still confused about what are these Renko Charts:
After watching this video, you should have developed a fair idea of how to do scalping using Renko Charts. Using these small bricks in your trading can reduce the risk when scalping to just the size of that brick. So if the brick size is 3 pips and you see the brick forming in the opposite direction, you can always get out of the trade. You can use any brick size. However, when scalping using a small brick size like 3 pips can be a good idea. This way you know pretty soon when the there is a micro change in the trend momentum.
Now if you are interested in using Renko Charts in forex scalping, you can download this Renko Indicators Package developed for forex scalping by Jeff Glenellis. Yes this is the same trader who has made the above video. He is also giving 45 days of no questions asked money back guarantee. So you can test this renko indicator package for scalping on the demo account for at least one month. After trading with this indicator package, make your judgement about the renko charts. Does they make scalping easy and less risky? If you think it is easy doing scalping using these Renko Charts and if the win rate is also pretty good something like 80-90%, you can think about scalping live using Renko Charts. Watch this 57 minutes webinar that explains these charts in more detail.