Renko charts-Precision Forex

**Bernfriedd** · March 25th, 2005 08:15 PM

Precision Forex has come out with an ebook (and strategies) based on Renko charts.
I myself have been intrigued by Renko charts from the very first beginning of my Forex journey, but was not able to make them work for me. I really hope that Precision Forex has had more luck, but before I buy the book and spend another $99, I would like to gather some member's opinions about the ebook.
Anbody out there who has read the book and is willing to give a short review?

**marlaust** · March 29th, 2005 07:01 PM

Hello Bernfreidd, I have the book you speak of using renko charts and I can recommend it to you. Mark of Precisionforex is very helpful as well. I am only demo trading at the moment using it and it has been working well. If you go to his website and view his trading reviews you can see for yourself how successful it has been. The site is www.precisionforex.com ...Hope this is of help to you.

**sbenard** · April 30th, 2005 10:42 PM

Would you mind updating us on your use of this Renko chart e-book? Have you been able to continue using it successfully? Thanks!

**marlaust** · April 30th, 2005 11:40 PM

Hello there, Yes I am still using the e-book with some success. The e-book and system is very very easy to follow, I have only live traded with it a few times, the first 12 trades, I had 8 profits. But I must tell you I am new to this and I probably should let the trades run longer, but when a I see some profit I tend to take it and run. I then had a couple of bad trades, but they were my own fault through lack of discipline on the entry signal. Next week I intend to be more disciplined

... The weekly reviews are posted on the precisionforex website and you can see for yourself the results that can be obtained. Being in Australia I think I need to try the very late nights for trading because I see from the results on the website there appears to be better trades then. Hope this answers your ?? ....

**sukhen** · May 1st, 2005 08:00 AM

Hi marlaust,
In order to use Renko Charts, what software (like MetaStock, TS, VT, MarketScope etc) are you using?

TIA

- Sukhen

**marlaust** · May 1st, 2005 08:07 AM

Hello, the e-book uses xtick www.xtick.com which gives a demo period on the gbpusd & a few other currencies.... the e-book revolves around using renko charts and xtick is the one mentioned in the book....I have subscribed on a monthly fee to access their total currencies...

They are totally different to most charts, I would suggest you email Mark at his website address I am sure he can give you more information. If I can be of further help.. please ask...

**JAG fx** · May 13th, 2005 10:44 PM

I have just started to get into the Precision Forex method of trading a little more seriously. Previously I had been tracking it on the GBP using the continuous XTick demo charts (have to sign up every 8 days), with the odd live trade. I have been following it for a few months now and always go over the previous weeks charts to see how the different methods performed.

The designer of the system is always looking for ways to improve the results and each time he releases a new idea, that certainly seems to be the case.

Now that I have got the full version of XTick charts and figured out how to set all the audible alerts, I am finding it very easy to trade, even tracking three pairs at once. One of the things I like about the system is that your losses should be minimal (less than 20pts) and due to the system being fairly mechanical, there is plenty of opportunity to let your profits run. It is mechanical to the extent that you are given clear entry and exit points based on technical indicators, however you may have to show some discretion in a flat market where you may suffer a few small losses in a row. This is where you would set up horizontal lines on your chart and then look for the breakout.

I can verify the results shown on the Precison Forex web page as I also check these every week against my own charts. My only concern using renko charts, can be the fast forming/movement of the boxes. Under normal market conditions, this is not a problem, but you have to be aware of major news releases and be ready to go. I normally trade with a pretty big safety stop and just rely on the signals to get me out of a trade, but come news time, I would either be out altogether or have a tightish stop in place to lock in profits. It just takes a little getting use to trading with renko charts when you are use to time sensitive bar or candle type charts.

I would love to hear how others are doing using this method.

**q827** · May 14th, 2005 02:52 PM

find whatever works for u and then just run with it...

there are as many ways to successful Forex trading as there are successful traders

peace out

**upcash** · May 24th, 2005 08:53 PM

Hi Jag i am trying the Renko charts also using xtick demo charts which has cable as the main pair, as you have the full version how are the trades on e/us and us/chf,
i find cable needs maybe a wider stop

**sukhen** · May 24th, 2005 09:56 PM

Their website has been down for a few days. Any idea what's happened to them?

**meridexgroup** · May 25th, 2005 12:43 AM

upcash, i too purchased his book. are there any other modifications that you know of? when was strategy 3a released or how did you know about it?

**JAG fx** · May 25th, 2005 01:16 AM

Sukhen,
I can't help you out with the email address as I am not sure what it is myself.

Upcash,
I have been trading Strategy 3 for the last couple of weeks on the JPY only and has done pretty well. The only major problems I have found is a little whipiness around news and if my alerts don't go off (which happened today - doh!) Other than that, the JPY has not been a bad pair to trade. I'm not too fussed on stops, just have an uncle stop in case, but normally let the signals take me in and out of trades.

I find when I start trading more than one pair, I tend to loses a little concentration and make a few mistakes.

With regards to Strategy 3a, I'm not even sure it was an official release. I have played with it a bit and found it can get you into some nice long trades, but like a trend following systems, in a sideways market, it isn't pretty. The trick is having the patience to wait, knowing there will eventually be a nice big one to clear your losses. The only thing I am not sure of is the use of the bolinger bands. These are something I have never really used and I am not sure how they fit into the scheme of things within this strategy.

**meridexgroup** · May 25th, 2005 01:24 AM

JagFX, did Mark mention Bollingers to you or was that one of your own modifications?

**auzzy_ss** · June 1st, 2005 12:17 AM

Originally Posted by marlaust

Hello Bernfreidd, I have the book you speak of using renko charts and I can recommend it to you. Mark of Precisionforex is very helpful as well. I am only demo trading at the moment using it and it has been working well. If you go to his website and view his trading reviews you can see for yourself how successful it has been. The site is www.precisionforex.com ...Hope this is of help to you.

Hi i have been trying to access this site but with no luck... is anybody else having probs with it... also is there anywhere else where there is information on renko charts??

cheers and good trading.

**basenji** · June 1st, 2005 12:57 AM

If you go to xtick you will find Renko charts. However you can only demo one currency pair which is the GBP/USD, of course that is all you need in order to get a taste of Renko charts. Personally after having tried them I found them to NOT be advantageous to western charts in any way whatsoever. Renko charts move with price not with time so in that regard they could be useful to some traders who have itchy trigger fingers and are just trading to be trading rather than being patient and waiting for a trade to come to them. cheers, Basenji

Originally Posted by auzzy_ss

Hi i have been trying to access this site but with no luck... is anybody else having probs with it... also is there anywhere else where there is information on renko charts??

cheers and good trading.