Renko Trend with Slope Trading System
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Renko Trend with Slope Trading System 1111111111111111111111111 Indicators:
a). Simple Moving Average
Values:
5 Close and 100 close
c). Level stop Reverse
Values:
Use ATR mode True
Non-ATR stop pips 40
ATR Periods 28
ATR Multiplier 2.0
ATR Smoothing 0
D).QQE on 1min and 15 min time frames (3 indicators)
Values:
Smoothing Factor 60 (QQE 60)
Smoothing Factor 5 (QQE 5)
Smoothing Factor 1 (QQE 1)
E) MOM – Momentum
Value:
10 Close
F) Daily Pivot points at start times
Values:
Pivot set 1 = Daily (1=daily, 2=weekly, 3=monthly)
G) Trading Hours
Values:
3AM EST to 3PM EST only
How to spot a trade opportunity:
Buy/Sell signals:
After you get the two signals (Arrow & QQE 60 cross signal) you enter after the QQE5 or QQE1 cross the 50 line.
Only take the short trade if the signal generates below the Daily Pivot level.
Only take the Long trade if the signal generates above the daily pivot level.
Exit:
If QQE5 cross to the opposite direction you must exit the trade.
Re-enter:
You can re-enter a trade when QQE1 touch the 50 line and cross back towards the QQE60. When you get the proper entry set up, check for the 1hr momentum. If the 1hr momentum and 15 min Momentum on the new confirmation bar shows a very promising trend continuation (45 Degrees plus bent) you don’t have to wait until the 5 SMA touches to enter.
When the momentum shows a sharp bent on any given TF, it indicates a retracement is due to 5sma of that particular TF. I'm always hesitant to introduce the Momentum indicator, since on a trending market if the momentum changes to the opposite direction some traders blow their account by trying to catch the retracement. When ever you catch a retracement you are going against the trend. You only suppose to use it to find better entries to go with the trend
Stop Loss:
60 pips
SL is closet support or resistance around 60pips
Take profit:
100 pips
Applying Daily Pivots & 100sma to minimize the fake calls.
Long-
15 QQE60 crossed above the Daily Pivot (15 Min Timeframe Only)
Price is above the 100 sma & LevelStop-Reverse
I also use 1hr QQE5 to identify the trend direction
Applying Daily Pivots & 100sma to minimize the fake calls.
Short-
15 QQE60 crossed down Below the Daily Pivot (15 Min Timeframe Only)
Price is below the 100 sma & LevelStop-Reverse
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