FXLORDS Increase Your Profits
Renko charts origins can be traced back to Japan, as everything else that works. They and were first introduced to the West by Steve Nison in his book “Beyond Candlesticks”. The actual word Renko is derived from the Japanese word “Renga”, which means bricks. This approach is used quite a lot in FXLORDS’ Managed Forex Accounts
Renko charts are similar to “Kagi” charts and the three line break charts except that the Renko chart is drawn in the direction of the primary trend and have a fixed size. Renko charts are also similar to point and figure charts as each brick is the same size depending on the minimum amount per brick.
So, in order to generate an opposite color, the fixed brick size of the Renko must be exceeded. This of course classifies Renko charts as a lagging indicator and in choppy markets can lead to a number of false signals.
Renko charts are used to determine potential changes in price trend. Below is a charting example with Renko bars.
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