11:40 PM
Forex Bond
Using renko charts to trade forex has been regularly discussed on forums over the last few years. They're similar to bar charts, the primary difference being that they are not based on time.
On a traditional price chart, an hour candle will form every hour, regardless of how far price travels. On a renko chart, a new bar will only form when price moves a predefined amount. As an example, if a trader inputs a setting of 40 pips per bar, then a new bar will only form every time price travels 40 pips.
Forex Trading Pip
The primary benefit of using renko charts is that they eliminate a lot of "noise." They are able to display trends more clearly by eliminating the traditional bars that form on a time basis. In this way a trader can spot emerging trends without having to strain his eyes,...
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