The 50% pullback non-syndicator trading strategy

The 50% pullback non-syndicator trading strategy - is a very simple trading system based on the Renko chart, which does not use technical indicators. Trading is done by means of pending orders.

You can discuss the trading strategy "50% pullback" on forexfactory.com at on this topic.

Input parameters

• Currency pairs: XAU/USD, GBP/AUD, EUR/AUD.
• Timeframe: The Renko graph is used.
• Bidding time: London, New York.
• Risk Management: After calculating the stop loss, choose this lot sizeto risk no more than 2-5% of the deposit per trade.

Setting up the price chart

1. Unpack the archive.
2. Copy the Expert Advisor to the MQL4->Experts folder.
3. Copy the templates into the templates folder.
4. Restart the terminal.
5. Activate the "Auto-Trade" mode.
6. Open the chart of the desired currency pair on the M timeframe
7. Scroll the chart to the left until the quotes are no longer loaded.
8. Set the template with the name Chart M
9. We minimize the graph with the graph M
10. Go to File -> Open Offline and select the chart of our instrument, created by the Expert Advisor for the M timeframe
11. Set the template with the name Chart M

The schedule should look like this:

Signals indicating the opening of a long position (buying)

1. A bullish (white) candle was formed.
2. Placing a pending order Buy Limit at the level of the middle of the body of the last candle.
3. If after the formation of the next bullish candle position is not open, then move the pending order to the level of the middle of the body of a new candle.

Signals indicating the opening of a short position (sale)

1. A bearish (gray) candle was formed.
2. Placing a pending order Sell Limit at the level of the middle of the body of the last candle.
3. If after the formation of the next bearish candle position is not opened, we move the pending order to the level of the middle of the body of a new candle.

Setting Stop Loss and Take Profit Orders

Orders stop loss and take profit can be set in two ways:

• Stop Loss and Take Profit are set at 100 pips.
• A more advanced variant: calculate stop-loss and take-profit based on the size of the average daily movement of a particular currency pair.

The 50% pullback non-syndicator trading strategy has a number of advantages over other trading systems. First of all, it is the use of Renko charts, which allows to eliminate price noises. Secondly, it is trading with Limit pending orders, which allows opening transactions at a better price than the current market price.

In addition, no indicators clutter up the price chart, and the rules of the strategy will not cause difficulties even for beginners.

Download Renko templates and indicator

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