Renko Trading Tricks - Making money from few pips

In most of my past articles, I've often used chart patterns with their respective targets. These are usually quite wide and far and sometimes carry the risk of failing to meet the target mid-way.

A different way to trade Renko charts is to exploit the small but certain moves that crop up every now and then on the charts.

Below is the GBPJPY chart. You might recollect the original trade idea here.

GBPJPY - Exploiting Renko Charts

What's unique in this chart, is the break out of the minor ascending triangle, denoted by the brown colored measured levels. While the smaller triangle gives a target to 176.288, before this target is achieved we see a possible resistance at 174.288. Taking a moderately heavy long position targeting this sure level would give some nice fat pips in your pocket.

While trading with the bigger view in mind, a new position exploiting this move would give a good number of pips every now and then.

Update (23/07): And here is how price played out

Result