Renko Chart Day Trading Strategies
Our Renko trading strategies can be traded as a trading system or method, but there are trade-offs involved. The Renko system is easier to learn but once trade setup filtering is understood, the Renko method will be able to be traded more profitably.
Although Renko charts and candlestick charts may be similar, these 2 chart types are completely different. The Renko charts are made from bricks of fixed price movement, where the candlestick charts are bar charts made from set time frames or tick counts.
Trading Renko chart selective trade setups, instead of Renko base method setups, will increase win:loss and trade profitability during periods that are identified as having low odds for trading.
Renko trading prices strategies and chart identification. We will discuss Renko price significance as we move across a chart, along with determining price relevance for continuing the use of left side trading prices -vs- changing them to new prices that have become more significant.
Renko chart pattern breakout strategies are a beneficial to our trading method as additional trade setups. And because these breakout trade setups tend to lead to price continuation they are trades that could be done with extra size or as another addon trade in a trading swing.
Discussion of Renko price trading strategies and how price affects our trading method. Renko chart prices can be trade setup filters, but they can also be used in trade setups for the failure of support or resistance, along with the breakout of trend lines and price patterns.
Our Renko day trading system didn’t originally include the price envelope reverse trade setup, because of losses that would be incurred inside of consolidation. But that setup will now be traded when it is through the breakout potential of a previous swing diagonal that is 15 ticks or greater.
When Renko system trade setup trading we use a combination of multiple setup components instead of single components like an indicator or pattern break trigger only. By requiring multiple component trade setup confirmation, we are able to avoid many low odds for profit trading conditions.