Momentum indicators are the best Renko indicators for our trading strategies. And because Renko charts are price only charts, time or volume indicators are not considered.
But these Renko momentum indicators are made with different calculations and are used differently in our Renko trade setups. This is very important for removing redundancy when trading with indicators.
Renko charts can be used for day trading and position trading. I would suggest that this is best done by developing a trading method instead of trying to trade the charts alone.
The Renko day trade method starts with selecting an underlying and brick setting that gives adequate trades without being too fast to trade. The method includes momentum and price continuation based trade setups and indicators.
The Renko trading method has been developed with chart reading strategies for reading price movement. There are 3 trading indicators and trade setups that the trading method uses. Note: this is a trading method and not a mechanical trading system.
The Renko trading method also uses trade filters that are designed to avoid trades that are into price support or resistance, inside of consolidation, or counter momentum. The use of trade filters differentiates a method from a system.
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