Renko trading prices are very important for the trading of our method, because the same price can actually be a trade filter and then be used for a trade setup – and then be used for trade management. So, our Renko trading strategies take this in account before taking a trade setup as a trade, and then for holding the trade.
When I am asked what is the best Renko trading indicator, I answer that I don’t think there is a best single indicator. Instead choose a combination of related Renko indicators that work together and can be combined into a trade setup that gives price continuation.
Using a combination of Renko day trading indicators for your trade setups, instead of trying to find a single best trading indicator, will lead to more effective and profitable trading. I really haven’t seen a best indicator that could be traded mechanically as a system.
Renko chart trend lines and patterns are very useful as trading strategy additions. The trend lines can act as diagonal support or resistance prices, and when combined as part of a bigger chart pattern, they can provide additional method trade setups.
Gold Renko trading has been added to our Renko trading strategies. The gold Renko charts show the same method clarity as the Oil and Emini NQ charts that are also traded. And there is additional flexibility and potential for overnight trading, which is a benefit for traders from all time frames.