Gold Renko trading has recently been added to our Renko trading strategies. And I might add that in 20 years of trading, this is the first time that I day traded gold futures.
It’s not that I hadn’t considered or looked at gold trading in the past. But at the time I was day trading with tick bar charts, and I found that I couldn’t ‘read’ the charts for our method setups. But now using a Renko trading chart; I am finding gold renko trading to be ‘method clear’
Gold Renko Trading – My First Trades
When I studied the gold Renko charts before trading them, I was attracted by 2 things:
- If I didn’t know what the futures contract was I would have thought I was looking at an NQ or Oil renko trading chart, like I was currently trading
- How tradeable the gold Renko chart tended to looked through out the night. I supposed this was due to the global nature of gold, and this was a characteristic that I really liked for additional trading flexibility
So, here is the chart from my first gold Renko trades; the trades were done at the yellow circles. Do you see what I mean about the chart looking like any other method chart – and the clarity of our Renko chart trade setups?
Like our other Renko day trades, gold is also being traded with a 4 brick initial partial and 4 brick initial stop.
Gold Renko Chart Trading Video
When watching the gold trading video, especially note the Renko trading strategies for trade setup filtering for consolidation. This discussion comes from the period to the left of this chart, directly before the first Renko chart gold trade.
- There is a move into consolidation that occurred between a double top and left-right trading price support
- Yes, there was a consolidation breakout only trade that was missed
- However, there were 4 losing trades inside of consolidation that were avoided – additionally using the first continuation trade strategy, yellow circle1 was a Renko method trade that was entered only 2 bricks lower
Click Link To Watch Video: Gold Renko Chart Trading Video