Using Renko chart trading price lines is an important part of our trading method. This is because the relevant price lines that are support or resistance tend to hold, so we use them as a trade setup filter and avoid trading into them. However, the diagonal prices from trend lines and chart patterns tend to breakout and thus make good trade setup components.
Discussing combining our Renko indicator trading strategies, with our trade setup filters. The objective is to avoid entering a trade directly into price support or resistance and/or against price momentum.
Understanding Renko charts and trading them starts with making Renko bricks. It is important to know how new bricks complete in either direction, especially if your charting program shows an overlap between a completed brick and an uncompleted counter brick.
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.