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.
Renko chart trading price has a large effect on the decisions that are made in our day trading method. I have always been focused on trading prices. And when developing our day trading method setups, I viewed them in the context of the next price that would act as support or resistance.
By adding Renko chart trading strategies, like price action and trend line support or resistance, along with chart pattern and price failure trade setups, we can further increase the profitability of our ‘core’ Renko trading method.
A Renko chart is a type of chart that plots pre-determined fixed movements of price as Renko bricks, which helps eliminate the noise of time frame charts. This additional chart clarity is a reason we use Renko charts for our day trading method.