Trading Renko chart selective trade setups, instead of Renko base method setups, will increase win:loss and trade profitability during periods that are identified as having low odds for trading.
Renko chart pattern breakout strategies are a beneficial to our trading method as additional trade setups. And because these breakout trade setups tend to lead to price continuation they are trades that could be done with extra size or as another addon trade in a trading swing.
Discussion of Renko price trading strategies and how price affects our trading method. Renko chart prices can be trade setup filters, but they can also be used in trade setups for the failure of support or resistance, along with the breakout of trend lines and price patterns.
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.
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.