When Renko system trade setup trading we use a combination of multiple setup components instead of single components like an indicator or pattern break trigger only. By requiring multiple component trade setup confirmation, we are able to avoid many low odds for profit trading conditions.
Renko trading prices strategies and chart identification. We will discuss Renko price significance as we move across a chart, along with determining price relevance for continuing the use of left side trading prices -vs- changing them to new prices that have become more significant.
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.
Renko trade setup filters are designed to increase profitability. This is done by avoiding Renko trades that are against price resistance or support, momentum, or inside of price consolidation. Trade filters avoid more losing trades that causing a winning trade to be missed.
Why Start Day Trading Renko Charts?
After many years of day trading tick bar charts, the decision to switch to day trading Renko charts was based on the clarity of the Renko bricks fixed price moves -vs- the irregular and random size of tick bars.
Additionally, besides the Renko charts method being simpler to trade than tick bar charts, it has also been clearer to teach other traders.