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.
Adding Renko chart trading strategies, like price action and trend line support or resistance, along with chart pattern and price failure trade setups, to our ‘base’ Renko trading method.
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.
The Renko chart momentum hook is an important trading strategy as it indicates price continuation, making it a component in trade addon setups. Considering trade addons typically are at later prices than the initial entry, we want this hook indication that momentum isn’t ending.
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.
Copyright © 2024 Renko Chart Trading