Renko Charts and D1 charts for reality checking have proven to me that it can be a reliable trading strategy for multiple days of trading the daily swing in some markets: the SPX500 and USDollar CFDs are my favorites now. Both CFDs trades during all markets and give repeat Renko chart movement patters that are trade-able every day.
The entry and exit points are determined by Renko charting methods but they can sometimes blind you to the obvious at tops and selling at bottoms that Renko won't highlight.
Attached are two pairs of charts: SPX500 that is normally a much larger daily swing in the daily range. The USDollar CFD is doing especially well right now with good potential for upside profits.
The advantage of Renko is also that it shows a history of these Ws and Ms forming back to back for several days.
Indicators aren't necessary since the price chart focuses on price movement itself and eliminates the time factors.
Renko charts have to have good brick sizing to be accurate. In my charts I use at least 2 or 3 spreads so that the number of 2-brick reversals are minimized.
I also use profit targets to enter Renko at predetermined points in the direction I am trading with a plan to take around $20 profit with each trade.
The third trade with SPX500 D1 has a blue box that shows the multiple opportunities for trading the daily range. Renko charts give an edge in showing the short term direction.
The entry and exit points are determined by Renko charting methods but they can sometimes blind you to the obvious at tops and selling at bottoms that Renko won't highlight.
Attached are two pairs of charts: SPX500 that is normally a much larger daily swing in the daily range. The USDollar CFD is doing especially well right now with good potential for upside profits.
The advantage of Renko is also that it shows a history of these Ws and Ms forming back to back for several days.
Indicators aren't necessary since the price chart focuses on price movement itself and eliminates the time factors.
Renko charts have to have good brick sizing to be accurate. In my charts I use at least 2 or 3 spreads so that the number of 2-brick reversals are minimized.
I also use profit targets to enter Renko at predetermined points in the direction I am trading with a plan to take around $20 profit with each trade.
The third trade with SPX500 D1 has a blue box that shows the multiple opportunities for trading the daily range. Renko charts give an edge in showing the short term direction.