I'm using the NinjaTrader Renko bricks for trading the YM at the suggestion of a friend of mine. So far it's been pretty confusing.
I get a signal to go long, and suddenly after I'm in the trade the previous two bars, which were green, now suddenly change and become red, effectively forcing me out of the trade since my signal is no longer valid.
The last couple of days I've been using Renko with a 5 tick brick setting for the YM and CL, and the 4 tick brick setting for the ES.
Today I somehow escaped with a small win testing out the Renko bars, but I probably should have taken several losses when it spit out conflicting signals in chop and tight ranges.
Does anyone make money with Renko? Anyone know of a way to prevent these false signals--bars that suddenly change color and negate my reason for being in the trade?
I have to admit, the charts sure do look pretty at the end of the day.....