I noticed that there is a ton of information and lots of different Renko types here but what I have not seen yet is actually people using Renko and sharing their thoughts.
Are any of you actually trading off of Renko charts? If yes, please share your experience. I just recently switched from Tick charts to Renko (using UniRenko and lovin it!!) charts and I use the following settings:
Open Offset - 1
Tick Trend - 1
Tick Reversal - 2
So as you can see from my setting, this is heavy duty intraday and I mostly trade the 6E. The main problem I'm experiencing is that Renko bars are pure price-action and non time based. When I was trading off of Tick charts, I was using a Tick counter and was more or less always ready to enter but, with Renko I miss quite a few trade entries because they can happen so sudden.
If someone more experienced than me has had similar problems and found a way to cure this, than I greatly appreciate how you have overcome this problem.
I use PureLogik Ultimate Renko bars exclusively, we were just talking about this in my Journal thread. I overlay the anaHeikenAshi study on top of the renko and I find that it helps me to identify pullbacks from reversals. Its like having a moving average built into every bar (I can't believe I said that - I hate moving averages)... The previous poster had a really good point though, your settings are way too fast, if you're going to use Renko you need a pretty big bar to clearly identify trend from chop.
I'm not using UniRenko but it would translate to something roughly: 3,26,13. Of course the method you are using is going to inform your bar resolution significantly. From my experience the smaller your time frame the smaller your opportunity but I don't want to tell anyone how to trade.
The following user says Thank You to WolfieWolf for this post:
I'm going to answer your question over in the PureLogik thread as I know Mike prefers vendor related discussion to take place in the Vendor related sections. Search for PureLogik and I'll post some information over there in a little while.