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why renko is danger
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why renko is danger

  #31 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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syxforex View Post
Hey Mike, are you still a member of EOT?

No, my last month was probably about the same time I last talked about it 3 years ago

Mike

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  #32 (permalink)
Trading Apprentice
Milpitas CA USA
 
Futures Experience: Intermediate
Platform: ThinkOrSwim
Favorite Futures: oil
 
Posts: 4 since Aug 2013
Thanks: 0 given, 0 received

I use Renko with Tick chart combinations. I refer 3 charts during the day. 2 tick charts and 1 renko chart. I find renko to be an added tool to your arsenal for trading. It not only confirms with the tick chart setups sometimes but also gives setups on its own which will not be identifiable just based on tick charts.
So gives more trade opportunities. I am currently using below

1. Renko for crude/nat gas(/NG has become really whippy in 2014. I remember in 2013 it was a breeze to trade not in 2014). I currently trade just 1 contract for NG/CL with renko 10 tick bar. My stops are just 2 bricks($200). This trade management is true for all trades off renko only not tick charts. I look for just 2 setups on renko to appear repeatedly.
2. Also look for setups for both above on 133(entering trades)/502 tick chart(for identifying longer term setups).
3. I just have 1 indicator MACD on all charts.

I agree with Mike...and it is true for me as well that to be truly profitable you will need to dig in multiple charts and get a practice of that.

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