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Reward to risk target is 2 to 1...... I am looking to take small high probability bites out of the market.
At some point I hope to be able to capture some runners but until then I will maintain the small disciplined trades.
I use Renko charts of either 5 tick or 10 tick bricks with tails displayed.
Session traded is the morning and I will take a look at the mid-day if I am around.
Even taking small bites can add up significantly when you add size.
This CL spreadsheet is an example.
Do you trade multiple setups? The first screenshot looks like you were trading into a test of previous high whereas the second one looks like a failed breakout/double top. Interested in learning more about your strategy.
I'm not quite sure what you are looking at but in answer to your question ... Yes there are 2 methods I have to trade Renko.
And that does get me into a little trouble at times.... One of my weaknesses I still have to deal with.
Method 1.........Continuation trade.
With renko there is a high probability of the following brick continuing in the same direction as the previous brick direction.
Reward to risk is 1 to 2.... Not the best RR.
Method 2.........Retracement trade.
Place entry at the open of previous bar.... Reward to risk is 2 to 1
Entries are brick color dependent.
And yes...... Ranges could absolutely destroy you, but that is where your trade management come in.
The power of quitting........ 2 losses and DONE for the day.
