Renko trading strategy .............
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Renko trading strategy .............
Updated: Views / Replies:1,454 / 19
Created: by WmAFoster Attachments:12

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Renko trading strategy .............

 
Eugene, OR. USA
 
 
Posts: 21 since Jun 2019
Thanks: 3 given, 20 received

Renko trading strategy .............

Well I thought I would go ahead and give this a shot to see if I can make this work.

My strategy is simple and requires very little time to implement though I do study the charts quite a lot.

CL and ES lend themselves very well to the strategy so I concentrate on those two for the most part.

Here is an example of a good trade. Entry was on the retracement of the renko bar and TP is 2 to 1 reward to risk.

I will elaborate more on this later.

Attached Thumbnails
Renko trading strategy .............-screen-shot-2019-06-27-8.10.44-pm.png  

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Eugene, OR. USA
 
 
Posts: 21 since Jun 2019
Thanks: 3 given, 20 received

A little more about the strategy..............


The strategy is really very simple.

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.

Attached Thumbnails
Renko trading strategy .............-screen-shot-2019-06-25-7.36.31-pm.png  
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Eugene, OR. USA
 
 
Posts: 21 since Jun 2019
Thanks: 3 given, 20 received

A helpful video.

This video has probably helped more than just about any other thing I have watched.


https://youtu.be/zQqxmh8keos

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Eugene, OR. USA
 
 
Posts: 21 since Jun 2019
Thanks: 3 given, 20 received

Before and after.....LOL

First chart me following my rules.....
Second chart me not following my rules....LOL

Attached Thumbnails
Renko trading strategy .............-screen-shot-2019-06-27-8.13.42-pm.png   Renko trading strategy .............-screen-shot-2019-06-27-8.23.53-pm.png  
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Bluffton, SC
 
Trading Experience: Intermediate
Platform: TOS
Favorite Futures: Equities, Treasuries, Gold
 
mtzimmer1's Avatar
 
Posts: 483 since Dec 2018
Thanks: 1,065 given, 1,038 received

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.


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Eugene, OR. USA
 
 
Posts: 21 since Jun 2019
Thanks: 3 given, 20 received


mtzimmer1 View Post
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.


Sent using the futures.io mobile app

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

Attached Thumbnails
Renko trading strategy .............-screen-shot-2019-06-28-7.10.11-am.png   Renko trading strategy .............-screen-shot-2019-06-28-7.18.30-am.png  

Last edited by WmAFoster; June 28th, 2019 at 10:59 AM.
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Bluffton, SC
 
Trading Experience: Intermediate
Platform: TOS
Favorite Futures: Equities, Treasuries, Gold
 
mtzimmer1's Avatar
 
Posts: 483 since Dec 2018
Thanks: 1,065 given, 1,038 received

Understood. How do you qualify entries? I imagine you would get killed in ranges if you entered every single continuation trade, no?


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Eugene, OR. USA
 
 
Posts: 21 since Jun 2019
Thanks: 3 given, 20 received


mtzimmer1 View Post
Understood. How do you qualify entries? I imagine you would get killed in ranges if you entered every single continuation trade, no?


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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.

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Eugene, OR. USA
 
 
Posts: 21 since Jun 2019
Thanks: 3 given, 20 received

The start.......


Monday I will start and record trades as well as chart screenshots.
The initial coverage will be in a sim account.........

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