Renko Silver Trading Experiment

[newtrader101]

Shorted @ 39966. Renko is causing Kite to hang. So using Heikin Ashi on Pi and Renko on investing.com

 

[newtrader101]

Shorted @ 39966. Renko is causing Kite to hang. So using Heikin Ashi on Pi and Renko on investing.com

Exited @ 39664 as it was approaching a key level and could stagnate.. Profit= 39966-39664=302.
Total profit = -365 + 302 = -63

 

[newtrader101]

Oops. The next level is at 39556. So entered short again. Only to be stopped out when it retraced (or reversal?)
There is a problem with these so called sentiment charts such as Renko, Price break etc. They do not show the exact current price, high and low. So we don't really know what is happening now. On larger time frames- 4 hour and above, this might be ok. I think I need to consult both charts side by side - Candles and Renko

 

[newtrader101]

Having problems with charts on Pi as well. Need to re-apply the template each time. The candles and renko bricks keep changing.
I might have to discontinue this or rely only on Investing.com.

 

[newtrader101]

There is too much uncertainty in this method. I'm now more in favour of a kind of set it, forget it method like Gann Square.

 

[doss186]

Sometimes renko can be frustrating unless some solid strategy is applied to it. Now Silver shows short signal. Lets see what comes today.

 

[newtrader101]

Sometimes renko can be frustrating unless some solid strategy is applied to it. Now Silver shows short signal. Lets see what comes today.

Doss, thanks for the comment. Would be great if you could share any tried and tested Renko strategy.
Also, what is the short signal. I thought it is showing a higher low (39673 in your screenshot).

 

[newtrader101]

Now, suspending this test as I need more study on Renko charts.
Moving to primarily a higher time frame (daily/weekly) and planning to start a new thread as Swing trading diary.

 

[newtrader101]

Another problem observed: if the market is ranging, Renko will not tell you that. You have to check a normal candle chart to find out that. Renko always gives the appearance of a trend.

 

[MSN1979]

Another problem observed: if the market is ranging, Renko will not tell you that. You have to check a normal candle chart to find out that. Renko always gives the appearance of a trend.

So I see that you stopped posting Renko . Did it work out for you?