nice thread.. and all the best .: )
doing a bit of scalping too with renko charts..
what value u use for intraday for renko price movement for any commodities ? I generally use the % for the cmp and set up renko for the intra
doing a bit of scalping too with renko charts..
what value u use for intraday for renko price movement for any commodities ? I generally use the % for the cmp and set up renko for the intra
very few traders use renko and even fewer trade using the same. i am kind of used to them and i find the renko really handy and clutter-free. i use the 1 min TF mostly or on the higher side the 3 min TF. a few brokers offer the option of selecting the brick size but mine does not. so it is just default value that i have to go with. but it is alright and not a deal-breaker because the automated value is more or less close to the ATR anyway.
for swing/trend trading i use and treat a 15 min TF renko as a 1 hour TF candle chart. tired now but i will try and update during the weekend on how renko can be used to set up the candle stick chart or rather how i do it. maybe it will be of some help to someone out there.
mine is usually a naked renko with just support and resistance levels. i use a single SMA at the most as an overlay usually when i scalp. i do not go by it but just to guide me roughly if i am in doubt.
the problem in using the renko bars to scalp is so different and not the conventional way as say with candles. some folks hate the disappearance which truly can be irritating. but somehow i do not find it an issue. i use candles at times too with a 5 SMA overlay at times when volatility is too high - eg, inventory - crude oil etc.
hope that helps - good trading to you.
Last edited: