Renko Trading Strategy #1
For this Renko trading strategy we only need to use the RSI indicator. We like to use a 20-period RSI indicator. So, the period is the same as the ATR Renko brick size.
After we spot the momentum divergence an entry signal is triggered once we get a reversal. On the Renko chart, a trend reversal is set in motion once the brick changes color. In this case, when we spot a bearish divergence, enter a short position after the brick turns red.
For bearish divergence, wait for the brick to turn red.
We exit our profitable trade once another reversal pattern is formed in the opposite direction of our trade. As a method to protect our account balance and not lose too much, you can place your SL above and below the swing point developed after your entry.
A lot of the noise inherent in regular time based charts is eradicated. So, if you trade with Renko charts, spotting divergence and trend reversals is a lot easier. The RSI is the best indicator to use with Renko.
PM me if you would like to read the complete pdf of this profitable renko trading strategy.
For this Renko trading strategy we only need to use the RSI indicator. We like to use a 20-period RSI indicator. So, the period is the same as the ATR Renko brick size.
After we spot the momentum divergence an entry signal is triggered once we get a reversal. On the Renko chart, a trend reversal is set in motion once the brick changes color. In this case, when we spot a bearish divergence, enter a short position after the brick turns red.
For bearish divergence, wait for the brick to turn red.
We exit our profitable trade once another reversal pattern is formed in the opposite direction of our trade. As a method to protect our account balance and not lose too much, you can place your SL above and below the swing point developed after your entry.
A lot of the noise inherent in regular time based charts is eradicated. So, if you trade with Renko charts, spotting divergence and trend reversals is a lot easier. The RSI is the best indicator to use with Renko.
PM me if you would like to read the complete pdf of this profitable renko trading strategy.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.