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What are the best trading rules using Renkos
Started:December 30th, 2010 (07:17 PM) by JohnPS Views / Replies:2,293 / 14
Last Reply:December 31st, 2010 (10:16 PM) Attachments:0

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What are the best trading rules using Renkos

Old December 31st, 2010, 09:47 AM   #11 (permalink)
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JohnPS View Post
What are the best trading rules using Renkos, including time of day, tick size, stop placement and what ever else.
Many Thanks

I think there are some advantages to Renko ( I use Median or Better...not NT). It's ability to compress volatility into a definable unit (ie time is no longer the variable) is pretty powerful when used with the correct strategy. After all, the outcome of the next bar can only be 1 of 2 values ;-).

Good luck in your readings this weekend.

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Old December 31st, 2010, 10:29 AM   #12 (permalink)
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You should also check out MWhinfreys fantastic thread that shows a profitable strategy using Better Renko bars ...

https://www.bigmiketrading.com/elite-group-trading-methods/5995-using-jurik-moving-average.html

sleepy

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Old December 31st, 2010, 10:46 AM   #13 (permalink)
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Turning Point View Post
I think there are some advantages to Renko ( I use Median or Better...not NT). It's ability to compress volatility into a definable unit (ie time is no longer the variable) is pretty powerful when used with the correct strategy. After all, the outcome of the next bar can only be 1 of 2 values ;-).

Good luck in your readings this weekend.

Totally agree. I love that time is removed from the chart, but you have to be careful. I actually run a BetterRenko and time based at the same time. My signals come off the BR, but I watch the time based chart for trendlines and other patterns. For example, a BR removes a lot of noise, which is great for seeing structure, but it can also work against you if you do not see that time is ticking away during a consolidation pattern.

Note: Don't use WickedRenko, it is flawed, BetterRenko replaced it.

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Old December 31st, 2010, 10:14 PM   #14 (permalink)
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aslan View Post
Totally agree. I love that time is removed from the chart, but you have to be careful. I actually run a BetterRenko and time based at the same time. My signals come off the BR, but I watch the time based chart for trendlines and other patterns. For example, a BR removes a lot of noise, which is great for seeing structure, but it can also work against you if you do not see that time is ticking away during a consolidation pattern.

Note: Don't use WickedRenko, it is flawed, BetterRenko replaced it.

Aslan, Thank you for pointing this out as I had settled on WickedRenko - no doubt this saved me a lot of grief.

It is interesting that you watch a time based chart, that is my initial setup as well. Makes perfect sense to gain a more complete picture of when the market is turning, in chop, or continuing.

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Old December 31st, 2010, 10:16 PM   #15 (permalink)
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sleepy View Post
You should also check out MWhinfreys fantastic thread that shows a profitable strategy using Better Renko bars ...

https://www.bigmiketrading.com/elite-group-trading-methods/5995-using-jurik-moving-average.html

sleepy

Sleepy, Thank you very much! Very Kind of You.

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