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i've got a decent system for renko trading that i think would work well (ive manually backtested it and it seems itd be worth forward testing), i just dont know how to trail stops on Renko Charts.
Basically, i just don't want to get stopped out by a counter trend "projection" brick, but i do want to get out if that brick forms. So if i've got a 4tick brick, should i set my Trailing Stop to 9 ticks?
this is a rooke quiestion, but i'm trying to understand how far price can move in a direction for the bar to project a new candle, because i want my stop loss to be outside of that range. and do you renko traders use limit orders to get in on a pullback or do you use market/bid orders when a signal bar closes?
Can you help answer these questions from other members on NexusFi?
Which platform are you using? Are you setting trailing stops manually?
For now, here is an example:
ES previous bar is 3010 high and 3009 low (that's a 4 tick bar)
For the next bar up to form, price has to move to 3011 or higher (that is 4 points from your high).
At the same time, for the next bar down to form price has to move to 3008 or lower (that is four points from your low).
The price can oscillate between 3008.25 and 3010.75 before establishing a new bar, or 10 points
You can set your trailing stop in %, points or $, at least on my platform (I don't use trailing stops....they tend to stop my profits).
Setting a trailing stop is really about how much you want to risk. Tight trailing stops will almost always get you out too early. In the example above, if your stop is 9 points, price goes to 3010.75 (no new bar) then drops to 3008.25, you are out, without a new bar ever being established.
Again, I don't use trailing stops and I don't know any experienced trader who does. I hope this helps
