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I noticed that there is a ton of information and lots of different Renko types here but what I have not seen yet is actually people using Renko and sharing their thoughts.
Are any of you actually trading off of Renko charts? If yes, please share your experience. I just recently switched from Tick charts to Renko (using UniRenko and lovin it!!) charts and I use the following settings:
Open Offset - 1
Tick Trend - 1
Tick Reversal - 2
So as you can see from my setting, this is heavy duty intraday and I mostly trade the 6E. The main problem I'm experiencing is that Renko bars are pure price-action and non time based. When I was trading off of Tick charts, I was using a Tick counter and was more or less always ready to enter but, with Renko I miss quite a few trade entries because they can happen so sudden.
If someone more experienced than me has had similar problems and found a way to cure this, than I greatly appreciate how you have overcome this problem.
Thank you all who respond :-)
Can you help answer these questions from other members on NexusFi?
I use PureLogik Ultimate Renko bars exclusively, we were just talking about this in my Journal thread. I overlay the anaHeikenAshi study on top of the renko and I find that it helps me to identify pullbacks from reversals. Its like having a moving average built into every bar (I can't believe I said that - I hate moving averages)... The previous poster had a really good point though, your settings are way too fast, if you're going to use Renko you need a pretty big bar to clearly identify trend from chop.
Thank you guys for your replies :-) The problem is that I use a tight 4-tick stop-loss and yes, I do get stopped out a lot!! However, the big moves I manage to catch, more than make up for the losses
What settings do you guys recommend? And if I change my setting from #1 & #2 to #2 & #4, than that means my stop loss has to be increased now.
Any ideas? What settings are you guys using when trading intraday?
I'm not using UniRenko but it would translate to something roughly: 3,26,13. Of course the method you are using is going to inform your bar resolution significantly. From my experience the smaller your time frame the smaller your opportunity but I don't want to tell anyone how to trade.
WolfieWolf, can you please tell me the difference (or even show me) between the UniRenko and PureLogics Renko bars? Do they give trials and how much are they?
I'm going to answer your question over in the PureLogik thread as I know Mike prefers vendor related discussion to take place in the Vendor related sections. Search for PureLogik and I'll post some information over there in a little while.