How to trade Renko charts? | Forex Factory

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How to trade Renko charts?

  • #1
  • First Post: Nov 11, 2020 7:35am Nov 11, 2020 7:35am
Hi everybody!

I have been studying Renko Chart for over 3 months but most of me have met people who discuss EA.
Is anyone successfully trading with Renko Chart?
Any feedback is appreciated!

Best regards!
  • #2
  • Nov 11, 2020 1:33pm Nov 11, 2020 1:33pm
What do you want to know about renko??

i trade them full time (no time charts anymore) for a few years now, and i know my way around them in LIVE trading charts, no demo =)
  • #3
  • Nov 11, 2020 1:47pm Nov 11, 2020 1:47pm
Quoting havo
What do you want to know about renko?? i trade them full time (no time charts anymore) for a few years now, and i know my way around them in LIVE trading charts, no demo =)
Would like to see how you use renko's, I also just trade renkos but I am still struggling. Do love the simplicity thats why I try and stick with it and improve till I make it. Please share your analysis on CADCHF on renko chart?
  • #4
  • Nov 11, 2020 5:14pm Nov 11, 2020 5:14pm
Quoting Mobber444
{quote} Would like to see how you use renko's, I also just trade renkos but I am still struggling. Do love the simplicity thats why I try and stick with it and improve till I make it. Please share your analysis on CADCHF on renko chart?
Ok.. well, first the best aproach with renko its to keep it simple, just read OHLC it gives to you and, basic price reading skills and structure thats all its needed honestly; maaaybe (and thats a big maybe) 1 indicator to help you confirm what you are watching but thats it

And about "specific" analysis its dependent on the brick size you are using.. i could say, for example to buy in 1 brick size and sell with a different brick size and both can be right with a good R:R

Also dont use ATR with renko, it repaints the chart and change the brick size making it all wrong/unreliable, same for some artificial/forced close brick size based on "X" time frame; it looks "pretty" but it doesnt work in real live conditions =)
  • #5
  • Nov 11, 2020 7:25pm Nov 11, 2020 7:25pm
Quoting havo
What do you want to know about renko?? i trade them full time (no time charts anymore) for a few years now, and i know my way around them in LIVE trading charts, no demo =)
Quoting havo
{quote} Ok.. well, first the best aproach with renko its to keep it simple, just read OHLC it gives to you and, basic price reading skills and structure thats all its needed honestly; maaaybe (and thats a big maybe) 1 indicator to help you confirm what you are watching but thats it And about "specific" analysis its dependent on the brick size you are using.. i could say, for example to buy in 1 brick size and sell with a different brick size and both can be right with a good R:R Also dont use ATR with renko, it repaints the chart and change the brick size making it all wrong/unreliable, same for some artificial/forced close brick size based on "X" time frame; it looks "pretty" but it doesnt work in real live conditions =)
Great! You've been trading Renko charts for several years now, you certainly have a strategy for choosing entry, management and exit for trades.

Also dont use ATR with renko, it repaints the chart and change the brick size making it all wrong/unreliable, same for some artificial/forced close brick size based on "X" time frame; it looks "pretty" but it doesnt work in real live conditions =)

Totally agree with you! I am using the Renko chart on M1 timeframe for 5 pips Renko block. Like you, I don't like applying ATR to blocks, as it can lose SR levels on the Renko chart.
I have a problem that Renko charts often have. That is when the M1 bar is closed, the new blocks are accepted will not be repainted. Sometimes many blocks are formed because the M1 bar has a large number of pips. I think you know how to handle this!

I greatly appreciate your sharing and contribution!

Best regards!
  • #6
  • Nov 11, 2020 7:34pm Nov 11, 2020 7:34pm
Quoting Mobber444
{quote} Would like to see how you use renko's, I also just trade renkos but I am still struggling. Do love the simplicity thats why I try and stick with it and improve till I make it. Please share your analysis on CADCHF on renko chart?
Which Renko chart are you using? Have the bricks been repainted?
  • #7
  • Nov 11, 2020 8:46pm Nov 11, 2020 8:46pm
Quoting nts0904
{quote} {quote} Great! You've been trading Renko charts for several years now, you certainly have a strategy for choosing entry, management and exit for trades. Also dont use ATR with renko, it repaints the chart and change the brick size making it all wrong/unreliable, same for some artificial/forced close brick size based on "X" time frame; it looks "pretty" but it doesnt work in real live conditions =) Totally agree with you! I am using the Renko chart on M1 timeframe for 5 pips Renko block. Like you, I don't like applying ATR to blocks, as it...
Thats great, you are in a great position and understand some basics about renko, keep it up


Quoting nts0904
I have a problem that Renko charts often have. That is when the M1 bar is closed, the new blocks are accepted will not be repainted. Sometimes many blocks are formed because the M1 bar has a large number of pips. I think you know how to handle this! I greatly appreciate your sharing and contribution! Best regards!
New blocks paints as fast or as slow as the market moves and you have no control on that except the bricks size you chose; obviusly the bigger the pip size the "longer" in theory it will take to paint a new brick and viceversa

Up to you how big/small pip size you chose that you feel comfortable with it =)

another trick: if you want/like somewhat fast trading, use bid and ask lines so you can visualize the spread and see how "low" can you go before the spread/separation becomes "too big" and the bricks are coming to fast; fine tune it until you barely get them close together and you will be in a nice starting point =)

Also be carefull with whatever renko generator you are using: some of them are unreliable and they eventually will mess you up big time!
  • #8
  • Nov 11, 2020 10:42pm Nov 11, 2020 10:42pm
Quoting havo
{quote} Thats great, you are in a great position and understand some basics about renko, keep it up {quote} New blocks paints as fast or as slow as the market moves and you have no control on that except the bricks size you chose; obviusly the bigger the pip size the "longer" in theory it will take to paint a new brick and viceversa Up to you how big/small pip size you chose that you feel comfortable with it =) another trick: if you want/like somewhat fast trading, use bid and ask lines so you can visualize the spread and see how "low" can you go...
Thank you for your feedback. I'll find another Renko chart generator. I think a Renko chart made from tick data is better than from any timeframe data.
Can you share the Renko chart generator that you are using? I really appreciate what you are sharing!
  • #9
  • Nov 11, 2020 11:37pm Nov 11, 2020 11:37pm
Quoting havo
{quote} Ok.. well, first the best aproach with renko its to keep it simple, just read OHLC it gives to you and, basic price reading skills and structure thats all its needed honestly; maaaybe (and thats a big maybe) 1 indicator to help you confirm what you are watching but thats it And about "specific" analysis its dependent on the brick size you are using.. i could say, for example to buy in 1 brick size and sell with a different brick size and both can be right with a good R:R Also dont use ATR with renko, it repaints the chart and change the...
Makes sense! I actually use 6 pip bricksize mean renko charts and on some more volatile pairs I'll go up to 12 pip bricksize. Then indicator wise I use only 200 & 36 EMA's

The way I got to 6 & 12 Bricksize is using atr indicator and finding my own sweet spot for the bricksizes. If you move away from currencies (Crypto, Metals, etc.) I obviously move the bricksize up quite a lot.
  • #10
  • Nov 11, 2020 11:39pm Nov 11, 2020 11:39pm
Quoting nts0904
{quote} Which Renko chart are you using? Have the bricks been repainted?
I'm using mean renko from the site ovo.cz, they have normal renko and a lot of other variants. The renko does not repaint but it is a paid product though, do not think you will find a better renko generater than this and I have tried loads of them.
  • #11
  • Nov 12, 2020 2:41am Nov 12, 2020 2:41am
Quoting Mobber444
{quote} I'm using mean renko from the site ovo.cz, they have normal renko and a lot of other variants. The renko does not repaint but it is a paid product though, do not think you will find a better renko generater than this and I have tried loads of them.
Thanks for your feedback!
I found Renko chart on cTrader, I noticed it didn't repaint, maybe they're using tick data for chart. Will I test it hourly to see if it is accurate to do analytics and trading?
Attached Image (click to enlarge)
Click to Enlarge Name: Renko Chart.PNG Size: 86 KB
  • #12
  • Edited 4:16am Nov 12, 2020 4:00am | Edited 4:16am
Anyone can suggest management strategy for this trade, the green arrow is the entry after that green block has been generated and the price has bounced up from the support.
Any feedback is appreciated!
Attached Image (click to enlarge)
Click to Enlarge Name: Renko Chart.PNG Size: 51 KB
  • #13
  • Nov 12, 2020 4:15am Nov 12, 2020 4:15am
He working with renko
Inserted Video
  • #14
  • Nov 12, 2020 4:25am Nov 12, 2020 4:25am
erez h,that guy is a good speaker he could sell sand to the arabs,but dont trade his system its high risk!
  • #15
  • Nov 12, 2020 4:26am Nov 12, 2020 4:26am
Quoting erez h
He working with renko https://www.youtube.com/watch?v=DOPf...9RlDvL&index=2
Hi, I need a trade management strategy. But thank for your feedback.
  • #16
  • Nov 12, 2020 5:02am Nov 12, 2020 5:02am
There is no trading advantage with Renko charts over other types of charts. It only makes the charts visually simple looking and with more organized structures.
But if there is no available edge in the original price curve on tick level, then Renko will not help you in any way.
On the other side, if the curve is showing persistent trending behavior, then you don't need Renko at all. Any standard indicator like MA or RSI can do the same job and even better.
Bottom line is - when the market is random like it is most of the time there is nothing you can do about it.
  • #17
  • Nov 12, 2020 5:34am Nov 12, 2020 5:34am
Quoting JamesSmithFX
There is no trading advantage with Renko charts over other types of charts. It only makes the charts visually simple looking and with more organized structures. But if there is no available edge in the original price curve on tick level, then Renko will not help you in any way. On the other side, if the curve is showing persistent trending behavior, then you don't need Renko at all. Any standard indicator like MA or RSI can do the same job and even better. Bottom line is - when the market is random like it is most of the time there is nothing you...
Renko chart to filter noise from a regular chart. I use it for finding resistance and support, I look for bounces off resistance and support to stay in the main trend. I don't like to use indicators, as most of them are laggy and they sometimes lose me a good entry.
  • #18
  • Nov 12, 2020 6:27am Nov 12, 2020 6:27am
Quoting nts0904
{quote} Thank you for your feedback. I'll find another Renko chart generator. I think a Renko chart made from tick data is better than from any timeframe data. Can you share the Renko chart generator that you are using? I really appreciate what you are sharing!
I use a commercial generator from ovo (google it) 100% reliable and doesnt repaint ever.. and dont over stress about the "timeframe" data, its all in how the generator its coded and how reliable/robust is =)
  • #19
  • Nov 12, 2020 6:48am Nov 12, 2020 6:48am
I have new trade when price bounce off small level.
How to manage this trade. I am still having trouble managing trades.
Attached Image (click to enlarge)
Click to Enlarge Name: Renko Chart.PNG Size: 51 KB
  • #20
  • Nov 12, 2020 6:53am Nov 12, 2020 6:53am
Quoting havo
{quote} I use a commercial generator from ovo (google it) 100% reliable and doesnt repaint ever.. and dont over stress about the "timeframe" data, its all in how the generator its coded and how reliable/robust is =)
Thanks for your feedback. I have found the website you mentioned.
As the post above, I am having problems managing trades. Can you give me suggestions on the management of trades on Renko charts?
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