Renko Straddle Entries @ 0500 GMT

[noises49]

Renko is somewhat problematic when trading in real-time. However, when the market is flat, it appears to offer accurate high/low targets for entry. For the 3 days so far this week, this strategy produced winners for GJ15. I set the straddle at 0500 GMT (Midnite NY) taking the latest Renko high/low points.
Comments from Renko users or any others with thoughts or ideas would be appreciated.

 

[noises49]

Renko Straddle - Cable - 020807

Straddle entered at 0215 EST. Buy target - 9730, Sell target - 9685. Sell target hit at 0315 EST. A secondary sell target was put in place at 9660 prior to BOE and was hit at 0715. What we have here is a very simple, very effective trading model.

 

[Helenqu]

I've used Renko for ESTX50 and DAX in the past and I did like it. Like P&F it takes a lot of noise out of the price movements.

 

[noises49]

Helen

May be the simplest trading model around. Since the Yen continues to get beaten down, my targets are GJ and EJ. GJ is a monster; EJ is less volatile. (At least for now). The entry strategy I'm seeing is wait for a straddle to setup; if he's already broken out it's riskier. Use in conjunction with "normal" charts and indicators as you like.

 

[noises49]

Here's a Profitable Pattern

This one's a winner - for sure.

 

[Daniel Lummis]

Interesting. I am just getting into trading with Renko now, I like how it eliminates noise. Anything else to share with a Renko beginner?

 

[Daniel Lummis]

Also, what about the Renko wicks? Wont they make you enter a trade before the breakout has been formed and whip you into a loss?

 

[timsk]

Also, what about the Renko wicks? Wont they make you enter a trade before the breakout has been formed and whip you into a loss?

Hi wouldn't hold out too much hope getting a reply from the OP Daniel, as his last post was over 7 years ago!

My answer to your question is that wicks aren't being used here. I may be wrong, but I think it's only in more recent charting packages that some providers offer Renko with wicks - InvestorRT being a particularly good example.
Tim.

 

[Daniel Lummis]

Ha I just realised, thanks. Whats your opinion on the strategy? could it work?