Using Renko chart patterns in forex
Using Renko chart patterns in forex
In this video, David looks at how using tick and renko charts can help to determine momentum and trader participation.
https://www.youtube.com/watch?v=cUc-6BRnceQ
00:10
Introduction to Renko charts
00:10
The speaker introduces non-time-based charts, specifically Renko charts, using the CAD/JPY currency pair as an example. They explain that the principles remain consistent across different time scales, including 15-second, 30-second, and one-minute intervals. The speaker also demonstrates how to verify the speed and appropriate brick size settings for trading on these charts.
00:37
Optimal brick size for CAD/JPY
00:37
The speaker demonstrates adjusting timing settings, moving through 15-second, 30-second, and 1-minute intervals to deliver an optimal brick size for CAD. This optimal setting is dynamic and changes throughout the session to maintain efficiency.
01:15
Trading without guesswork with Renko
01:15
The segment explains that using the indicator eliminates guesswork by automatically determining what to trade, allowing trading in harmony with the market's speed. It highlights the benefits of combining Renko charts with time-based charts, where the time-based chart provides comprehensive information...