Yours Truly Trader Ed here again. To tell you the truth, I've been racking my brains to try and come up with something different and lucrative to trade with. I've been noticing the noise lately that the markets are giving due to (the best I can do to describe it is) crazy volatility. This is what made me think about renko. I used to trade it in 2008 and 2009 when we were experiencing similar noise in the currency markets due to the crash of 2008.
The reason it stabilizes your platform for trading will jump right out at you by checking out the 2 charts immediately below this paragraph. The candle chart is a volatile mess, but then on the other hand, the next chart displays how each renko brick has an assigned amount of pips. In this case, for Renko Scalping, we are using an offline M2 chart and 5 pip renko bricks. This gives us a much smoother performance than timed candles or bars.
Renko has nothing to do with tiime and volume. It generates trades completely on price action. Which would you rather daytrade and scalp the markets with? I think it goes without saying, eh? Oops sorry, there goes my Canuck background again.
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