I migrated to a renko chart this week. I have been observing the renko alongside my minute chart for several weeks, seeking to locate consolidation patterns on the renko when I liked where the minute chart was. The more I thought about it, and back tested, I noticed I could eliminate the minute chart entirely. I have talked to several traders who scalp from minute charts, and several who are still recuperating their losses. Unless you are a thoroughbred scalper, you may want to focus on finding 2-3 spots per session to work from. With that in mind, the renko is great. You need to tweak the inputs a bit and observe and backtest the size of the bars to fit the market you trade, but once you do the consolidations can be seen with less noise.
I present the opening swings this week on renko charts. Because they are not time dependent, I have noted the globex/cash sessions. I have noted other key observations as well. And finally below is a snapshot of the entire week’s auction.
MONDAY:
TUESDAY:
WEDNESDAY (FED DAY):
THURSDAY/FRIDAY:
WEEKLY AUCTION SNAPSHOT:
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