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Trading In Financial Market with Renko Charts

 
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adamsmiths
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Joined: 03 Mar 2016
Posts: 9

PostPosted: Tue May 09, 2017 1:14 pm    Post subject: Trading In Financial Market with Renko Charts Reply with quote

A renko chart is a chart that was developed by the Japanese traders just like candlesticks. This chart was developed to provide a better insight about the price movement in the market. It is only concerned with the movement of price and thus, other important metrics like time and volume are not included. (Information Credit: https://www.easymarkets.com/eu/)

What is a Renko Chart?
The chart gets its name from the Japanese word ‘renga’ which means bricks. The construction of this chart consists of bricks which are placed in columnar manner. A new brick appears once the price surpasses the top or bottom of the previous brick. The new brick surpasses the previous one by a predefined amount. White bricks indicate an uptrend direction in the market. The appearances of black bricks indicate a downward trending market.

Effectiveness of Renko Charts
If you struggle with identifying key support/resistance levels, renko charts are something you should be using. These charts are very effective for traders to identify the support and resistance levels. Renko charts also generate transaction signals by indicating the direction of changes in market trend. The market trend is indicated when the bricks alternate the colours.

A trader must sell the underlying assets when a black bricks appears at the end of series of white bricks and vice versa. But as this chart was designed to follow the general price trends of an asset, they often generate false signals. A false signal occurs when the colour of the brick changes frequently and do not provide a clarity producing a whip-saw effect.

Advantages of Using Renko Charts
There are many advantages of using renko charts. Renko chart helps in eliminating the stress factor from day trading. Here are some of the benefits of using renko charts.
• Renko charts are very effective in reducing the noise present in the market. This is possible because the renko charts are purely based on price action.
• Renko charts do not use time for calculations, as price is the main factor of these charts. Thus, traders do not have to depend on time frames.
• It is very easy to plot support and resistance using renko charts.
• Traders who use renko charts can easily establish trends.

A renko chart can be used by traders trading in various markets. It is easy to understand and use. Therefore, it can be used by both beginners and seasoned professionals. If it is used with patience it can be used to filter out the noise from the market and also helps in reducing stress from day trading.
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jenperr
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Joined: 20 Mar 2017
Posts: 15

PostPosted: Sun Jul 16, 2017 6:46 pm    Post subject: Reply with quote

Hi, I honestly say that I never heard of this trader before that's also because of my TraderVC trading platform is already kind of performing so well which is why I never thought of switching it. But I would see the report which you mentioned here and compare it with my trading platform.

Cheers!
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