Renko Chart Trade Setup Brick Entry Patterns

The renko chart trading replay training videos, have shown the importance for focusing on trade preparation and the different trade setup components that need to be seen real time:

• Existing trade setup components that can see been seen as they have developed and should be watching for real time
• The additional setup components needed to complete the setup and enter a trade
• The trade initial risk and profit target when take a trade

Additionally in this video I also want to discuss some renko trade setup brick patterns used for entering trades:

• The 4 brick renko pattern as a base setup entry
• Renko brick patterns that include a triple break, especially after a double hold

Renko Chart Day Trading Training Video Outline

(1) Price envelope reverse only on brick1 – and I hadn’t started trading yet anyway.  I also haven’t done a trade yet on this red-green-red brick continuation pattern, but am looking for a trade.

• What would now put you in a sell – you can see that you still have the following setup components
  • Price envelope reverse
  • Below midline
  • Mex flow
  • Risk and profit target if trade
    • 16160 area initial risk
    • 16132 renko target – 16131 real price

(2) With the red-green-red-green – concerned that looking at a higher low double bottom reverse

(3) Short 16147

• 4 renko brick entry pattern
• NOTE issues:
  • Not our basic midline reject brick pattern
  • Mex pinch –vs- clear flow
  • Why trade
    • Triple break setup with nothing in way to 16131 profit target

(4) Could partial – but like that brick pattern stall into the target

• 2 red bricks-2 green bricks are a midline reject triple break setup into the target
  • These stalls into a target like this often are breakout setups
  • Will take 16140 if not through

(5) 16120 partial

• Move hold to 16136 area – above 16132 retest as resistance
• 16108 next target
  • NOTE:  with mex extreme crossing – take p2 if no continuation

(6) 16119 partial2

• Price envelope reverse and 16132 re-test
  • Rejects or flat – it’s a price action –vs- price hold at this point
  • AND be sure to note setup components for reversing long
    • Have everything besides midline reject brick-reversal brick combination
    • So depending on the next brick[s] – very well may reversing out of the short

(7) Higher low – price envelope and midline break

• 16130 flat – no reverse
• Can see buy setup components

(8) Buy 16136

• Renko base 4 brick pattern entry
• Includes 16132 price failure break entry
  • 16156 brick high into sell target1
  • 16126 area initial risk
    • Would give 16132 re-test room

(9) Ending video

• Do note that price did continue to partial target1
• Question:  why wasn’t renko 16144 and the green brick-midline reject partial target1?
  • Because the 180t clearly showed the actual price action and trade entry to be a failure of that price area
  • AND that 16144 was not relevant as a real price