Renko Chart Euro Currency And Emini Russell Day Trading

We have established a renko chart base trade setup for day trading the euro currency and emini russell futures, and to use in a multiple chart combination with a 60 minute bar chart for position trading.

There may be other trading decisions made, like deciding to trade a renko price envelop reverse, especially when protecting a short options trade.

But the concept of trading base trade setups is when the setup occurs [and it has a profit component] you take the trade, and if the setup doesn’t occur then you don’t trade – this also leads to easier trading and the ability to scan more markets to trade.

Renko Chart Euro Currency Day Trades

In this video, I am going to discuss renko chart day trades from 1/10, and then I will do a second video discussing position trades from 1/9 – 1/10 – these trades will be:

  • Euro currency and emini russell day trades only trading the renko base trade setup
  • Facebook and Yelp position trades
    • We will update our Facebook stock and options position from 1/8
    • I am going to discuss Yelp for the first time, including differences between day trading and position trading and base trade setups

Euro Currency Day Trading

Euro Currency Day Trades

You are looking at an amazing trading day for the euro currency in terms of base trade setup frequency and profitability. You also want to use a 24 hour chart for euro currency trading:

  • The euro future opens at 7:20ct
  • It is a market that has a lot of its movement relative to Europe
  • And it highly correlates with Forex that is a 24 hour market.

And this is simply a function of 2 way price movement and trade setups developing.  There are times when this trading period would give no setups and that’s just the way it goes.

As I said earlier, the only trades that will be taken will be the renko base trade setup that includes the price envelope reverse, followed by a renko brick pattern and midline reject, with mex flow:

  • 7:31ct buy 1.3617
  • 7:37ct sell 1.3646
  • 7:50 buy 1.3640
  • 8:01 sell 1.3637
  • 8:37 buy 1.3644
  • 8:51 buy addon 1.3664 – no trade, getting ready to trade russell

Compare euro chart to eurusd forex chart

  • For those of you who trade forex this is the eurusd chart, which is essentially the same as the euro currency future
  • This is a NinjaTrader chart using a 4 renko brick parameter and 0.055 price envelope parameters – this synchs to the euro chart that used a .0004 renko brick size
  • But there is no renko midline reject trade setup that synchs with the euro buy1 and sell1
    • This could have been different and I am sure it has happened – where there was a eurusd setup and no euro setup
    • And that’s just the way it goes
    • If you have your trade setup then trade it and if not, you have no trade for that particular market
    • Note:  the yellow circles that shows the price envelope reverse are examples of trades that could be done – but that is a discussion for another day
      • I didn’t take the forex trades, but the only futures day trades that were done used our renko chart base trade setup – this will be the same situation for any emini russell day trades

Emini Russell Day Trading

1-10 Emini Russell Day Trades

Again, a good trading period for getting emini russell renko day trade setups – and again, those setups are the only trades that were done:

  • 8:56 sell 1155.60
  • 9:03 sell addon 1154.10
  • 9:12 buy 1152.00
  • 10:08 sell 1155.80
  • 10:32 sell addon 1153.80

That ends this euro currency and emini russell day trading video, based on the decision for only trading the renko base trade setups described.

Although the video did point out some renko price envelope reverses that could have been traded and why, those trades would have been based on discretionary trading decisions, instead of actual trading method setups.