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Hi
Are MTRs reliable on renko charts? I was wondering if Al would consider looking for mtr (risking 10 pips for 32 pips reward) on renko charts sound way to trade.
Here are couple examples of what I have found.
Hi,
MTR are setups that require a well-defined trend, a good attempt to break the trend and a trend resumption followed by a DT or DB.
It seems to me that all the price action above would be clear on a Renko charts as well. So my answer would be yes.
There is a caveat though. A Renko chart would not provide you with signal bars and those contain very useful information when trading.
Perhaps putting a small candle chart on the side, so you can look for signal bars would solve that issue.
Hope that helps,
Best,
