Hey I got this crazy idea of doing a EW count on a Renko chart
New to trading renko charts.Trading on the renko 1 day chart with a SMMA 4 and MA 9 with Ricardo Santos support and resistance seem to getting quite good results.use a RSI 14 as well to give the extra confirmation.
Price has been sideways but is developing a downward bias. Two targets for med and longer term.
The pair is currently bullish and will soon reach a level that it tested back in the mid of December. If it breaks this level, it may head towards the next Fib level (4.438). Note that the cloud is steeper in this new attempt and the PA may have enough force to break through. In this case, a long entry could be foreseen.
Renko is fine to check support and trend as it removes time from an already too complex equation. For the EURPLN pair, we clearly see the supporting diagonal for the last 8 months. We also observe that the bounce of this summer is repeating right now with a similar intensity. By copying the pattern of this summer, we may expect a small correction towards the (C)...
For those who are used to these indicators.. confirmation can come next 2 days. if so, I go long and chase it several days with hold position. Even inverted twin peaks
still bearish with RENKO ATR 14 + Keltner Channel (10,1) Trend follower stratey, change direction if price will move up, outside of the Keltner channel
Looking at SPY chart it seems that linear regression + renko + Williams%R agree that the bearish retracement come to and end
they are basically like the renko bars you offer they just also show the candles wic
There is an upward channel that's been forming ever since the big drop in january. The next step seems to be around 320 and a first correction could go down as low as 260.
On the daily 2$ Renko chart, TSLA is nearing it's exit oft the ichimoku cloud. This is a good sign for bears and would serve to be a profitable entry. Enter Short If: - 1 Renko box closes successfully under the cloud. - Renko is below the Tenkan-sen Exit:: - Trailing stop set 2 to 3 boxes behind entry.
I purchased a put at 2107.5 strike for $58 and a put at 2095.5 strike for $80 because of the weakness showing in the Renko chart. My target of 2100+ was hit last week and my call options all closed in the money. It seems time for a breather and the Renko charts are showing weakness for now. If things turnaround I will watch for that since the overall trend is...
DMI pattern repeated, notable stochastic similarity, below 8 and 34 EMA. This downtrend needs news if it were to turn around, but otherwise we're heading down
After the recovery last ThursdayFriday and today's open, all the Renko charts turned up. I bought a spread of weekly call options expiring Friday: 2065.5 strike for a Premium of $71 2077.5 strike for a Premium of $59 2089.5 strike for a Premium of 46.25 . The spread is due to feeling confident o a recovery to the 2100ish levels but wanting to leave some room for a...
After standing aside to watch the Greek and China situation I am long again on the NADEX with purchaings calls at a strike of 2053.5 for a Premium of $62.50. The bigger worry is actually China and not just because I live in Bangkok.