coondawg71

Trendlines on Renko Chart Method, re: Bitcoin/Chinese Yuan

BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
Here I am showing the community how I use a Renko bar chart. Users of Trading View can draw Trendline , Pitchforks , Fib Extension etc etc then switch back to a traditional price chart and traders will have possibly reduced guesswork on where to anchor drawing tools. A perfect example of how a Renko bar trendline can simplify technical analysis is the green line drawn on this chart. It was one of many swing high and swing low point connections but his one was highlighted as green due to the fact Renko bars tested this line twice after the line was initially drawn. In addition I have drawn one pitchfork . Using the Swing Point High then the next two Renko swing points. As you follow the fork down through price action, you see the Renko change trend when contacting the -1.0 deviation, bounce up to the 2.618 deviation then continue a sharp descent down until a Renko bar closes on the midline. This assists me greatly in reading price action by eliminating a lot of noise that raw price data creates.
I neglected to mention the key element to using this method of drawing trendlines! Switch from Renko to Candlestick chart to see how the trendlines plot.
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