This is not a chart reading - and i'll keep it super short ... this is just a quick reminder that we have many powerful tools that we can use to enhance our analysis and trading outcomes.. too many that we sometimes forget to use them. The above chart shows a great example of that .. I was going thru the daily analysis and thought i should share this note with fellow TV chartists and traders.
The 2 panels show 2 identical charts, same time frame, same date range, same symbol and same indicators .. the only difference, the chart on the right hand side is a Renko
It's surprising to see how clearer the picture is when we analyze the chart and the price/volume action through the Renko lens. Taking for example, the 3 double/triple top formations and how they were expressed on both charts .. which chart is easier to action and trade?
so the quick note here is, let's not forget about these powerful tools - and continue to leverage them as much as possible - Before initiating the next trade, check your Renko :) Note: most of my indicators and TA concepts are "Renko-friendly" ;)
Good afternoon. What is the name of the indicator on the chart?
RedKTrader
⋅
@korold2088, you can easily find out by clicking the collapsed "2" below the chart symbol .. and it will expand to show the indicator name and settings.
there are MagicRiboon on top panel, and K-MACD and EVEREX on the bottom panels
teijahn
⋅
New to me, very interesting. Thank you
drryanlh517
⋅
brilliant!
drryanlh517
⋅
@drryanlh517, i use renko but love the clarity you demonstrated showing protentional direction of trend during consolidation with the indicators. MUCH MORE CLEAR!
lupaz77
⋅
For those of us who are beginners, which Renko indicator are you referring to? There seems to be many. Thanks.
RedKTrader
⋅
@lupaz77, not indicator, it's the chart type - you'll find the chart types after the Time Frame options on the top navigation bar in TradingView