This study will walk through several concepts in analyzing crude oil. The primary chart type will be a Renko chart with the block size (ticks) set to 25 (0.25 in TV) and with a timeframe set to 15 minutes. The significance of timeframe is that in TV, it will take this amount of time for the price to maintain a full block change (25 cents) in order for it to be...
This is a current view of CL and some details on the consolidation that is showing up on the 50 and 25 tick charts. February resistance levels are getting tested again. The 10-tick short-term chart has shown some strength but now showing divergence as price hits the larger blocks resistance levels. 10-tick chart 25-tick chart 50-tick chart
Part 7: Some Examples of Analysis with Indicators First, let’s look at some of the key indicators that are included in the charts. Regardless of the brick size (10,25, or 50), all charts will have the same configuration. DEMA (12-period and 20-period) : These moving averages are designed to react more quickly to price changes than a traditional simple...
Part 6: How to Incorporate a Stop/Loss Strategy Incorporating stop-loss strategies into trading using Renko charts and options involves careful consideration of market dynamics, the specific characteristics of options trading, and the unique aspects of Renko charts. Here are some approaches tailored to this trading strategy: 1. Setting Stop Losses Based on...
Part 3: Patterns in Renko Charts Renko charts, like other charting methods, have identifiable patterns that traders look for as indicators of potential market movements. These patterns are appreciated for their simplicity and effectiveness in highlighting trends and reversals without the noise of minor price movements. Here are some common patterns observed in...
USOIL Combination strategy with a Trendline, Unfilled Order (UFO) and Psychological level. Trend is a movement that shows where the market is moving. The term "trend" in everyday life is often used to express a situation, where something is in vogue or is gaining public attention. As you know, a trendline is a tool that can be used to recognize the direction of...
According to Previous Weekly Analyse downtrend Channel
This is intended more as educational material on a strategy for using renko charts. To begin with, I'll be using USOil in the examples but will include other markets as I continue through the series. The material is not intended to prescribe or recommend actual trades as the decision to place trades is the responsibility of each individual who trades as they...
hey guys, on WTI we have a perfect example of Inside Bar candlestick pattern on a daily chart. An inside bar is a series of bars or sometimes just one bar that is contained within the range of the preceding bar (mother bar). The first rule that we should take into account is that inside bars must have a higher low and lower high than the mother bar. The...
SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Elements of a Successful Trading Plan 102 2. Risk Level Managing a risk in trading is essential if a person wishes to make profitable investments. As a trader, one cannot control the market but he/ she do have the capacity to change what can be done as circumstances require. They need to adapt the changes as the...