Get started

Renko

USDJPY Daily ShortWhile I normally stick to equities or futures, I browsed over a few forex pairs and this popped out at me. On both of my charts that I use when doing technical analysis, USDJPY is showing some pretty bearish indicators. On this chart, price bounced off of a strong prior resistance as it is starting a descent. I notice reduced buying pressure on the MACD histogram, as well as the price being below my Ichimoku Clouds (If you aren't familiar with it, I use it as dynamic support/resistance as well as general trend) Rule of thumb, if the price is under the cloud and the cloud shades in red, that is both a bearish indicator as well as a rough level of resistance. The price action on the candlestick chart shows a bit more noise and I feel that my renko chart suggests more bear action to come. The hair in the soup is the MACD strategy I use that signals bullish/bearish entry suggestions signaled for more bullish action.
Short
by UnknownUnicorn7114726
1
Update: I'm just slow but hey it workedSo I called out a potential UVXY trade and I missed the one indicator that every trader relies on Resistance However I mentioned that I was wanting to sell premium, and this retraction was actually beneficial to my theta gang strategy on my paper trading account 5pt iron condor at strike 85/90 call strike 45/40 puts strike It gained $50.00 P&L today bringing me to p&l open of (22.50) Theta: 9$ per day $2500 bp effect profit zone= 20-25% of max p&l P&L % (-%1.44) Re iterating my ridiculous price target yesterday Id want UVXY to stay between $55-65 until market close on friday.
CBOE:UVXY
by UnknownUnicorn7114726
(I'm a newbie) Analysis of LTC EUR - Kraken - Renko - DailyJust learning and sharing so I can get some constructive feedback on what I am seeing and what I am not seeing in my chart analysis. If you think I am insane, that's cool. Just be sure to tell me why so I can learn :) I am doing my best to keep things simple and follow solid trends and retracements keeping trading/market psychology in mind. I made this analysis using Renko bars to get stronger trends on average price action. I used the green time span circles to get an idea of how the price action moves the market along and better understand where I might be able to find buy-in and take profit points. On the main chart, I pulled the time cycle from the beginning of the first large wave to the centre of the peak to get my estimated time frame for when I can expect the peak of the following wave. In the RSI, I pulled a fib retracement from the all time high in the RSI around the beginning of 2018. This showed me that all subsequent peaks in the RSI "uptraces" to the .5 on the fib. On the most recent wave in the RSI, I pulled a fib from the peak to the newly formed low - this showed me a that all previous peaks lined up with the .618. Using the time cycles tool, I identified that the predicted peak I created on the chart lined up exactly with the predicted peak on the RSI.
Long
by dbs2020
EURUSD - still in a short. Will it continue?EURUSD continues downward from its new year push hitting resistance from the start of December 1.109 levels. The price has pulled back a bit and I'm expecting it to find resistance at the 1.113 level before another push to 1.106 and lower. As shown in my graph, I'll exit with a Renko brick in the opposite direction that has a wick. The only exception is if it bounces off a support level. In that case I'll wait for a 2nd Renko brick for confirmation. My first TP is around 1.106. Good luck trading next week.
Short
by michaelronnfeldt
Renko awesomeness - Gold back up. Lots of resistance ahead. The 9th and 10th was all about trying to break above 1553 levels. On Friday after NFP we finally broke back above stopping out at 1562. Next levels of support are around 1569 and 1580 from the 6th January. Before heading up we could test the 1554-1556 levels from the 10th. With my trading strategy, I will exit on any Renko bars that have wicks opposite to the direction I'm trading. These are marked with the red/green 'x'. I still have a long opened from 1550 with a SL of 1540. Good luck to everyone trading in the coming week(s)
OANDA:XAUUSDLong
by michaelronnfeldt
1
USOIL - Back up to retest 60 - 62After the off the cliff drop from 65 back down to 59 within a day on the 8th January, we've been squeezing with a decent level of support at 58.9. A solid break above 59.3 should put us on track to reach 60.2 - 60.5 levels. After this we enter 61 and than 62 - 62.5 levels. My current strategy is to exit with Renko bricks that have wicks in the opposite direction to my trade. Likewise if I get a signal in the opposite direction. Keep in mind the phase 1 china deal that is meant to be signed on the 15th January. Expect some market moves. Likewise the ongoing Iran news keeps us all on our toes. Good luck trading next week.
OANDA:WTICOUSDLong
by michaelronnfeldt
An indicator that called the ends of the last two bull runsHello! While I was playing around with some charts today I realised that combining a traditional size 100 Renko chart with an Ichimoku Cloud on default settings (without the lagging span, that's pretty much useless) results in an incredibly powerful long term Bitcoin trend indicator that called the ends of the last two bull runs within 10% (2019) and 13% (2017) from the top. As you can clearly see, simply buying when the price crosses above the cloud with the cloud turning bullish and selling when it closes below with the cloud turning bearish would result in extremely highly profitable trades. Even during the 2018 bear market if for some unclear reason you wanted to long the dips instead of shorting the tops, with this strategy you'd end up at worst with some small losses or breakevens. Shorting breaks below the cloud, on the other hand, would get you lots of really profitable trades. You can also use 20 and 60 EMAs as additional confirmation if you so desire. I highlighted on the chart the entry and exit signals for both the bull runs, along with potential long positions that'd give you 275% and 125% returns , respectively, and that's without leverage. I put those few vertical lines to mark how much of the Cloud would be visible at my designated entry/exit points, given that the Cloud as we know is visible 26 bars ahead of the current bar. As to where we are right now, as you can see it's really hard to tell. We're currently inside the cloud and the cloud is slowly turning bullish, so there's a chance of it being the bottom, but there's no way to tell. If it decisively breaks above the cloud and comfortably stays above, which would be either at 8300 or 8400 depending on how much confirmation you want, we might have a really good long term long opportunity on our hands. We'll have to wait and see though. It might be a false breakout just like the one on October 27th. Even if you longed that, you still would've seen a clear exit once the price started going back inside the cloud with a loss of around 3%. What do you guys think about this idea/way of long term trading? I'd extremely appreciate any feedback you might have so please comment and tell me what you think. Good luck trading out there!
BNC:BLX
by KajetanP
1
TSLA with RenkoI would have said that I couldn't tell where tesla would stop rising and I still can't, but maybe I can suggest when to sell or short. Following a Renko chart, when the first, second, or third red bar occurs you can sell or short. On the second Green candle up you would have bought at 267 and still be holding. If you buy and sell based on the Renko you'll only be losing out of a few percentages every swing, and will be holding for the larger trends to make up for it.
NASDAQ:TSLAShort
by bottlenekdolfin