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Three Buddhas on a Kagi chartAs you can see, TVC:GOLD formed a very rare yet really strong pattern called ‘Three Buddhas’. This pattern is similar but identical to the western ‘Head and Shoulders’. Notice how the third Buddha’s leg is breaking two resistance (waists in Kagi terminology). Considering the high price of the precious metal now, it could be a reversal point since the chart has already turned red. Renko chart is also showing the first red brick in the series, so better short now.
TVC:GOLDShort
by zakharsmirnoff
Litecoin ready to break its bear cycleJust like all the other big caps and blue chips, Litecoin is showing a shift in momentum. - Big divergence on higher timeframes. - Super tight daily OBV channel. - 6H kumo breakout + some healthy retracement. - Conservative target on the chart. Litecoin looks ready for a pump. Also take a look at one of my older charts on the Bitcoin dominance The idea is playing out, supports are broken. Altcoins is where you need to focus on now. Good luck!
Long
by Pumpcat
2
A Renko Strategy for Trading - Part 9This 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 assume all risks for their own positions and accounts. Chart setup : (Part 1) Double Exponential Moving Average (DEMA) 12 black line Double Exponential Moving Average (DEMA) 20 red line Parabolic SAR (PSAR) 0.09/0.09/.23 blue circles Simple Moving Average (SA) 20 blue line (Part 2) Stochastics 5, 3, 3 with boundaries 80/20 dark blue/light blue Stochastics 50, 3, 3 with boundaries 55/45 red Overlay these two on one indicator. Refer to 'Part 2' as to how to do this (Part 3) True Strength Indicator (TSI) 14/4/4 dark blue/ red Directional Movement Indicator DMI 14/14 ADX-dark green, +DI-dark blue, -DI-red Renko Chart Settings Crude Oil (TVC:USOil): renko/traditional/blksize .05/.10/.25 Natural Gas (ngas): renko/traditional/blksize .005/.010/.025 Soybeans/Wheat/Corn (soybnusd/wheatusd/cornusd): can use the ngas setup S&P 500 (spx500usd): renko/traditional/blksize 2.5/5.0/12.5 Euros (EURUSD): renko/traditional/blksize .0005/.0010/.0025
FX:NGASEducation
by mxb1961
Renko Percentage Move Based SystemThe (Al Nami Quantum Blocks v.4) script is based on Renko chart that is based on % move of the selected symbol. This is different from the traditional or ATR based Renko charts.. box size = user selected percentage x current price Alnami Quantum Blocks Channel is composed of 5 levels that are calculated based on the box size: 1- Base 2- Green Box High (GBH) = Base + box size 3- Next Green Box trigger (GBN) = base + (box size x 2) 4- Red Box Low (RBL) = Base - box size 5- Next Red Box trigger (RBN) = base - (box size x 2) Those levels will appear in the chart with the following order: ------GBN------- ------GBH------- ------BASE------ ------RBL------- ------RBN------- Usually when prices are trending up, the price will stay above the base for most of the time,, when it trending downwards, price stays below base most of the time.. Now how to time your entries based on the channel? This system is equipped with 4 strategies: 1) New Green Box: When the channel draw a new green box, place a buy order When the channel draw a new red box after a green box, place a sell order 2) Retracement: The user have to select one of the above 5 levels to serve as a retracement level, namely, GBN-GBH-Base-RBL-RBN When the current box is green and low price crosses below the selected level, place a limit buy order at the selected level When the channel draw a new red box after a green box, place a sell order 3) Auto-Trailing System: This strategy draws two levels based on a proprietary quantitative algorithm. When the background color change to green, prices are moving in an upward trend When the background color change to red, prices are moving in an downward trend When the background color change to black, prices are moving in range If the price is above both lines, place a buy order If the price is below the lower line, place a sell order Happy trading, Abdullah Al-Nami
Education
by anas_algo
4