The top of the 2014 volume area continues to hold price and will need to do so for price to continue higher
In the last week, the volume point of control has shifted up from 91.6x to 107.6x with the increase in volume due to buying
Question on timing: Has a low been put in...
volume profile from 2008 and 2014. 2008 looks like some of its key aspects (volume area and point of control) influenced market 6+ years later. 2014 looks to be key influencer now. Both 2008 and 2014 CL vol POC aligned in the 103 to 102.50 area so I think this line price will now move toward. Time will tell if support for higher prices or not. The red dashed...
Incorporating a timeframe into the Renko Strategy
The Renko charts on Trading view with the plan that I'm enrolled in will allow for a Renko chart's timeframe from 1 minute to 1 day or longer. Although Renko charts are supposed to factor out time, a timeframe is still used to 'set' the block which is an important concept to the trading strategy
A simple strategy using the DEMA 12/20 averages
When the 12 crosses up over the 20: buy
When the 12 crosses down over the 20: sell
Extended wicks. When setting up the Renko charts, check the box to enable the wick on the Renko block. Wicks can become an additional trigger to look for in addition to the DEMA average cross.
Using the 20 MA with the 9WMA...
Linear Regression indicator x3 with STD set to 1, 2, and 3 respectively. I set the color gradient to 25% on 1, 15% on 2, and 5% on 1 to differentiate the color. On the weekly charts, I set the lookback period to 45 for 45 weeks
Pivots (standard pivots) on a Yearly timeframe x2. One set to 'traditional' and one set to 'camarilla'
on weekly chart, 45 period LR has transitioned to down
2021 vol area bottom challenged this week but not closed below (yet)
2022 S1 and Cam R4 may provide support for a brief pullback
ultimate targets could be the 2020 vol area lines (12053 top, 6856 bottom, or 9545 middle)
another target could be the 2022 S2 which is ~6856
USOil looks to be continuing up after test of the median line on the monthly pitchfork.
weekly view looks like several more weeks of consolidation to build base for next run up.
consolidation on the 100 tick renko
Once consolidation complete May/June, could see a run up to...
8 hr chart with monthly view
Possible flag forming starting 23 March with last leg under development
50% retrace from 23rd low is 62.5x
Volume profile from March is outside of February which could be indicating a sideways month
April S1 is 55.1x and R1 is 65.8x and could possibly form the trading range for the month
Short term looking for a setup to take...
I believe there are several key areas that were broken this week that will need to be tested before price continues to move up .
The first item is the volume point of control (POC) from January 2020. This link was never test and now price, this week, broke through. A key indicator of future price movement will be if this line becomes support for price. If...
Chart Setup :
Traditional Pivots – Yearly (Red)
Camarilla Pivots – Yearly (Plum)
Volume Area – Light Pink
Opening Range – Light Grey
Fixed Range Volume Profile – Scoped to a one-year boundary. The only change to the default setting is the fixed rows changed from 24 to 240.
I use a dual stochastic with one set at default (blue) and one set to a...
Looking back to 2014 on weekly chart with volume profile defined for a yearly boundary, there are two key volume POC's that have yet to be closed. This is close to current price from 2018 at 69.0x which aligns closely to the Oct-2018 74.7x POC from the daily chart.
Looking back to the 2018 high, this chart shows some of the more interesting POCs from Volume Profile (fixed profile on daily chart across a monthly boundary) and when they were closed. This month (February 2021), WTI closed out one from June 2020 at 58.4x. This past week, it decisively broke through this POC as price did with the one from February 2020 this...
Down sloping PF off 2016 low and 2018 high (red)
The median line provided some key areas of resistance/support from 2017 to present
Support in 2020 low off lower parallel (good rejection)
Test after price break late 2020
Next target is upper parallel. An option is that price breaks above upper parallel then pulls back to test the break
Modified Schiff Pitchfork (red) off 2008 high with pivots on 2009 low and 2013 high
From 2013 through 2020, the median line has provided support for 2 large areas of tests
With hard rejection off line in 2020, price now moving back to upper parallel
One option is the upper parallel holds then price moves back down.
A second option is that price breaks...
BTCUSD - looking across 4 timeframes (4h, D, W, M) indicators pointing to a vertical climb continuing to a 25k-29k range.
looking at the weekly logarithmic scale setting a target based on a fib ratio from Dec-2017 high to Dec-2018 low.