BTC --- RENKO CHART
Aktualisiert
I placed support and resistance lines based on rejections and bounces. Look at how they matched up to the volume profile. I just started reading on Renko charts today, but to put it simple:
Renko does not chart out every single unit of time hence why you dont see much squares on the chart despite being a daily chart; it is more reliant on price movement. A new square will develop if there is significant price movement, this makes it easier to track the actual movement/sentiment of the price. Im still experimenting but i found it great since it clears out alot of noise; a very good attribute to have in this market.
Renko does not chart out every single unit of time hence why you dont see much squares on the chart despite being a daily chart; it is more reliant on price movement. A new square will develop if there is significant price movement, this makes it easier to track the actual movement/sentiment of the price. Im still experimenting but i found it great since it clears out alot of noise; a very good attribute to have in this market.
Anmerkung
Full on japanese here: Added the ichimoku; using this chart is showing heavy resistance at the 6800 level. Lagging span is below price which indicates weakness, we are also under the cloud and below both moving averages. My guess is we will test the blue average and resistance level at 6800.
Anmerkung
Worse case, we dont follow through with the square and drop down back to 5900 or lower after support retest.Anmerkung
Only thing we got going for us is the cross over of the MAs taking place at the moment. Could be a fake out.Anmerkung
Correction: No positive crossover at this moment. Full on weak.Anmerkung
Just for clarity: I have not messed with the settings, they are all default. ATR is set at 14. I will study up on the settings and present a different chart when im feeling confident. This is looking like a great way to trade. :) Enjoy and have fun!Anmerkung
update in the comments.Anmerkung
Heres the linear chart: Much better. Anmerkung
LOL makes things pretty freaking apparent huh?
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.