Get started

Renko

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