Thoughts on Renko Charts (cont.)

162 1
Since my last discussion on Renko Charts, I've made some changes to what my view of long term vs. short term is. Currently, I'm experimenting with a 2hr and 5 min chart

I'm continuing focus on my primary scenario of a breakout of price based on consolidation dictated by the ADX of the DMI. The general goal is to find 2hr charts that have an ADX reading of 20 or lower for at least 7-10 periods. During this period, identify a pattern ( trend line , triangle, channel, support/resistance lines on price) and then look for price to breakout. However, instead of using the 2hr chart to identify the timing or trigger of the trade, use the 5min chart to make that determination.

Recent soybean chart can be used as an example. The last consolidation in price occurred at (B) in the form of a triangle on the 2hr chart. However, if you look at the 5min chart, the trade could have been triggered by its own breakout based on similar consolidation (A). Notice how the 5min chart expands on the actual movement of the 2hr chart.

An example of a continuation breakout can be seen in NGAS. Using this chart, (A) on the 2hr is just a one block pullback but the 5min chart shows a decomposition in price that ends with the ADX dropping below 20 forming a possible ascending triangle before price breaks out to the upside.

Corn is currently in an extended channel on the 2hr chart which has led to a similar pattern on the 5min chart. This could be a market that is ready to be traded on the breakout of the channel.

Could you please update timely Mike your ideas, maybe just once a week, because renko chart cannot be further loaded on TV for non-ProPlus users
+1 回复
ZH 简体中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 繁體中文
AR العربية
HE עברית
首页 股票筛选器 外汇筛选器 加密货币筛选器 财经日历 如何运作 图表功能 网站规则 版主 网站 & 经纪商解决方案 插件 图表库 功能请求 博客 & 新闻 常见问题 帮助 & 维基 Twitter
概述 个人资料设置 账号和账单 我的客服工单 联系支持 已发表观点 粉丝 正在关注 私人消息 聊天 退出