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Exploring Renko Charts: Simple Trading Strategies for Success Today, I'm excited to introduce you to two effective trading strategies designed for Renko charts. Renko charts, unlike traditional Japanese candlestick charts, focus solely on price movements, offering traders a unique perspective on market trends and opportunities. Before diving into the strategies, let's first understand the basics of Renko charts and how they differ from Japanese candlestick charts. Renko charts are renowned for their: Absence of time: Renko charts disregard time intervals, concentrating solely on price movements. This feature helps filter out market noise, allowing traders to identify clear trends. Uniformity: Each brick on a Renko chart represents a fixed price movement, ensuring uniformity across the chart. This consistency aids in trend identification and reversal spotting. Trend identification: Renko charts excel at identifying trends due to their focus on price movements. Traders can swiftly discern trend reversals or continuations by analyzing brick patterns. Reduced noise: By filtering out minor price fluctuations, Renko charts offer cleaner data, making it easier for traders to identify significant price movements and trends. In contrast, Japanese candlestick charts focus on time intervals and include all price movements within the selected period. Both chart types have their advantages, but for our strategies, we'll be using Renko charts. Now, let's delve into the strategies: 1. Buy Green, Sell Red (with and without 13 EMA): This straightforward strategy involves buying when a green candle appears and selling when a red candle emerges. Option 1: Implement this strategy with a 13 EMA (Exponential Moving Average). Buy when a green candle closes above the 13 EMA line and sell when a red candle touches the 13 EMA line. Option 2: Execute the strategy without the 13 EMA. Simply buy on green and sell on red. While Option 1 may yield slightly delayed entries and exits, it provides additional confirmation, especially during volatile market conditions. Consider automating this strategy with an algorithmic trading bot for seamless execution. 2. Strategy that forecasts the market?: This strategy tells you if the market will go up or down after a important for example economic meeting! So, if you are interested in this strategy than write down in the comment and like (boost) this educational idea, if we get 100 likes (boosts) than I will make Part 2. Please note: When you have a basic plan, than you can just open Renko chart above 1 day time frame, you can also work good on 1 day, but if you want to see Renko chart on Intraday time frame than you need to have Premium plan. Upgrade now for intraday best experience using RENKO chart: Upgrade now
Education
by smarttrader012
4
Bitcoin about to SHOCK and SHAKE the crypto bulls?Bitcoin needs massive liquidity In order to move to $100k and beyond and the only way that's possible is to hit all the stop losses sitting below 28k. It all makes sense if we look at the potential harmonic pattern forming. There's no guarantee but if we brake and close below $39,500 there's a MASSIVE probability we head down to around the 27k mark. Think about it, 80% of bitcoin participants are bullish at the moment. Going to $27k will rinse the markets off all these crypto moon boys.
COINBASE:BTCUSD
by FreedomBuilder
Should I Buy Apple Before Earnings? Apple has clearly been outperforming the market as we get closer and closer to earnings. Should you buy Apple before earnings? The Q4 report will come out October 29th after hours. Morning star gives Apple a FVE of $285 based on the working on home trend. We should expect to see an increase in sales of computers and iPads. Apple may also be releasing the new iPhone during the earnings event exciting shareholders on a newly improved iPhone. Also to note, Apple set records last quarter while their stores were shut down. For this quarterly report, stores have been re-opened. It is up to you to buy Apple before earnings, I personally am going to buy before, I will share my trades here for you to see. Wish me luck! Let me know your opinions in the comments.
NASDAQ:AAPL
by Myantman101
4
BTC UPDATE - EXTENSIVE BUT SIMPLE ANALYSIS A resume of the idea: despite being very bullish in the long term, BTC may experience a "flash" crash in the next days, to retest key levels before taking off in the following weeks. Many key indicators are bullish (NVT for example), but they are longer term indicator. In the shorter term, there is a confluence of indications suggesting that BTC could revisit 9000 area before enjoying the results of the halving. Hello, after weeks of sideways movements, it is time for watching at BTC from a different angle. I usually do not watch much at Moving Averages, but there is a very solid confluence of them on different timeframes. The daily TF is on the main chart. BTC appears weak here, below the 20 and 50 MA and shily rebouncing on the 100. The 200MA, never retested properly since May, is at 9400. The 3D is similar. 100 MA is at 9k and the 200 is at 8500 The weekly timeframe uptrend seems to to run out of steem after 6 months of run, as the SAR indicator is closer and closer. The 200 was already tested during the covid, but the 50 is at 8900. The monthly touched the upper band of Bollinger but failed to brake out the SAR. The price still has to retest the 21 MA at 8800. As you see, there are many timeframes, but all the values that need to be retested, and possibly act as a magnet to the BTC price, are among 8800 and 9000. Since BTC is not showing any kind of strength, I believe a flash crash can happen or, in the worst of the cases, a consolidation to retest the 9k level that was never properly retested. The interval 10k-11k is still valid as an indication. Whatever the level that will be broken as first, it will tell us about the direction.
KRAKEN:BTCUSDShort
by edutradinguru
3
BCH/BTC - retrace before continuation upwardsMy expectation for price action is indicated by the thin green and red arrows. Blue triangle indicates the current range. The large dotted green arrow indicates the overall trend. Green box is buy. Red box is sell. Blue line indicates major support/resistance identified by the fib channels. Green & Red lines indicate t/p. Black dotted lines are fib retracements. Thick white lines are fib channels. The green arrow indicates the overall trend. This is a log chart. This is not financial advice. All charts shown on my page, including this one, are just for fun. If you enjoy my ideas please give this post a like and follow my page if you would like to see future posts! :)
Short
by Halams
BTC/USD - what now?This setup looks similar to what BCH did before its 40%+ pump at the beginning of April. I expect a pullback to one of the lower green boxes before continued upside. Blue triangle indicates the current range. The large dotted green arrow indicates the overall trend. Green box is buy. Red box is sell. Blue line indicates major support/resistance. Green line indicates t/p. This chart is made with fib channels. This is a log chart. This is not financial advice. All charts shown on my page, including this one, are just for fun. If you enjoy my ideas please give this post a like and follow my page if you would like to see future posts! :)
BITSTAMP:BTCUSDShort
by Halams
4
BTC/USD - bear market overBTC/USD updated chart using fib channels. I can see that btc will be making an attempt to pass 4200, however, if it does not break out of the range at the same area as the green line (indicating the level of the cross) then the break will not happen. As I believe we will be test 4200 before we get to the cross area, I expect a 4200 test, then a small retrace before continuing upwards to target 1 and target 2. Target 1: 4870 Target 2: 5930 Keep in mind these targets are for Coinbase so please remember to adjust accordingly. Blue triangle indicates the current range. Green box is buy. Red box is sell. Blue line indicates major resistance. Yellow line indicates t/p. This is a log chart. This is not financial advice. All charts shown on my page, including this one, are just for fun. If you enjoy my ideas please give this post a like and follow my page if you would like to see future posts! :)
COINBASE:BTCUSDLong
by Halams
Global Dow: GDOW Near Term Consolidation before further 2% RallyGlobal Dow GDOW Same thing here. Testing resistance, in fact it's now sitting just a couple of points above the next line at 2930. It's going to push back up to 3000-3003 sooner or later, just over 2% on this chart. Look to buy SPX or any major market either on any retest of the rising dynamic if we get to see it- or on further strength above 2935 on this chart looking for 3000-3003 range on GDOW and a further 2% rally to 2814-5 on the SPX.
GLong
by sumastardon
6600 before going to hell? Bart patterns and such a manipulation is going on, we may bounce back a bit and then go straight forward to 6600. In previous analysis we did not hit the support levels which was 30% chance, but going above 6360 as i mentioned with 6400 breakout (My sl tooked) This may change a game for a short time only.. Or we may see another bart thing on the 6600 ? I could wait for a little bounce back to long 6380 level with even closer stop loss like 6365 with bigger laverage .
BITMEX:XBT
by RasmonT
EURUSD Counter-Rally to Upper Parallel Before next DeclineineEURUSD 30th May EUR has finally reached the month-long downside target at 1.1558 just in time for the end of the May. It actually exceeded the target by 45 pips before reversing higher and creating the first strong green candles of buying intent the market has seen for months now. But the counter rally is running out of momentum now whilst DXY holds above 94. Initial resistance for EUR lies here at the 1.1676 line and extends to the line above at 1.1731. This range, bounded by the two lines, is likely to prove insurmountable in the very near term - it will need DXY itself to break below 94 to break the upper parallel here - in which case the bears will retreat further here too and it should then rally 90 or so pips higher still to 1.1821 on more bear closing before falling away again. That looks to be best case scenario for EUR from here though. (At the same time DXY should then fall to test the 93.36-93.12 range and then bounce higher again.) So long as 94 holds up on DXY the Euro is likely to remain trapped within the medium term downtrend of April/May and likely to fall away from the upper parallel once more when challenged. But this time around the next sell off from the upper parallel of the larger impulse wave has a reasonable chance of creating a double bottom around the 1.1558-1.1540 range when it does fall away again - so any fresh shorts taken out around current levels need closing down again here. Any subsequent fall below 1.1535 will then be needed to trigger fresh shorts from here back to the 1.1318-1.1287 range.
Short
by sumastardon
2