How to Use Renko Charts for Drawing Support and ResistanceHow to Use Renko Charts for Drawing Support and Resistance Like a Pro
Most traders rely on candlestick charts to identify support and resistance zones—but if you’re still sleeping on Renko charts, you’re missing out on one of the cleanest ways to map market structure.
Renko charts filter out noise and only plot price movement, not time, giving you a stripped-down view of market momentum. That’s exactly what makes them powerful for spotting true support and resistance zones—without all the clutter.
Why Renko Charts Work for Support & Resistance
Support and resistance are areas where price historically reacts—either bouncing or reversing. On traditional candlestick charts, these zones can be hard to identify clearly because of wicks, time-based noise, and volatility.
Renko charts simplify that.
Because Renko bricks are only formed after a specific price move (like 20 pips or using ATR), the chart naturally filters out sideways chop and lets key levels stand out like neon signs.
How to Draw Support and Resistance with Renko
Here’s a quick step-by-step process:
Set Your Brick Size
Use an ATR-based Renko setting (ATR 14 is common), or set a fixed brick size that fits your trading style. For swing trading, slightly larger bricks will work best.
Look for Flat Zones
Identify areas where price stalls or flips direction multiple times. These flat “shelves” on the Renko chart often line up with strong historical support or resistance.
Mark the Bricks, & Sometimes The Wicks
With Renko, you’re not dealing with traditional candlestick wicks. So your levels are based on the tops and bottoms of the bricks, not erratic spikes.
Check for Confirmation
If a level held as resistance and later flips into support (or vice versa), that’s a key zone to mark. These “flip zones” are often hotbeds of institutional activity.
Bonus Tip: Combine with Price Action
Renko charts tell you where price is likely to react—but combining them with price action techniques (like engulfing candles, pin bars, or M/W formations on traditional charts) will give you a lethal edge.
Use Renko to mark the zone, then switch to candlesticks to fine-tune the entry. Best of both worlds.
If you’ve been struggling to draw clean support and resistance levels—or find yourself second-guessing your zones—Renko might be your solution. It’s not about fancy indicators or chart tricks; it’s about removing the noise so you can trade what really matters: structure and momentum.
Are you using Renko in your strategy? Drop a comment or shoot me a message—I want to hear how it’s working for you.
Beyond Technical Analysis
How Smart Money is Positioning in EUR/USD – 5 Scenarios UnfoldedLiquidity Maps & Trap Zones: EUR/USD 1H Breakdown
EUR/USD SMC Analysis – Scenarios Overview
1. Case 1 – Immediate Pump:
The market may pump directly from the current market price (CMP) and take out the external range liquidity resting above the current highs.
2. Case 2 – 15-Min Demand Reaction:
The market could react to the 15-minute demand zone , showing a bullish response and pushing higher toward the 1H supply zone .
3. Case 3 – Inducement & Distribution:
Combined with Case 2, the market may first mitigate the 15-minute demand , then take out the inducement (IdM ) near the 1H supply zone . From there, distribution may begin within that supply range, leading to a drop toward the discount zone .
This would likely involve a fake breakout to the upside (liquidity sweep), trapping buyers and hitting the stop-losses of early sellers before reversing sharply.
4. Case 4 – 1H CHoCH and Triangle Breakdown:
A Change of Character (CHoCH) may occur on the 1H timeframe directly from the current price, leading to a downside move. This scenario would also break the rising triangle pattern , triggering entries from price action traders and increasing market volatility as liquidity accelerates the move downward.
5. Case 5 – 1H Supply Rejection & Free Fall:
The market may react from the 1H supply zone and reject aggressively, resulting in a free fall all the way down to the previous CHoCH level , confirming strong bearish intent from premium to discount.
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USD/CAD – Bullish Reversal Brewing from Key Support (Daily ChartAfter an extended leg lower, USD/CAD is now posting signs of basing near major support at the 1.3815–1.3800 zone. The sellers appear to be exhausting, and bulls may be preparing for a counter-trend rally or even a shift in structure if momentum aligns.
🔍 Technical Setup:
Key Support Holding: Price is respecting the 1.3815–1.3800 area, a level that previously acted as resistance and is now serving as strong support.
Stochastic Momentum: Stochs are deeply oversold and beginning to curl upward, signaling early bullish momentum and potential for a reversal move.
Candlestick Behavior: Multiple small-bodied candles with long lower wicks at this level suggest buyer absorption and fading bearish strength.
EMA Watch: The 8 & 36 EMAs are still bearish, but price consolidating below them could set up a mean reversion play targeting the 1.4180 zone, where EMAs and prior structure converge.
⏫ Bullish Bias Drivers:
Daily Bullish Divergence Watch: Price is printing lower lows, but momentum is failing to confirm — potential for bullish divergence to support a bounce.
Clear Rejection of Bear Continuation: Despite bearish trend structure, there’s no daily close below 1.3800 — which could mean a bull trap failed to trigger.
Measured Move Potential: If this bounce gains traction, a swing move into the 1.4180 resistance zone (former structure and EMA confluence) is on the table.
🌐 Macro Fundamentals Backing a Bounce:
DXY Softness: The U.S. Dollar Index is weakening amid softer economic data and renewed trade concerns. If this cools off, we could see short-term strength as USD rebalances.
Canadian Dollar Sensitivity: Oil prices are high, but extended gains could stall — offering USD/CAD a window to lift off this oversold zone.
Positioning and Sentiment: Bearish sentiment on USD/CAD is becoming crowded — potential for a short squeeze if momentum flips.
Dollar index (DXY) Analysis DXY Analysis – General Outlook
This week’s analysis is more of a general overview, and it closely aligns with my view on EUR/USD. While I don’t trade DXY directly, I use it heavily as a confluence tool, so marking out its likely direction is key for aligning trades across other USD-related pairs.
At the moment, I’m favouring Scenario A, where I expect DXY to move a bit lower, accumulate, and then react from the 2-day demand zone. If that happens, we could see a bullish move on DXY, which would naturally result in bearish pressure for other pairs like EU and GU.
However, if price decides to retrace upwards first, there’s a clean supply zone that still needs to be mitigated. If that zone holds, DXY could continue its bearish structure for longer—meaning more bullish momentum across other major pairs.
$SPX6900 following Global M2 money supplyFollowing Colin Talks Crypto's BTC & Global M2 money supply.
I'm using his script to generate global M2, in his version there is a 108 day - 86 day offset.
Here with SPX I adjusted to between that range at 96 days.
This sets up a strong outlook for SPX6900 going into the new few months.
USDCHF Discretionary Analysis: Bounce at 0.85Hello traders.
I'm anticipating the momentum on USDCHF to carry on. Got my eyes locked on the 0.85 area. It might turn into a strong bounce point. If the signs are there, I'm jumping in with a short.
Discretionary Trading: Where Experience Becomes the Edge
Discretionary trading is all about making decisions based on what you see, what you feel, and what you've learned through experience. Unlike systematic strategies that rely on fixed rules or algorithms, discretionary traders use their judgment to read the market in real time. It's a skill that can't be rushed, because it's built on screen time, pattern recognition, and the ability to stay calm under pressure.
There's no shortcut here. You need to see enough market conditions, wins, and losses to build that intuition—the kind that tells you when to pull the trigger or sit on your hands. Charts might look the same, but context changes everything, and that's something only experience can teach you.
At the end of the day, discretionary trading is an art, refined over time, sharpened through mistakes, and driven by instinct. It's not for everyone, but for those who've put in the work, it can be a powerful way to trade.
DXY SINGLING DANGER! UPTADE! Bad things happen when the dollar gets too strong....
Well, "the bad thing" now seems to be the dollar itself crashing lower.
What a difference 2 months can make!
Waging economic war against our allies, pulling military defense from allies, isolationism has not been working as expected. In fact, Trump has overplayed his cards, and his tactics are backfiring.
CAUTION is in order!!
Target not reached! Forced on me.
As mentioned back on January 18, 2025, when the dollar gets this strong, bad things happen.
As you can now all see, bad things did happen. Markets are crashing, and we are headed for an economic depression!
WARNING!
MARKETS NOT OVERSOLD CAUTION! UPDATE!This is a monthly chart and TV keeps forcing "Target reached" on my updates. As such i am reposting this chart I first issued back on April 1st, 2025, before our "LIBERATION DAY" FACEPALM!
We are still not oversold on a monthly chart!
WARNING!
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MARKETS NOT OVERSOLD CAUTION!While only 36% of stocks are over the 20-day MA, they are nowhere near oversold conditions. As such, there is still room for the downside.
While this indicator is only suitable for short-term trading, tomorrow new making event could push markets way lower.
While I would not suggest trading news events. I know some do, as such bottom picking is not advisable.
CAUTION!
EUR/USD Shorts from 1.5500 back down My analysis this week is quite similar to GU. I’ll be looking for short opportunities to target a demand zone below current price. We’ve seen consolidation over the past week, which has built liquidity on both sides—and it's only a matter of time before that liquidity is swept.
What I’ll be watching for is a reaction at the current supply, where I’ll wait for price to slow down and distribute, giving us an opportunity to catch a retracement down toward a key area of interest for buys. If price reaches 1.12000 or lower, I’ll be looking for signs of accumulation and potential longs from there.
Confluences for EUR/USD Sells:
- The DXY has been bearish, but is approaching a demand zone, which could cause a reversal—aligning with EU shorts.
- A strong weekly supply zone is in play, which could trigger a bearish reaction.
- Plenty of liquidity and imbalances lie to the downside, ready to be cleared.
- A retracement is likely, considering the extended bullish momentum recently.
- Current consolidation suggests a breakout is near, and this supply zone is my nearest POI for shorts.
P.S. Stay flexible—once the consolidation breaks, assess how price behaves. Don’t lock yourself into one bias; always be prepared to adapt to what the market shows you.
Which altcoins hold the potential to conquer the crypto market?Have you ever heard of ISO 20022?
Do you know what this standard is all about?
Which tokens have adopted or are compliant with this standard?
ISO 20022 is an international standard for the exchange of financial data between financial institutions, banks, corporations, and other entities. Developed by the International Organization for Standardization (ISO), its purpose is to provide a universal language for financial messaging on a global scale.
Hello✌
Spend 3 minutes ⏰ reading this educational material. The main points are summarized in 3 clear lines at the end 📋 This will help you level up your understanding of the market 📊 and Bitcoin💰.
🎯 Analytical Insight on Bitcoin: A Personal Perspective:
Bitcoin is currently near a strong trendline and a solid daily support level. I’m expecting it to break the $90,000 mark, a key psychological level, within the next few days. My main target is at least a 7% increase, reaching $90,500.
📈
Now , let's dive into the educational section, which builds upon last week's lesson (linked in the tags of this analysis). Many of you have been eagerly waiting for this, as I have received multiple messages about it on Telegram.
🔍 What Is ISO 20022 and Why Should Traders Care?
Have you come across ISO 20022 and wondered what it really means in the world of finance and crypto? It’s not just a technical standard—it could be a major bridge between traditional finance and blockchain-based assets.
🌐 A Global Standard for Financial Messaging
ISO 20022 is an international protocol developed by the International Organization for Standardization. It defines a universal language for exchanging financial data between institutions—banks, governments, payment networks, and corporations.
💡 Key Features of ISO 20022
• Uses XML-based message formatting—both machine and human-readable
• Covers multiple financial areas: payments, securities, trade, treasury, and cards
• Highly flexible and extendable to future innovations
• Designed to reduce processing errors and boost interoperability worldwide
📈 Why It’s Becoming a Big Deal
With increasing digitization, the global financial system is shifting toward unified communication standards. Major infrastructures like SWIFT are already migrating to ISO 20022 to future-proof their operations.
🪙 The Crypto Connection
Some cryptocurrencies have been developed to align with ISO 20022 standards. This means they have the potential to integrate directly into regulated financial systems—making them more likely to be adopted by banks and governments.
✅ ISO 20022-Compliant Cryptocurrencies (As of 2024)
• XRP (Ripple)
• XLM (Stellar)
• XDC (XinFin)
• IOTA
• ALGO (Algorand)
• QNT (Quant)
• HBAR (Hedera Hashgraph)
🤝 Why Compliance Matters
If traditional finance fully adopts ISO 20022, only tokens that meet its criteria will likely be considered for official integration. This could have huge implications for utility, regulation, and long-term value.
🧠 Strategic Insight for Investors
Incorporating ISO 20022-compliant assets into your portfolio isn’t just about trends—it’s about positioning yourself for future financial system evolution. These tokens may play a key role in bridging the gap between DeFi and TradFi.
However , this analysis should be seen as a personal viewpoint, not as financial advice ⚠️. The crypto market carries high risks 📉, so always conduct your own research before making investment decisions. That being said, please take note of the disclaimer section at the bottom of each post for further details 📜✅.
🧨 Our team's main opinion is: 🧨
ISO 20022 is a global financial messaging standard designed to streamline data exchange between banks and institutions. It's becoming crucial as traditional systems like SWIFT adopt it for greater efficiency. Several cryptocurrencies, including XRP, XLM, and ALGO, are ISO 20022-compliant, positioning them for future integration with mainstream financial systems. This compliance could lead to wider adoption by banks and governments, making them more valuable long-term. 🚀
Give me some energy !!
✨We invest countless hours researching opportunities and crafting valuable ideas. Your support means the world to us! If you have any questions, feel free to drop them in the comment box.
Cheers, Mad Whale. 🐋
GBP/USD upcoming shorts from 1.33600 back down to demandMy focus this week for GU is around a key daily supply zone that price is currently approaching. As we near this level, I expect price to slow down and begin distributing, potentially leading to a deeper retracement. I anticipate the short setup to form around Tuesday, depending on how price reacts.
If price does retrace, I’ll be watching the 2-hour and 17-hour demand zones, where we could see a bullish reaction and a potential rally from those levels. Since GU has been overall bullish, this would be a counter-trend short, followed by a possible continuation to the upside.
Confluences for GBP/USD Shorts:
- Price is overbought, indicating a potential correction to clear liquidity and fill imbalances.
- Plenty of downside liquidity and imbalances that price could target.
- Approaching a strong daily supply zone, which could act as a key reversal point.
- Unmitigated demand zones below, which may need to be tapped before price continues higher.
P.S. If price doesn’t reach the daily supply zone, I’ll remain patient and look for a buy opportunity to ride price up toward that supply level.
Wishing everyone a great trading week ahead!
Bitcoin is nearing a critical breakout zone at $86,000Bitcoin is nearing a critical breakout zone at $86,000.
If this level breaks with strong momentum, we could see a rapid bullish continuation toward the major resistance area around $105,000. The ascending channel remains intact, and aggressive buying near support points to a strong upside setup.
From a fundamental view, Bitcoin is gaining strength as global uncertainty rises. The latest escalation of trade tariffs has disrupted traditional markets, pushing more investors toward alternative assets like Bitcoin. Historically, Bitcoin has performed strongly during times of economic instability.
Tightening monetary policies worldwide are fueling recession fears, making Bitcoin even more attractive as a hedge — the new "digital gold." With institutional interest growing, Bitcoin is well-positioned for a significant capital inflow.
Stay ready — the next big move is close! 🚀
CREDIT CRISISWe are beginning to see evidence of a credit crisis starting. low demand for US bonds can trigger a currency crisis for the USD, higher rates will lead to refinancing company problems (especially with all the zombie companies that should have blown up over a decade ago.) and major economic depression-style job losses.
Currently, we are very early stages but things are moving at lightning speed on a macroeconomic level.
I know this is likely gibberish to most here pon trading view but it is of MASSIVE importance to your trading and investing.
CAUTION IS IN ORDER!!
Click boost, follow, and subscribe! I can help you navigate these crazy times.
XAU/USD Longs from 3,220 or 3,120 back to ATHMy Analysis this week for gold is for it to keep pushing higher, even though gold has been overbought and we could at any time expect a major correction or distribution. We will be going on. current market structure and currently we have seen another ATH breach as well as multiple break of structures to the upside.
From these demand zones that have been created we will be looking for a small correction a retracement in which price will then re accumulate in one of our POI, to cause another rally to the upside.
Confluences for GOLD Buys are as follows:
- Demand zone on the 4hr and 6hr is near by for potential long setups to formulate.
- Market structure has been very bullish on the lower and higher time frame
- There is asian high above that needs to get taken out as well
- Dollar index has been bearish which means bullish movement for GOLD
P.S. If price breaks through both demand zones i do have an extreme one at 3,020 but if it reaches that low we could expect price to just start moving temporarily bearish.