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Understanding the Renko Bricks (Educational Article)Today we are going to study a chart which is called a Renko chart. Renko chart is a chart which is typically used to study price movement. I use Renko chart many times to determine supports and resistnace. I find it easy and accurate way of determining supports and resistances. The word Renko is derived from Japanese word renga. Renga means brick. As you can see in the chart below it shows a kind of Brick formation. The brick size is determined wither by the user and mostly it depends of typical average movement on the stock historically. A new brick is formed once the price moves upwards on downwards in the same proportion or ratio of the typical brick. New brick is only added post the price moves in that particular proportion. A new brick might not be added in months if the price movement is not as per the ratio. At the same time a new brick might be added in a day or few bricks in a week is price moves accordingly. We will try to understand this concept further by looking at the chart in the post. We have used the chart of Reliance industries to understand this concept and concept only. Please do not consider this buy or sell call for the stock. As you can see in the above chart I have used a combination of RSI, EMA (50 and 200 days) and Bollinger band strategy. RSI support for Reliance is at 35.89 with current RSI at 40.13. Bollinger band suggests that support might be round the corner for the stock. The peaks from previous tops are used to find out further supports and resistances. Mid Bollinger band level and Bollinger band top level coincide with other pervious tops making them tough resistance when the price moves upwards. Mother line EMA is a resistance now and Father line EMA support is far away. All these factors indicate the support zones for the stock to be around 2736, 2657, 2601 and 2561 in the near term. Resistance for Reliance seem to be at 2814, 2972, 3006, 3048 and 3202 levels. Let me give a disclaimer again. The above data is for analysis purpose and to understand Bollinger band, RSI, effect of EMA and Renko Bricks only. Please do not trade based on the information provided here as it is just for understanding Renko charts. Disclaimer: There is a chance of biases including confirmation bias, information bias, halo effect and anchoring bias in this write-up. Investment in stocks, derivatives and mutual funds is subject to market risk please consult your investment advisor before taking financial decisions. The data, chart or any other information provided above is for the purpose of analysis and is purely educational in nature. They are not recommendations of any kind. We will not be responsible for Profit or loss due to descision taken based on this article. The names of the stocks or index levels mentioned if any in the article are for the purpose of education and analysis only. Purpose of this article is educational. Please do not consider this as a recommendation of any sorts.
NSE:RELIANCEEducation
by Happy_Candles_Investment
Solana (and Altcoins) Daily RSI Tells the Story!I continue to reiterate the point that our daily RSI is giving hints at what may continue to come for Solana and altcoins. Solana have been one of the strongest alts during this bull run and remains above our red ascending trendline while most others have fallen below. But just as with other altcoin charts, our lead indicator was broken supports on the daily RSI. Three of these big supports have now been broken below. However, on the price chart only two have been broken. Will that red ascending trendline become the third? My bet is "yes" based upon what the RSI chart is telling me, though, it may spike higher first following Bitcoin ETF approval news. If I am right about this pullback, I don't think Solana will find support until around $65 or so.
COINBASE:SOLUSDShort
by stewdamus
Mid Channel Resistance stopped Positive looking NiftyMid channel resistance acted on positive looking Nifty and levels above 19230 could not sustain. Closing below Mid channel resistance is not a good sign. If Nifty had closed above 19230 we would have seen a sharp rise. Now we are looking at an important support level of 19033. If Nifty can give a closing above 19033 tomorrow it will be considered a positive signal again. If Nifty is not able to sustain above 19033 then again the recent low of 18837 will be tested. If 18837 is not held in the coming week we may see a dip again upto 18489 levels. (Looks little unlikely but you can never be sure with the global tensions going on). Resistances on the upper side will be 19124 and 19230. Above 19230 the next resistance will be near 19492.
NSE:NIFTY
by Happy_Candles_Investment
TSLA ready to bounce fastTSLA is probably one of the most famous bubbles that we had in this last bull market. Yes, it's probably one of the future car companies and more, but it was extremely overpriced. Few months ago the algorithm showed a marvelous Head and shoulders pattern which usually predicts the end of a trend. This october we had a confirmation of the break of this pattern and then we projected the price objective (black). The price objective for a head and shoulders pattern is calculated by taking the distance between the head and the neckline (in the case of a top) or the shoulder line (in the case of a bottom) and projecting it downward (in the case of a top) or upward (in the case of a bottom) from the point where the neckline or shoulder line is finally broken. This distance is then added to (in the case of a bottom) or subtracted from (in the case of a top) the breakout point to give the price objective. Consequently, the price objective for this pattern is between the range of 100-110$ where we also see previous volume and support and resitance levels in the 108$ zone. This worked fine and seems that it started bouncing. We should see the price rallying to 150 or even a bit more if the bounce is hard enough. Anyway, if the price is back to the 100-110$ range seems a nice moment to buy with low risk and a potential fast return. Take care, this is not yet a bullish reversal for the long term trend, so we could see lower prices in the future but seems a great moment to take advantage of this pattern.
NASDAQ:TSLALong
by TopChartPatterns
4
ADA Weekly chart analyzehello everybody hope you have good days. today i want to analyze ADA altcoin in 1W chart for long term. according to the VASIL hardfork that will be happen in early month (june 2022) and this upgrade will be so amazing and increase network throghput. so we have a good fundamental for ADA these days. now lets go to chart: you see that we have completed a 5 impulsive wave and ADA saw about 3.20 price and after that we start a very deep correction. now you see we can approch end of this correction at the overlap levels of fibo (ret 0.38 and proj 0.50 like i show on chart) and also we are a good support level in around 0.4 price. overlaping this fibo levels and this support strenghen our perdict. after that we have an ABC correction wave after impulsive an seems to be ended. our momentum in 1W timeframe is in oversld levels. now if we lose this support(around 0.4 price) we can go down till brown area that i show on chart.(this levels is overlap of 100% and 61.8% fibo levels and a good support level according to history of market. just dont forget to place your SL below first support level to prevent losing more if we lose this support. SL=0.38 thank you all for your support. !!NOTE!! ((friends when you support me and follow me and comment on my posts you can teach me more about market. im very interested to learn more and you are the best teacher. please support me for more posts thank you))
Long
by TraderAmin-KZ
XMRUSDT needs to hold the dynamic support! the price tested again the 0.786 Fibonacci level on the monthly timeframe and have a breakout from the descending channel on the weekly timeframe. As you can see the price has a confluence on 227$. On the 4h timeframe the price created a descending channel had a breakout but without momentum. So How we can approach it? If the price is going to loose the support, According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
XShort
by InkyGrip
Fantom - bear flag or wedge??!Hello everyone In past couple of days, in FTMUSDT ,the price been in a range between support level of 1.08$ and resistance level of 1.20$, which shows a bear flag structure but in my opinion with a less likelihood of going lower; because we have a wedge formation on weekly time frame( what you see on higher time frame IS more reliable). With that been said,I presume we will be able to witness the price breakout from this level and reaches 1.31$ ( more likely),or on the bad,side we will see the price breakout of 1.08$ and touches the 0.97$ level (less likely)
by HubAlgo
BTCUSDT Major supports and Resistances aheadMajor resistances now are: A. Red trendline resistance B. Black trendline resistance C. 46000$ daily resistance Major supports now are: A. 37000$ B. Blue trendline support zone C. 29000$ Notice: If any of these resistances or supports break it means the market is getting ready for a new pump or dump. For example if support B break market is getting bearish or If 46000$ resistance (resistance C) break market is extremely bullish then. <>
by MMBTtrader
9
RSI: A simple method to trade trends and rangesI write this tiny article to share the basics or my use of ths RSI indicator, coupled to supports and resistances levels, as well as trend lines (or any indicator you want to use as SUP/RES (moving averages, vwap ...)) This use implies a bit of practice in spotting divergences, but let's be honest, many of them appear on previous supports or resistances, just look at these levels and you can be sure you'll find them if a reversal is about to occur.) The second specificity is the use of a moving average applied to the RSI (in my exmaple, a 50 periods EMA) I developped my own RSI+MovingAverage script, but I'm sure you can find similar scripts that have already been shared within the community, thats why I don't publish it for now. Anyway, feel free to ask if you're interested in my script, it's obviously free. Lets consider two different contexts: Trends (Bullish/Bearish) Ranges In trends , there are two things to take into consideration. Let's explain what we need to work on a bullish trend: - If the price is on an interesting level (moving average, trend line, support), you can try to long upon the RSI crosses its moving average, indicating the potential end of the current retracement (even better if a bullish divergence appears close to this price) - If the price gets close to a resistance, and moreover if a bearish divergence appears on the RSI, you can consider it as a good exit price, or wait for the next retracement in order to pyramide your trade (depending on your approach). In a bearish trend, you obviously need to do the exact opposite, wait for retracements (flags or other), and find bearish divergences OR sell when the RSI is clearly crossing down its moving average. Of course you can wait for the RSI crossing above/under its moving average to get another confirmation that the movement is starting. You can see a few examples on the following screen In ranges , it's even simpler. Once you found your support and resistance levels (it can be old levels that have already generated good reactions) all you need is to spot bearish divergences on the resistance, and bullish divergence on the support. I personally like to cut at least a part of my position when we reach 50% of the range, which can be often considered as a support/resistance. It's totally up to you to exit on this point or not, depending on your preferences (simple scalping, anticipations of a range breakout to make a new trend, lower timeframe trend following, etc...) Range example: Additional notes When you trade a divergence, try to always open your position when the RSI rebounds on the divergence line, and not after, remember that opportunities are everywhere, don't mind if you missed the last one, don't enter too late in a movement. Even if a range is a global horizontal movement, it's still composed of alternations of bullish and bearish movements between the same supports and resistances, therefore, you're of course able to trade it as trends on lower timeframes Don't forget to look at candles, which can also give you strong signals on important levels, on current or lower/higher timeframes. The price is always the key Of course, think about the DOW theory.
Education
by noop-noop
2
DIS - Walt Disney buy support zonesHello traders, Description of the analysis: Walt Disney Company ( DIS ) support zones ideal for timing long positions (gray). Trade what you understand, trade carefully and sparingly according to the business plan. About me: Hi, my name is Jacob Kovarik and I´m trading on stock exchange since 2008. I started with a capital of 3000 USD. My first strategy was based on OTM options. (American stock index and their ETF ). I´ve learnt on my path that professional trading is based on two main fundaments which have to complement each other, to make a bussiness attitude profitable. I´ve tried a lot of techniques and many manners how to analyze the market. From basic technical analysis to fundamental analysis of single title. My analytics gradually changed into professional attitude. I work with logical advantages of stock exchange (return of value back to average, volume , expected volatility , advantage of high stop-loss, the breakdown of time in options, statistics and cosistent thorough control of risk). At the moment, my main target is ITM on SPM index. Biggest part of my current bussiness activity comes from e mini futures (NQ, ES). I´m trader of positions. I´m from Czech republic and I take care of a private fund (over $4.000.000 USD). During my career I´ve earned a lot of valuable experience, such as functionality of strategies and what is more important, control of emotions. Professional trading is, in my opinion, certain kind of mental training and if we are able to control our emotions, accomplishment will show up. I will share with you my analysis and trades on my profile. I wish to all of you successul trades. Jacob
NYSE:DISLong
by Jacob_Kovarik
EOSUSDT is on 0.618 Fibonacci Level 🦐EOSUSDT is on 0.618 Fibonacci Level and weekly support after a false breakout on monthly resistance 🟣. The price must hold this level and it need to have another impulse to break the monthly resistance. According to Plancton's strategy, we can set a nice order ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
Long
by InkyGrip
6
NZDUSD BEARISH RANGE FR Pieger dans un range depuis un petit moment maintenant , nous tentons seulement d'attraper chaque support en long et chaque résistance en short à l'aide de notre canal qui détermine la potentiel tendance comme baissière sur le long terme. d'après le canal et le rebond sur support qui c'est fait nous tenterions sur le court voir moyen terme un LONG US Trapping in a range for a little while now, we are only trying to catch each long support and short resistance using our channel which determines the potential downtrend in the long term. according to the channel and the rebound on support which is done we would try in the short or medium term a LONG NZDUSD SIGNAL ALERTE⚠️ ⚠️ BUY / ACHAT🟡 : 0,65370 STOP LOSS🔴 : 0,65223 TP 1🔵 : 0,65809 TP2 🟢 : 0,66155 POTENTIEL PROFIT : + 1,22%📈 POTENTIAL LOSE : - 0,23% FR N'oublier pas que cela ne constitue en aucun cas un conseille financier, ou d'investissement tout autres. nous ne faisons que partager les trades que nous souhaitons effectuer à titre individuel sur des potentiels mouvements a venir. US Remember that this does not constitute financial advice, or any other investment. we only share the trades that we wish to carry out individually on potential future movements. @FOREXONOMIE
Long
by UnknownUnicorn10909208
Still Bullish Whilst Support HoldsAfter price made a break higher and through the multi-year resistance level price action on the daily chart of Gold has stalled. Price has formed multiple inside bars and has not been able to break the high of the daily candle from 8 sessions ago. This market looks bullish whilst the support continues to hold, but the near term support does look important. If this support level can hold for a major push through the consolidation resistance zone, then we could see a much larger leg higher and further bullish trading opportunities.
TVC:GOLDLong
by TaherJalili