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Renko

Update: What Is The RENKO Chart Saying? | BitcoinOn top of the candlesticks we also track Bitcoin using the Renko charting system. This is an update to the trade idea shared July 6. Bitcoin RENKO Buy Signal, Highest Volume Since 2019 BTCUSD Renko 4H We have higher lows ever since the 19-June bottom. Trading volume continues to increase. New green brick laid down, another buy signal. Trading above EMA10 and challenging EMA21. Note: This is short-term. These bullish signals are not yet present on the daily Renko chart. Still, the chart technicals are looking good. A bullish wave is due that will produce massive growth. It is already starting... We see how it goes. Namaste.
INDEX:BTCUSDLong
by AlanSantana
3
ARRRUSDT 4hr 1dARRR has yet to go into buy territory. It has gone into the moku cloud, but that does not signify anything yet. This setup is meant to show clear trends, and all we have seen so far is a clear trend down followed by choppiness. If we can get above the cloud, and the cloud turns green, it would be safe to start cost averaging in. For now, the 10SMA has started flattening out as the price has gone beneath it and even below the 20SMA. Granted in this choppiness, these 2 lines crossing don't really make much sense. If you look at the regular candlestick chart for ARRR, it shows that we have hit a double bottom. Yet the indicators at the bottom are showing that we may be in for yet another drop. But it just goes to show that there is no need to panic buy or panic sell at this point. Just stay out or hold on to your position if any.
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by tanreu
Continuing Updated Renko Trading StrategyIncorporating a timeframe into the Renko Strategy The Renko charts on Trading view with the plan that I'm enrolled in will allow for a Renko chart's timeframe from 1 minute to 1 day or longer. Although Renko charts are supposed to factor out time, a timeframe is still used to 'set' the block which is an important concept to the trading strategy When publishing an initial idea in TV, you have to have a timeframe of at least 15 minutes. This isn't what I typically use but do so to accommodate TV. On individual charts, I will use a TF between 5-11 minutes depending on the market's volatility. If the timeframe is set to a small number, the Renko block will be set sooner and could lead to churn in the strategy while having a timeframe set to a larger number will delay the setting of the block which can lead to missed entries or exits. Using a combo of larger block sizes and higher timeframes of 5-11 minutes have seemed to provide good setups for the option trading strategy I use (buying Puts/Calls simple strategy based on market direction) The web has good articles on discovering patterns and levels of resistance/support using Renko charts. Another important concept with good discussions on the web is pivot points ( pivotboss.com ) My current strategy is to combine the current configurations of Renko charts with their weekly counterparts with yearly pivots (traditional and camarilla). In the book on Pivot Points (see pdf), There is an excellent chapter on pivot point analysis and % of probabilities in price action against the levels. I believe that incorporating these yearly pivots side-by-side and the Renko charts and their indicators plus the Linear Regression indicators provide a good foundation for an option trading strategy of simple buying of puts/calls. Referring to the btcusd chart, I've overlayed the 2022 traditional s1 and the camarilla s4 on the Renko chart. Looking at the DEMA 12/20 averages, they're currently split in a bullish position (12 over 20). The 12-May low tested the 2022 S1 level which coincided with the 2nd STD low. This action could be setting up a support level the market could push off. I don't trade btcusd but track it because the market moves 24x7 which provides a lot of training material to learn for other markets.
BITSTAMP:BTCUSDEducation
by mxb1961
1
Updated Renko Strategy Combined with a Weekly ChartWeekly candlestick Linear Regression indicator x3 with STD set to 1, 2, and 3 respectively. I set the color gradient to 25% on 1, 15% on 2, and 5% on 1 to differentiate the color. On the weekly charts, I set the lookback period to 45 for 45 weeks Pivots (standard pivots) on a Yearly timeframe x2. One set to 'traditional' and one set to 'camarilla' (I'll cover the static volume profile and the opening range and the volume range in an update to this at a later date) Renko charts I use the same configuration for the Linear Regression with the exception of the lookback period which is set to 90 blocks. Renko charts are not truly time based though time does play a factor in how they're implemented in trading view. I don't use pivots on the Renko charts. On both charts, you can see from the settings how the moving averages are configured On both charts, I use a dual Stoch overlayed configured at 5,3,3 and 50,3,3 Commodities channel Index Directional Movement Index I configure these indicators with a 5/50 combination regardless of the Renko or the weekly candlestick chart I track the following markets and with these Renko settings Crude oil: close/traditional/blksize=2.5 S&P 500 mini: close/traditional/blksize=50 Natural Gas: close/traditional/blksize=0.2 Soybean Meal: close/traditional/blksize=5 Aussie Dollar: close/traditional/blksize=0.005 Bitcoin: close/traditional/blksize=1000 With bitcoin trading 24x7, it's a create market to practice with using the Trading view 'paper trading' broker My intent is to expand on this setup with ideas on how to trade against these configurations:
NYMEX:CL1!Education
by mxb1961
BTCUSD 4hr renko 500 brick sizeIs the bottom in? Who knows? The Renko chart does not predict tops of bottoms but it shows a clear trend in one direction. Money is made in the middle, not catching the tops or bottoms - that's gambling. Either that or you're a market manipulator yourself. Anyway, we are still below the red moku cloud and the lagging line is still below price action. So this indicates that the trend is still lower. I would point your attention towards the circled area. notice we tried to consolidate in this area but ultimately got rejected back down? As long as the price action has not gone above a green moku cloud and the lagging line has not gone above the price action, we are still remaining bearish. As investors, it is not yet time to cost average in. As speculators, it would be better to stay on the sidelines for more clear indications of a trend to trade. Not financial advice, but I would not touch this for now.
BITSTAMP:BTCUSDShort
by tanreu
ETH CAN'T DECIDE WHAT TO DOAlthough I view crypto market as a bear, I am not saying it can't have one more bounce. And if we take a look at the 2nd biggest coin ETH we can clearly see that price is still moving inside this big channel. This is renko 1d chart with a block size 1% of max price - 48$. There was 2 attempts this year to break this channel, but every time price has bounced of it. And right now price is trying to bounce one more time. To get out of it bears need to break 2600-2500 zone, otherwise bulls will make another mini rally. (Which can also lead to a bigger rally). So at the moment I am looking forward to further confirmation to see the direction chosen by the market. Do you think bulls will make another bounce here?
by FallingWedge
3
Breakdown can not be confirmed yetAlthough the breakdown occurred in the weekly timeframe, it is still early to confirm. The reason is that in the Renko daily time frame, bitcoin is still above the support level. Until the breakdown is confirmed, it will be difficult to tell if it is a breakdown or a trap. But there is a point in the TSI indicator that increases the likelihood of facing a real breakdown. The TSI has a negative bias and has a descending crossover. However, I would rather be patient to have a confirmed breakdown signal.
by cryptoonchain