Using Renko to get support/resistance levels

12 wrz 2018

This is practicing IchimokuScholar's strategy of using Renko to get SR levels. AFAIK, you may get the following settings for it:
* Traditional, 1% of first day's closing value
* ATR, 0.5 (can set ATR value to whatever you like—I'm still reading on this)
* Red line, weekly SR
* Greens, HH... possible levels for counter trend confirmation or confidence gainer

12 wrz 2018

Uwaga

Here's how it looks changing it back to normal candles

12 wrz 2018

Uwaga

Check out how Chikou pinpoints these SR levels too


With another confirmation via VPVR

12 wrz 2018

Uwaga

$270 level doesn't seem to be showing up on the preview, at this time at least. Like so:

12 wrz 2018

Uwaga

Closer look at the SR levels around Sept 6th-11th, which seems to not be indicated in the OP

12 wrz 2018

Uwaga

Linear chart prints out the Renko chart a lil better than if its in Log. Here's an example with BABA 1W

13 wrz 2018

Uwaga

Renko seems to be best on Linear vs Log

13 wrz 2018

Uwaga

PA surpassed first SR level. Confirming a trend reversal IMO

13 wrz 2018

Uwaga

^ * Short term of course

Next target, $229+ will give more confidence