Here's something I've noticed in my studies lately that I thought I'd pass along to anyone interested. It is referring to renko charts. Should work with any Average True Range or Volume based system. 1st as we know for every seller there's a buyer and visa versa. Support and resistance work because the buyers or sellers step in at a price point to absorb the volume. This is described as the battle between the bulls and the bears. Experienced traders and technicians use volume as part of there anaylsis. It is very important, as it can be gauged as the strength or weakness of the trend. Here's how a renko chart has simplified things for me. Renko bricks post only after Average True Range of the time period is violated. Placing a volume indicator beneath the Renko chart can indicate very clearly where the resistance and support are setting up. I'm liking the 15 and 10 min version on some in my watch list, but I'm sure each situation is different. When the volume bar starts to get relatively high and the renko brick does not progress - Boom - you've got support or resistance. You'll see reversals many times here. No holy grail , but helping me through intra day charts, as Renko cleans up the noise. I'm sure these ideas will translate to longer term charts as well. Here's a random example. Try it out for your self. GLTA
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