In Part 19, we introduced the idea of Heikin Ashi. In part 20, we go off on a more extreme tangent! In terms of Technical Analysis applications, Renko Charts, at first glance, could appear to be as ‘way out’ as it gets – the work of some Technical Analysis boffin with too much time on their hands! In fact, Renko charts aren’t some new tool created by the technological revolution, but have their roots firmly embedded in eighteenth century Japan. They were originally applied to trade Rice and formed the building blocks for a robust trading strategy. [Read more…]
Chart of the day (27/03/17): WTI Crude Oil
Chart of the day: WTI hovering and trading menacingly around the early $47 area. Fundamentals: Russia threatening $40 barrel, US drilling up, uncertainty around OPEC production cuts. Technicals: holding below the cloud & strong Fibonacci areas to the downside at $45 then $42. Fibonacci upside at $50, $52.
Technical Analysis Chart of the Day – 28th November 2016
WTI Crude Oil Daily Heikin Ashi Chart
It is a crucial week for Crude Oil with OPEC meeting in Vienna this Wednesday to try and agree global production cuts. Expect some price volatility! [Read more…]
This Week in the Markets 24th October 2016
It’s hard to find anything to get excited about at the moment, that’s not based around the same old stories: US elections, Brexit & China.
One of the more interesting stories that may influence the UK financial sector stocks over the next few weeks, is the British Banker’s Association warning that banks may relocate outside of the UK. It’s possibly just more scare mongering – we’ll see! [Read more…]
Renko Charts: The building blocks for a robust trading strategy.
In terms of Technical Analysis applications, Renko Charts at first glance could appear to be as ‘way out’ as it gets – the work of some Technical Analysis boffin with too much time on their hands! In fact, Renko charts aren’t some new tool created by the technological revolution, but have their roots firmly embedded in eighteenth century Japan. They were originally applied to trade Rice and formed the building blocks for a robust trading strategy.
What are Renko charts?
These charts were named from the Japanese word for bricks, “Renga”. This type of chart completely ignores time and focuses solely on price changes that meet a minimum requirement. Renko charts use price “bricks” that represent a fixed price move. They move up or down in 45 degree lines with one brick per vertical column. Because of this unique approach to charting, it creates some great analytical applications for trading.