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By Caseynotes · Posted
yes, with Renko you are changing from time based charts to price based and so remove a lot of noise and smooth out the price action hopefully giving a clearer picture. -
By Caseynotes · Posted
The twitter bears are taking a lot of flak at the mo and with good cause, especially the likes of Edgeye and Zerohedge who called a recession in 2015 and were wrong so they just repeat the call every year since in the expectation of being right eventually. Amusingly enough many traders have build this psychology into their trading plan, imagine anyone trying to continually short a bull market for 5 straight years, and yet as I've pointed out for years using the sentiment data of IG clients short/long positions that's exactly what many have been trying to do. Here's the thing, you don't need to guess, a chart will tell you if it's bearish. As Chris in the podcast above says, a market making new all time highs just can't be anymore BULLISH, there is only one way to go. So if the chart lines up with the macro and both are clearly bullish 'buy high and sell higher'. Do yourself a favour and spend the 50 minutes to listen to the podcast, you will learn something. -
Final hours of trading put in some bearish candles that may be a precursor to a period of bearish retrace if the 1H channel is broken on Monday. If it does I will be expecting an A-B-C form retrace that may retest several support levels before a resumption of the long term Bull. This is an opportunity to buy in lower, but patient is needed, it may take some time to evolve. I have a cheeky Short in place...
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