and then price reverses.... (see chart 9)
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DislikedOn chart 11 - price gets to D. This is the original 23.6% level 90.80 (see chart 3) I drew and price gets there for the first time again. Sure enough it bounced away for a 25-30 pip move. Price gets to point E (which happens to be the first time it returned to level C) and this level once again resists a further up move. Exit.
Hope that all makes some sense and I would love feedback.
Enjoy the weekend all!!
WG
UPDATE: Ive just noticed that on some of the charts I have mis-labeled some of the retracement...Ignored
Dislikedthanks for your serie of charts explaining in detail about your method, Willowgal!
My primary question is
if the fibonacci needs only a swing high and a swing low to establish its levels, what is the interest to read the Renko charts? (I mean, M1 chart or M5 chart will be fine, too, right? No matter it is candlestick chart, OLHC chart, line chart or even Heikin Ashi chart......)
yours,
shunfengIgnored
DislikedIt's just the way I like to look at price and the more you watch it moving around in real-time, the more you get a feel for where it is going next (very short term obviously).
I am still learning but the more I watch the price move, the more accurate I am becoming at reading whats going to happen next.Ignored
DislikedHi all,
Please ignore the times on the chart as this is NOT the time of the move as the Renko chart does not move with the candles in the minized candle chart at the top.Ignored