Pro User
As usual Renko is a lot more cleaner, here is a 3% brick size, weekly.
Unless we are in the middle of a major crash, highly likely another down brick, and then a climb back.
We could still have a rough few weeks. Hard to say, but likely
If the bearish trend on 0.5% renko, daily goes on we might be up for 2 - 3 more hard months.
@Nishshkumar-Jaani-CFTe I mean how did you get the chart, which platform, how to plot etc?
Sir, that is ok, but what actually happened in the past 8 months - 1 year. Even with a very big noise mute, like as high as 5% Renko Weekly, has given breakout failures.
Just like how rising tide lifts all boats, Tsunami sinks the best built ships.
It was just a bad time.
@Aanal-Shah
Both P&F and Renko are the same things-
Real deal is understanding how this works. We are looking at price action at fixed percentages directly instead of looking at its evolution vis-a-vis time.
Either way you will still need to understand support/resistance, and a sound system to trade. And most importantly favorable conditions. In the current times, the bear market has destroyed many portfolios.
No chart works when the world is melting.
If you look at it very closely a bear trap is basically inverted head and shoulders. The movement is the same.
@Nishshkumar-Jaani-CFTe How do you see this chart?
Im not from the Define edge team, but Trading view is actually not that good compared to Define edge tools. Their Renko and P&F offering is dead on arrival. There are no % based charts, no indicators, no patterns, no camrilla levels etc.
Trading view is more for people who who want to do PineScript work for candlestick charts.
Even there, trust me, Im a programmer, Simple Moving Average is more than sufficient for most measurements. If you think about it MA is the best aggregate measurement possible. Its quite literally be definition "Linear regression". To that end Trading view doesn't offer much of anything compared to Define edge.
I tried to make Renko work on TV, after much effort gave up. When I found define edge it was like a super massive upgrade over anything.
In his book, Prashanth Sir says on the appearance of the first bearish brick. Basically you take it as a exit signal for your system.
The 5% weekly chart is a lot more cleaner and easier, its almost impossible to make a mistake or get confused.
As of today when we open a Renko chart, there is no way to know if a brick is confirmed(during previous interval close) or being repainted in the current interval.
This issue is happening because we are using the same color to show the confirmed bricks and repaint bricks.
Due to this one has to mentally keep a track of what was confirmed and what is in progress. It will be very helpful if we have a different color for bricks in progress(Repaint).
Im guessing this is fairly straight forward for the team to add, if we are repainting a brick, we know the brick that is being repainted, and hence can be given a different color.
Please consider this feature, in a real trading set up its very hard and tedius to keep a track of this mentally. I have tried other workarounds like adding a vertical bar at the brick I saw last time(as shown in the image). But it doesn't scale as I have to set an alarm every interval just to do this.
To help people get a perspective.
As of now look at live chart randomly its impossible to tell if the newest bricks were from the last closing time, or in progress with the current interval.
To identify this only two possible things can be done.
In the bottom axis we could have a confirmation time for each brick.
A different color for the in-progress bricks.
Please look into this.
I just opened an account with definedge and I was setting things up. So I had a few questions.
Is it possible to paint the inprogress brick(s) with a different color?
Is it possible to see the time at which the brick was confirmed.
Thanks in Advance.