I placed support and resistance lines based on rejections and bounces. Look at how they matched up to the volume profile. I just started reading on Renko charts today, but to put it simple:
Renko does not chart out every single unit of time hence why you dont see much squares on the chart despite being a daily chart; it is more reliant on price movement. A new square will develop if there is significant price movement, this makes it easier to track the actual movement/sentiment of the price. Im still experimenting but i found it great since it clears out alot of noise; a very good attribute to have in this market.
Renko does not chart out every single unit of time hence why you dont see much squares on the chart despite being a daily chart; it is more reliant on price movement. A new square will develop if there is significant price movement, this makes it easier to track the actual movement/sentiment of the price. Im still experimenting but i found it great since it clears out alot of noise; a very good attribute to have in this market.
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Worse case, we dont follow through with the square and drop down back to 5900 or lower after support retest.
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Only thing we got going for us is the cross over of the MAs taking place at the moment. Could be a fake out.
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Correction: No positive crossover at this moment. Full on weak.
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Just for clarity: I have not messed with the settings, they are all default. ATR is set at 14. I will study up on the settings and present a different chart when im feeling confident. This is looking like a great way to trade. :) Enjoy and have fun!
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update in the comments.
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Heres the linear chart: Much better.
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LOL makes things pretty freaking apparent huh?
Added the ichimoku; using this chart is showing heavy resistance at the 6800 level. Lagging span is below price which indicates weakness, we are also under the cloud and below both moving averages. My guess is we will test the blue average and resistance level at 6800.