Analysis and Opinion based on my chart setup:
I have added JAKK to my watchlist for its upside potential. It's not in a position for entry for me, based on how I use my chart setup. Since it is a Renko chart, time is irrelevant so it could be tomorrow or next month before it's a entry.
My chart Indicator Settings:
Renko chart style. I set mine at 26 to play the longer trends but dropped it to 20 today (not much additional price action chatter shows up, which is what I want to avoid).
SMAs = 2,4,6,8, 18 (was set at 33 but dropped it to 18 for a bit more accuracy)
StochRSI = k=2, D=3, RSI Length = 1, Stochastic Length =2
DPO = Length of 1 with "Gaps" selected, "Centered" selected
My heads up that a reversal is approaching is:
1) SMA's 2,4, 6 have changed color
2) StochRSI is at 0
3) DPO is at a low
4) Renko had changed color (often the "projection" block which is a feature and color setting)
My entry is based on multi confirmations:
1) Renko has changed color
2) StochRSI has come off of 0 to 30.00
3) DPO has made its first move off its low.
4) SMA 2 has crossed 4, 6 even better 8 which means a more aggressive price action.
Disclaimer: I have no holdings in this stock as of the post. Will not enter until the indicators move into a position that fits my entry strategy.
I have added JAKK to my watchlist for its upside potential. It's not in a position for entry for me, based on how I use my chart setup. Since it is a Renko chart, time is irrelevant so it could be tomorrow or next month before it's a entry.
My chart Indicator Settings:
Renko chart style. I set mine at 26 to play the longer trends but dropped it to 20 today (not much additional price action chatter shows up, which is what I want to avoid).
SMAs = 2,4,6,8, 18 (was set at 33 but dropped it to 18 for a bit more accuracy)
StochRSI = k=2, D=3, RSI Length = 1, Stochastic Length =2
DPO = Length of 1 with "Gaps" selected, "Centered" selected
My heads up that a reversal is approaching is:
1) SMA's 2,4, 6 have changed color
2) StochRSI is at 0
3) DPO is at a low
4) Renko had changed color (often the "projection" block which is a feature and color setting)
My entry is based on multi confirmations:
1) Renko has changed color
2) StochRSI has come off of 0 to 30.00
3) DPO has made its first move off its low.
4) SMA 2 has crossed 4, 6 even better 8 which means a more aggressive price action.
Disclaimer: I have no holdings in this stock as of the post. Will not enter until the indicators move into a position that fits my entry strategy.