Finding hidden patterns and using unorthodox charting techniques can provide traders with unique insights and potential trading opportunities. While traditional chart patterns and technical indicators are widely used, exploring lesser-known techniques on platforms like TradingView can unveil hidden gems that may not be apparent to everyone. In this article, we will delve into some unorthodox charting techniques to discover hidden patterns and enhance your trading analysis.
Renko charts are unique because they focus solely on price movements, filtering out time and volume. These charts represent price changes using bricks or blocks, with each brick forming only when a predetermined price movement is reached. Renko charts can help traders identify trends more clearly and filter out market noise, revealing hidden patterns and potential support and resistance levels that might not be apparent on traditional candlestick charts.
Heikin Ashi Charts:
Heikin Ashi charts modify the traditional candlestick chart by averaging prices to create a smoother representation of price action. This technique makes trends and trend reversals more evident and helps traders spot hidden patterns that may not be as apparent on regular candlestick charts.
Point and Figure Charts:
Point and Figure charts provide a different perspective on price movements by eliminating time and volume. They use Xs and Os to represent bullish and bearish price changes, respectively, and only plot a new X or O when a specified price movement occurs. Point and Figure charts can reveal hidden support and resistance levels and offer valuable insights into supply and demand dynamics.
Market Profile charts offer a unique way of visualizing price and volume data. They display the distribution of trading activity over specific price levels and can reveal hidden patterns related to price acceptance or rejection at certain levels. Market Profile can help traders identify key price zones and potential areas of interest for entering or exiting trades.
The Ichimoku Cloud is a comprehensive technical indicator that provides insights into support and resistance levels, trend direction, and momentum. It consists of multiple lines and a shaded area called the “cloud” that helps traders identify hidden patterns related to trend strength and potential reversal points.
Volume Profile is a powerful tool that displays the volume traded at various price levels over a specified period. It can reveal hidden support and resistance zones, areas of high trading activity, and price points where significant buying or selling has occurred.
Fibonacci Time Zones:
Fibonacci Time Zones are based on the Fibonacci sequence and represent potential reversal points in time. By adding these time zones to your chart, you can uncover hidden patterns related to time-based price movements and anticipate potential trend changes.
Performing correlation analysis on multiple assets can reveal hidden relationships and potential trading opportunities. By plotting two or more assets on the same chart or using correlation indicators, traders can identify hidden patterns in how different assets move relative to each other.
In conclusion, exploring unorthodox charting techniques on TradingView can provide traders with valuable insights and reveal hidden patterns that may not be apparent through traditional methods. Techniques such as Renko charts, Heikin Ashi charts, Point and Figure charts, Market Profiles, Ichimoku Cloud, Volume Profile, Fibonacci Time Zones, and correlation analysis can enhance your trading analysis and decision-making process.