Trading US OIL using RENKO
Principles
4 bars can set a trend ; MA 20 & 50 as a direction guide
retracement 1,2,3 bars ; or 4 bars if trend greater equal 10 bars
Consider counter trend when RSI came back from oversold /bought area
Entry method
1) enter on retracement (1st bar aggressive) + cross MA
2) enter on SR break + cross MA: SR can be a 1~2 bar range
3) Enter on double bottom / top + cross MA
In chart: Triangles are entry ; arrow / channel are SR
4 bars can set a trend ; MA 20 & 50 as a direction guide
retracement 1,2,3 bars ; or 4 bars if trend greater equal 10 bars
Consider counter trend when RSI came back from oversold /bought area
Entry method
1) enter on retracement (1st bar aggressive) + cross MA
2) enter on SR break + cross MA: SR can be a 1~2 bar range
3) Enter on double bottom / top + cross MA
In chart: Triangles are entry ; arrow / channel are SR
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