Renkobars
AUDJPY Renko Short AUDJPY with potential triangle.
2 Entry Points
1. At E - with stop loss above C. ( More risk as the breakout could occur to upside , as shown in prior post for this pair)
2. Retest of trendline following downside breakout. Stop Loss above E. ( Maybe a better entry point)
Target 1 @ .7590 ( equal legs projection of CD ) .
Target 2 @ 74.80 ( important swing low ) .
SPX Renko LongMy present bias is for a long position in the SPX
1. Price is above the Kumo , favouring a long trade.
2. More than 2 long renko bricks have formed since recent correction.
3. Renko brick has broken above the Tanken-Sen.
4. RSI above 50 ( but not oversold)
Barrier = Nearby resistance at 2173.5
Suggested trade
Entry @ 2164.
Stop Loss @ 2130 ( beneath recent swing low)
Target 1 @ 2277 ( equal legs projection ) . 3.3 R
Target 2 @ 2353 ( 127.2 fib extension) . 5.5 R.
EURNZD Renko Short BatPotential for Renko Bat pattern reversal for a short position.
Criteria
1. Price to be contained by recent resistance level of 1.57 35.
2. 2 Short (Red brick) bars to have formed.
3. Confirmation short brick close is ideally below the 8 EMA.
Entry between 1.56 50 and 1.57 00 (PRZ).
Stop Loss 1.57 40 ( above X)
Target 1 @ 1.54 30. ( 50 fib CD) . 2.4 R.
Target 2 @ 1.52 10. ( C) . 4.8 R.
GBPNZD Renko Ichmoku ShortA short position may be considered with the following criteria
1. Price retraces to 61.8 fib of the CD leg (butterfly pattern ) , which is at the Kumo resistance.
2. Price stays beneath the Kumo cloud, favouring a short trade.
3. There are a minimum of 2 short bricks formed.
4. Ideally price is beneath the Tanken Sen
Set stop loss above the Kumo Cloud.
Target 1 is D.
Target 2 is the equal legs projection of CD.
AUDJPY Renko Triangle Breakout & Ichomoku LongThe Ichimoku Cloud is a filter for the direction we should trade. Short positions are taken beneath the cloud and long positions above the cloud.
A long trade is proposed when the following criteria exist
1. Price breaks out from the triangle to the upside and above the cloud.
2. There is a retest of the trendline and or cloud.
3. Price should close above the tenken sen.
4. We want to see 2 long bricks before we enter.
The stop loss is beneath the cloud/trendline.
Target is nearby resistance (B).
RENKO AB=CDRenko AB=CD potential pattern.
Directional filters favour the downside. Bricks contained by the 9MAV.
Entry @ 76.40 ( waiting for confirmation Renko short with second short brick) .
SL @ 77.25 ( above the retrace brick)
Target 1 @ 75.05. 2.5 RR ( equal legs projection @ D )
Target 2 @ 73.75. 4 RR ( 127 fib ext )
This is it! The bear run we have all been waiting for.Perfect bounce down from the trendline based on previous highs. Notice Stohchastic DMI turning down from the top at what everyone believes to be the bottom.
Previous two drops were comprised of 7 bars. This one has two so far with plenty of bull noobs to rek. The next bar (purple one) is trending downward, although it hasn't printed in a permanent fashion.
Entry: $386
Targets: $350, $320