Potential Buy scenario based on Renko and Fibonacci extension
Indicators used :
1. Fib Extension
2. Renko chart
3. Cumulative Delta
4. OBV
5. RSI
Signals to buy:
1. Green brick to be formed between 1,272 and 1,618 Fib extension levels
2. Rising OBV line
Entry:
1. Divergence on Cumulative delta, or
2. Divergence on RSI / oversold level
Note: For a better RR, entry should be closer to 1,618 Fib level.
SL:
1. Price must develop more candles, so SL should be under the lowest candlestick, or
2. The fib level 1,786 can be used as SL also.
Take profit:
1. First TP should be at the first resistance level, or around 0,6700
2. Final TP can be under the last high point and resistance level, around 0,6900
Don't Stumble Trading. Trade Safe!
1. Fib Extension
2. Renko chart
3. Cumulative Delta
4. OBV
5. RSI
Signals to buy:
1. Green brick to be formed between 1,272 and 1,618 Fib extension levels
2. Rising OBV line
Entry:
1. Divergence on Cumulative delta, or
2. Divergence on RSI / oversold level
Note: For a better RR, entry should be closer to 1,618 Fib level.
SL:
1. Price must develop more candles, so SL should be under the lowest candlestick, or
2. The fib level 1,786 can be used as SL also.
Take profit:
1. First TP should be at the first resistance level, or around 0,6700
2. Final TP can be under the last high point and resistance level, around 0,6900
Don't Stumble Trading. Trade Safe!
Order avbruten:
level 1,786 reached, so the setup was invalidated