GBPUSD/GOLD Renko Aug 13th Analysis/Tutorial
GBPUSD chart is setup with traditional renko and each box is 10 pips (0.001) in settings. Added the renko reversal alert to be notified when reversal happens. If you are not familiar with traditional renko each box won't close until the right pip amount is moved and the time frame closes with that pip amount.
So for 15 min. If price moves 10 pips up and 15 min hasn't closed yet you will notice there will be a light shade of the box. Once 15 min closes the box will be set in stone on the chart. 15 min renko on 10 pips matches 1H candlesticks in a sense as far as movement.
At the bottom you will see I also have the Stochastic RSI indicator which can help identify divergence. Stoch RSI setting is default. Bollinger band setting default and i have the 50 ema added on as well.
Traditional Renko can help identify trend easier and help with SL/TP at your discretion. Also used on GOLD (XAUUSD) with same settings and box set at 20 pips (2). Following a 10 pip/20 pip a day trading plan can be beneficial with these settings if you enter correctly. Less eye traffic with renko compared to candlesticks. Personally like to use 15 min.
Analysis- You can see divergence and double bottom formed on multiple time frames. Expecting price to break down trend and reach 1.39500.
So for 15 min. If price moves 10 pips up and 15 min hasn't closed yet you will notice there will be a light shade of the box. Once 15 min closes the box will be set in stone on the chart. 15 min renko on 10 pips matches 1H candlesticks in a sense as far as movement.
At the bottom you will see I also have the Stochastic RSI indicator which can help identify divergence. Stoch RSI setting is default. Bollinger band setting default and i have the 50 ema added on as well.
Traditional Renko can help identify trend easier and help with SL/TP at your discretion. Also used on GOLD (XAUUSD) with same settings and box set at 20 pips (2). Following a 10 pip/20 pip a day trading plan can be beneficial with these settings if you enter correctly. Less eye traffic with renko compared to candlesticks. Personally like to use 15 min.
Analysis- You can see divergence and double bottom formed on multiple time frames. Expecting price to break down trend and reach 1.39500.