salsapete

SPX Renko Long

TVC:SPX   S&P 500
My 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.
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