vijayv01

Dont sell till it breaks 2055

FX:SPX500   S&P 500 index of US listed shares
150 2 5
The renko bar completion will signal a short. Till then be patient or go long with 2055 as the SL
Trade active: Wait for day closing below 2055 for short. otherwise stay out or long with 2049 SL
it actually bounced from 2053 which is pretty close, great work! can you please describe the method how did you figure out 2055 supporting level?
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I have chosen a renko bar with an ATR of 10 period, which comes to 20.5 . The previous bar starts at 2077.8 and the next bar ( current one) would have ended at 2077.8- 20.5 = 2057.3 on a closing basis. I just took a buffer of ~ 2 points, which was not sufficient in today's case.
If you look at the RSI closely, the next bar closing at 2057.3 would have triggered a downward slope which historically has contributed to atleast another 20.5 point drop. I don't have access to intraday bars in SPX . That would probably help in taking better decisions.
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