The renko bar completion will signal a short. Till then be patient or go long with 2055 as the SL
Trade active
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Wait for day closing below 2055 for short. otherwise stay out or long with 2049 SL
Comments
BOL
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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?
vijayv01
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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.