Trend and Pattern

The analysis uses Renko candles with an ATR of 14. Renko charts focus on price movement and filter out minor price fluctuations, removing the time variable from trading decisions. This provides a clearer view of trends and potential reversals. All three of my check boxes are hit for this trade.

Indicators

• RSI: A bullish crossover, indicating increasing momentum.

• MACD: A bullish crossover, suggesting the beginning of an upward trend.

• Renko Reversal Signal: The Renko chart shows a clear reversal signal, indicating a potential change in trend direction (the blue arrow).

• Entry: Around 103.50, following the Renko reversal signal and bullish indicator crossovers.

• Target 1 (TP1): 108.00, based on the first level of previous support/resistance.

• Target 2 (TP2): 116.00, based on the next significant level of support/resistance.

• Stop Loss: Below 96.00, placed below the recent low.

Explanation of Renko Charts

Renko charts are a type of charting technique that focuses solely on price changes, ignoring time and volume. Each brick represents a fixed price movement, smoothing out noise and making trends and reversals more apparent. This method helps traders stay focused on significant price movements without being distracted by minor fluctuations. I hope this was informative.

Normal candlestick chart on the daily