Chevron Corp - Targeting 138.5

This analysis is based off the Fibonacci methods written by Constance Brown. One of the first detailed books on Fibs that I picked up to read. While Conny Brown explains her Fib method based off regular OHLC bars, I thought, why not to use that same strategy with Renko. After all, there are some subjective methods involved such as which points to pick while drawing fibs and the like and in most cases, the starting point (while measuring up wave) doesn't always have to start from the lowest low.

Chevron Corp (CVX) - Fibonacci Method

So here's Chevron Corp with the fib based method. Although i'm a bit late in posting this entry, notice how beautifully this trade worked out.

We see price dropping after topping at 127.19, only to reverse near the 114.12 - 113.11. 111.97 is the perfect trade entry with stops at 108.38. The target we're looking at is 138.5.

Another way to make use of Renko bars as it removes the noise and helps you to focus just on the task at hand.