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2618 Trade

USDJPY - H1 - Bearish Bat & 2618 - Double whammy?Patterns have been good in the last few days on the USDJPY -0.10% and it looks like we might have another forming as we speak. Aside from the advanced patterns, we have recently put in a double bottom with RSI divergence at this lower level, price has now broken and closed above the 'V' of the double bottom and looks to be taking some relief at the moment. This gives us a potential 2618 long setup should price action come right back down into that 61.8% level. If that were to happen first (rather than price just rallying up into the Bat entry area without a pullback), then we would potentially also have an almost perfect AB=CD measured move up into the Bat entry level as well. Which way will it go and in which order, could we see a double whammy and hit the 2618 into the bearish Bat pattern back down? Either way lots of potential action at the moment on this pair!
Short
by bmck1
4 hr potential buying opportunity on usdjpy 2618potential 2618....Usdjpy had a nice bat pattern setup I took last Friday. Pattern hit 38.2 of bat and reversed to the downside. It set up for a nice 2618 opportunity the market broke the neckline of the double bottom and the market is currently coming down. Markets on 1hr hopefully will be oversold and I will look to buy with a limit order if market is oversold at the 109.089 level (61.8) on fibs... stops will go about 10 pips below our previous lows of double bottom. (BTW 1 hr confirms exact same setup )
Long
by brww03
2
Spot Gold 2618 - Daily Since the beginning of 2017 this market has been on quite a rally. We started the year down around the $1120s price area and have recently tested that $1280-$1300 area a couple of times. You can see from the daily chart that the $1300 psychological level appears to have held for the time being as we put in a nice big double top back in June. We've since seen price come down to break and close below the V point of the DT, which now allows us to start looking for a potential 2618 trade. Price action is already putting in a retracement up towards that 61.8% level, and if we do get up into that $1260-70s area, I'd be looking for an entry reason into a short trade. Edit: Forgot to post this last week and it looks like I might just have missed this trade. Will be watching the lower timframes now to see if there is a possibility for a re-entry. If there is then we might be able to get involved, just don't try to force it!
FX:XAUUSDShort
by bmck1
EURAUD - Back to Back to Back to Back BUT Check Your "B" Leg After a pain free drop from yesterday's bearish Gartley Formation the EURAUD is now putting in a potential Bullish Cypher formation. HOWEVER it's extremely important that you draw this one out on your own charts. On my charts the pattern formation is INVALID due to the "B" leg, but many of my Live Room members had it valid on their charts which is why i wanted to share it with you. It's important to always Trade What YOU See. Price quotes in the Forex market vary from data provider to data provider, which is another reason why you should NEVER blindly follow another trader and trust what you see on your chart! Akil Stokes
by Akil_Stokes
8