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2618 Trade

USDCAD: Triple Top Reversal?!Hi Traders, I have been eyeing this setup for most of the week. There is a 2618 selling opportunity very close to market. This pair has made a triple top (see marked on chart), which is a sign that we may see a bearish reversal and downside continuation in the coming week. I have a position ready to sell at the 61.8% fibonacci retracement, it has extra confirmation as this level comes in line with previous support turned resistance. I place my stop above the triple top highs, because if price breaks this level I will be wrong. Targets are at the 100% and 127.2% extensions of the move (See green boxes) Good trading and have a great weekend all. Luke
Short
by Beebags
6
USDCAD Bullish Bat / possible 2618So 2 things im looking at the will coinside with each other First a Bullish Bat has formed off the back of the Bearish Gartley pattern so although we have passed the D point looks like we are coming into a previous level of support. so risk has been reduced and offers a good RR for this pattern to take the trade 382 and 618 targets. If we do see a rise the second target would also be the entry point for a short for a 2618 trade and the fact we can see the RSI in the oversold area lots of reasons as above :)
Long
by Wonour
NZDUSD Potential 2618 TradeThe double top at the top of the chart has in fact finally reversed price as bears took control of the market The neckline has been broken Will now wait to see a retest of previous structure levels in the potential reversal zone (green rectangle) Look at price action for shorting opportunities here The 618 retracement would be most ideal, but it was a pretty strong impulse move, we might only make it to the 382 neckline/trendline level. Of course there exists the possibility that this impulse move is not done yet, in which case this entire setup is invalid. The move could be consolidating right now for a small flag, and then continue to push down. Wait for the perfect moment to place your orders, patience is key. Happy trading to all.
Short
by NickofJupiter
2
Structure trade on EURUSD (Part 2)I just had a winning trade on this pair on the previous double bottom. I was stopped out for break even on my second position before it rallied up, but I got target 1. On the other hand, now, we may have to enter again. There is a potential 2618 forming up. Tomorrow we will have Non-farms payrolls, so I will have to keep an eye on that. I will not enter any position during that news event. - Higher time frame confirmation - Structure - 2618 RULES MET
Long
by GasperiniGS
EURUSD - 2618 Setup+++ Don't forget to LIKE & Follow+++After yesterday's big upward move, now price is in a correction mode on 4H, EURUSD. Price is heading lower to test our structure shelf - presenting to us a potential 2618 Bullish Setup. This will be nice opportunity for all of you conservative traders. If you look left price didn't break current structure level @ 1.1130s, we only got Double Bottom. This Double Bottom is the foundation for our 2618 Setup. Price is giving us nice kill zone and alignment of 0.618% and the inverse "V" of the DB. I'm expecting price to enter in the KillZone and I'll wait for an entry reason. Stops below DB, 1st target will be previous cycle top - I'll trail 2n position. Good Luck! -Alex I'm a Professional Currency Trader & Mentor with years of trading experience. Download my Free Ebook & transform your trading Today! bit.ly If you'd like to see more good trading ideas from me, click the "Like" button! You can get my trading ideas immediately, just make sure to follow me.
Long
by Aleksandar_Rose
NZDUSD: Double Top at ResistanceHi Traders, Kiwi has formed a double top reversal pattern at previous resistance. I am looking for a "2618" opportunity to go short as indicated on the chart. Price is very close to the entry level at the 61.8% retracement of the move from the second top to the lowest point below the neckline. Entry: 0.72740 Stop: 0.73320 Target 1: 0.72060 Target 2: 0.71710 There is Australian employment data being released today, and Kiwi has some correlation to that event. If you found this idea useful, leave a like or comment, it is always appreciated. Remember to follow for setups every week. Luke
Short
by Beebags