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2618 Trade

GOLD 60 DOUBLE TOP 2618 TRADEHi guys, Here, I am looking for a reversal. The market was in a nice bullish move but this double top has now occurred. There is already a break at the bottom of the double top so I am now looking for a pullback at the 61.8 retracement level to give myself that extra bit of confirmation. I will have a sell limit in place at that level. This trade is known as the 2618 trade. My stop loss will go above the double top and that level has also held good resistance in the past. My first target will be at the low of the break and my second target will be at the next support/resistance level. IF the first target is hit, I will take off half of the position and move the stop loss to break-even for the second half of the trade, ensuring a risk-free trade. Thank you for your support. Trade Numbers: Risk: 16 points x 2 = 32 points Reward #1: 16 points. R:R = 1:1 Reward #2: 26 points. R;R = 1:1.6
FX:XAUUSDShort
by Krunal.Patel
2786 AT STRUCTURE + IMPORTANT PSY. LEVELHi there, -Recently found this good long opportunity, price has just closed above an important higher time-frame high, gave me the permission to look for bullish opportunity. As price moves, a great 2786 trading opportunity's presented. -This is one of my system which consist of a simple double bottom (or top) followed by a break and close above (or below) and then a retracement back to the 0.78 Fib. Ret. of the whole move. -This time it happened to be in lined with the structure level looking left and a very strong psychological level. So, I think this one might be a very good trading opportunity and worth sharing for you guys looking to get long on this pair. That's it for today guys. Wish you success and God bless. Fedro
Long
by FedroChristian
GBPAUD 60 DOUBLE TOP 2618Hi guys, Here, I am looking for a reversal. The market was in a nice bullish move early last week but started consolidating towards the end of the week plus this double top has now occurred. There is already a break at the bottom of the double top so I am now looking for a pullback at the 61.8 retracement level to give myself that extra bit of confirmation. I will have a sell limit in place at that level. This trade is known as the 2618 trade. My stop loss will go above the double top and that level has also held good resistance in the past. My first target will be at the low of the break and my second target will be at the next support/resistance level. IF the first target is hit, I will take off half of the position and move the stop loss to break-even for the second half of the trade, ensuring a risk-free trade. Thank you for your support. Trade Numbers: Risk: 63 pips x 2 = 126 pips Reward #1: 65 pips. R:R = 1:1 Reward #2: 92 pips. R;R = 1:1.5
Short
by Krunal.Patel
EURUSD: MORE DOWNSIDE?Hi Trader, We have a 2618 setup forming here on EURUSD in the context of the longer term downtrend. I am particularly confident in this setup for a number of reasons. The early-week rally has been almost completely eliminated with yesterday's selloff. A valid 2618 setup has formed with the double top and close below neckline, confirming the potential for an upcoming move to the downside. The reversal zone comes in at previous structure, as shown on the chart with the blue circles and arrows. It also happens to line up well with the Fibonacci retracement from the highs at 1.13870. BE AWARE that the ECB Press Conference and Interest Rate decision is imminent in 4 hours. Price action is likely to be volatile around this event. Just something to be aware of if you are trading Euro tonight, don't get caught with your pants down! Entry: 1.13480 Stop:1.14020 Target 1: 1.12880 Target 2: 1.12610 Best of luck for the rest of the week and beyond, Luke
Short
by Beebags