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2618 Trade

Trend Continuation Pullback Long EntryUSOIL went for a deeper correction and reached 61.80% retracement of its setup bull leg. Bears look very convinced at this point and going lower here could initiate a swing break that would put a lot of pressure on the longterm bull trend. Judging from previous behaviour, market inertia should take hold here and demand should be flowing in anytime. Higher TFs are expected to transition into a trading range and bears might capitulate soon after driving this pair higher. Buying 61.8% retracement with stops below the low of setup leg seems reasonable. However, strict risk & trade management is a necessity as the trade setup is a lower probability better R:R setup that should be approached with caution.
TVC:USOILLong
by Zoen_Trieste
2
Gold - XAUUSD (Harmonic Patterns and Wave Analysis) - 1h ChartConfirmations for Cypher Pattern: - A to B must touch 0.382 but cannot exceed 0.618 - B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension) - C to D must touch 0.786 of X to C - First TP at 0.618 of D to C (Fibonacci) - Second TP at 0.382 of D to C (Fibonacci) - Third TP back to point C Between A to B we can see a minor 2618 trade been completed with some confirmations: 2618 confirmations: - Double floor - Measure impulse - Retracement at 0.618 - TP at -0.27 Double Floor + 0.618 = 2618 At 50% between C to D we can see a major consolidation with minor harmonic patterns been completed within, first there was a shark pattern with a bullish impulse and began gartley formation for bullish continuation towards D completion of the Cypher Pattern. After Cypher Pattern was completed bearish impulse began with an Ending Diagonal been formed - 5 clear points - 1 and 4 overlap - Clear consolidations between each point 0 to 1: First I measured minor pullback by placing 0.236 below consolidation, got 0.5 as higher high of that pullback and went straight towards -0.618 for perfect support. 1 to 3: Afterwards major pullback retraced back to 0.236 making previous lower low a new higher high, got that good consolidation at top for bearish continuation towards point 3 3 to 5: Between 3 to 4 we have and ABC pattern retracing exactly to -0.618 making previous lower low a new higher high for Ending Diagonal completion. I measured 2 to 3 impulse with Trend-Based Fib extension and got 1.272 exactly at point 5 where it left a wick, plus got -1.618 from minor pullback as support near 1.272. At this point I expect some type of consolidation or retest at point 5 for bullish impulse towards 0.786 - 0.886 area. Good Trading. - 1h Chart
FX_IDC:XAUUSDLong
by DanielParra99
1
EUR/AUD 2618 SHORT SETUPI'm projecting that this pair FX:EURAUD will drop to the DZ (Demand Zone) in the 1.5160 area. A few things we have seen so far that bring about the 2618 trade setup on this pair is: 1) a double top formation; 2) the neckline of that double top broken; 3) price retracing into the 61.8% fib region; 4) multiple trend line retests and rejections. Price is flirting between the 61.8% fib region and large quarter point 1.5750, showing a little bit more buying power in the market right now. I want to be conservative with this trade as it is a weekly swing that could net a potential 600+ pips, so i'm waiting for strong weekly bearish candle to close below the neckline of that previous double top, which is at 1.57753. All feedback is greatly appreciated. Thank you!
Short
by JFibonacci
EURUSD Pullback Long SetupEURUSD has almost reached 61.8% retracement of its setup bullish leg. Demand is expected to enter around this area. Limit buy orders at 1.1630, the 61.8% retracement area, and stops around previous low of 1.1528 is the trade setup. The context to the left of the chart is quite bearish, making this a lower probability reversal trade with a decent reward for risk. 2R-3R targets are achievable if buyers prevail here. This trade setup should be approached with caution and strict trade & risk management.
Long
by Zoen_Trieste
2
High Reward Beautiful Bat Pattern into 2618 Fib Inversion trade Markets continuing toward a large previous structure area that and would complete the Bat pattern lined out proving a case for short entry at the .886 retracment of X to A Pullback is also into an inverted 1.618 extension off of a double bottom that breaks structure that would confirm again an entry for shorting, in 2618 trade looking for pullback into .618 retracment giving a good long opportunity - also more confirmation the pattern will be accurate. Targets will be into Prev structure at .618 retracment at 128.5's Stops above 130.510's
by tmh85