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2618 Trade

2618 on CADCHFHi guys, this is on of the pairs i'm going to be looking at over the next days. And the reason why is pretty simple to explain: if you go on the daily timeframe you'll see price is dancing around a very important level of structure (yellow box) and in doing so it has created a bearish engulfing candle pointing downside (in RSI overbought conditions). If we lower timeframe (1H) you'll see that the engulfing candle is in fact a double top with a break of structure to the downside, and that gives us a strong signal of selling pressure. So at the moment i'm waiting to see a retracement to the 618 level in order to trade it like a 2618 trade. Stops and targets as shown. If you have any idea/question, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Shorting CADCHF with structureHi guys, this is on of the pairs i'm going to be looking at over the next days. And the reason why is pretty simple to explain: if you go on the daily timeframe you'll see price is dancing around a very important level of structure (yellow box) and in doing so it has created a bearish engulfing candle pointing downside (in RSI overbought conditions). If we lower timeframe (1H) you'll see that the engulfing candle is in fact a double top with a break of structure to the downside, and that gives us a strong signal of selling pressure. So at the moment i'm waiting to see a retracement to the 618 level in order to trade it like a 2618 trade. Stops and targets as shown. If you have any idea/question, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
4
EURJPY (Cypher Pattern with 2618 at right leg) -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, on this case it was 1.414 - 1.618 area. (Trend-Based Fib Extension) - C to D must touch 0.786 of X to C (0.786 - 0.886 area) - First TP at 0.618 of D to C (Fibonacci) - Second TP at 0.382 of D to C (Fibonacci) - Third TP back to double floor Confirmations for 2618 inside right leg: - double floor - measure impulse - retracement at 0.618 - TP at -0.27 and -0.618 Double Floor + 0.618 = 2618 Good Trading
Short
by DanielParra99
XAUUSD (2618 Setup) -1H ChartAt left side we can see a flag was formed and completed at -0.27 for our 2618 setup: - double top - measure impulse - retracement at 0.618 - TP at -0.27 and -0.618 Double Top + 0.618 = 2618 TP3 (1.618) would be long term for major retracement at previous 0.786 - 0.886 area. Indicators: EMA= Both lines haved crossed telling us change of impulse MACD= Double Top inside MACD with Support & Resistance shows what I expect for 2618 Good Trading.
FX_IDC:XAUUSDShort
by DanielParra99
2618 trade opportunity on NZDJPYHi guys, here on NZDJPY we've just tested a very important level on the daily timeframe, while creating a double bottom with RSI divergence on the lower timeframe (4H). This is a clear sign of reversal and could point to a change in trend on a long term basis (especially in the location we're). One of the way that you can trade double bottoms is by waiting for a break and then trading the retracement of the leg that break the neckline (at the 618 ret). And that's what i'm going to to do if price will give me the chance to. Stops and targets as displayed. If you have any question/idea, feel free to ask. Otherwise, see you in the next chart!
Long
by Roker1
2618 on NZDJPYHi guys, here on NZDJPY we've just tested a very important level on the daily timeframe, while creating a double bottom with RSI divergence on the lower timeframe (4H). This is a clear sign of reversal and could point to a change in trend on a long term basis (especially in the location we're). One of the way that you can trade double bottoms is by waiting for a break and then trading the retracement of the leg that break the neckline (at the 618 ret). And that's what i'm going to to do if price will give me the chance to. Stops and targets as displayed. If you have any question/idea, feel free to ask. Otherwise, see you in the next chart!
Long
by Roker1
1
ON THE LOOKOUT FOR A BREAKOUT - INVERSE H&SI've had my eye on EURNZD for a while now, but more recently in the last week or two. The Euro has over the last week (actually since April 2017, but what's 12 months between ticks) staged quite the bullish run and the charge seems to be in full momentum (I should know on account of being on the wrong side of it recently and donating some to the market). Most noticeably is the formation of an Inverse (or Inverted... take your pick) Head and Shoulders setup on the Dailies (1D, Daily Chart) which is beginning to look quite ripe for the picking and providing a nice trend following, swing trade long opportunity for those who like that kind of stuff (and by that I mean anybody interested in making some profit from the markets :D) Price action is currently testing a pretty significant level of resistance at previous structure highs, which pretty much lines up with the neckline of the aforementioned Inverse H&S. Having done our I (Identification) and P (Prediction), the only other question now is how do we get involved i.e. what is our D (Decision)? Dropping down to the lower time frames (1H to be precise-see chart below), this pair has setup a very nice Double bottom preparing us for a potential 2618 Entry opportunity to get involved. IF price can retrace to the 61.8% or deeper of the confirmation leg (right leg of the Double Bottom) to the most recent highs, THEN this could provide a very decent entry opportunity with a pretty nice Reward to Risk ratio. Alternatively, IF price breaks and closes above the resistance level (which we just got on the 1H as I type this) and stages a further advance, THEN I'd be waiting for a retracement into resistance now turned support or possibly (ideally) lower into about the 1.7100 even handle for an opportunity to get involved. It is worth noting that both the U.S (of A) and New Zealand will be releasing interest rate decisions later on today (18:00 GMT for the U.S and 20:00 GMT for New Zealand), both of which could significantly affect the outcome of this analysis. So I would be treading carefully or stay out until after the data releases. As always, glad to share my observations of the market but the real work is yours to do. These are just my opinions and do not constitute any advice or recommendation to trade. If you do take a trade based on this analysis, please note you do so at your own risk so be sure to do your own analysis and confirm to yourself the trade meets YOUR rules and trading plan, that the risk is worth it to you and you have fully acknowledged and accepted the risk involved. Good luck in your trades community. Wishing you all lots of success, consistency and bank :)
Long
by scorpiousg
USDWTI (Oil)First we got a pretty good resistance with a double top, which means we have a possible 2618 trade: - double top - measure impulse - wait for retracement at 0.618 Double top + 0.618 = 2618 technique I measured bearish impulse so I could confirm areas with some Support & Resistance and we can see how each pattern or consolidation was formed around those areas, even fibonacci retracements respect those areas. Also used some Support & Resistance on MACD to confirm divergence. BAT PATTERN -Left Leg At first there's an ABCs formation right at where bearish Bat Pattern began, we can see how it went bearish forming an Elliott Impulse with 5 clear points and each consolidation that was formed respected fibonacci retracements. -Right Leg After an Elliott Impulse there's always some type of consolidation, which is exactly what we got with that double floor at the bottom, right after that retest it formed a pullback that I measured with Trend-Based Fib Extension, we can se how 1.618 - 1.414 area is exactly around bearish area. We got 0.886 -0.786 area from Bat Pattern, 1.618 - 1.414 area from Trend-Based Fib Extension and 0.618 from 2618 technique all at the same area!!! Good Trading. -1h Chart
FX_IDC:USDWTI
by DanielParra99
11