GBPUSD - a textbook example of a 2618 trade

FX:GBPUSD   British Pound / U.S. Dollar
Since some people do not know what a 2618 trade is, and the opportunity is there, I thought I'd make an example for educational purposes.

A 2618 trade is probably the safest way to trade a double top or double bottom and although the Risk/Reward ratio is a little less favorable, my preferred way to enter a double top/bottom trade.

Basically, you wait for the downward trend, away from the double top (the upward for double bottom ) to break and close below the neck line of the double top/bottom.

Then, if a retracement occurs, you put a limit order at the . 618 retracement of the previous leg of the move, in the direction of the previous move.

You might miss a couple of double top/bottom trades if no retracement occurs, but percentagewise you'll win a lot more of these trades.

Hope this was informative to you, don't forget to hit the like button :)
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Thanks for sharing ... :)
+1 Reply
You're welcome :)
There should be an extra button for AWESOMENESS. If there were I would have pressed it but since there is not, I just clicked the like button.
Thanks for sharing.
+1 Reply
Nico.Muselle johncarter_oz
LOL, thanks ... :)
I made it out of lazyness actually .. because I did not want to explain it all the time, now I can just refer people to this post :D
Thank you for explaining !
+1 Reply
You're welcome, let me know if you have any questions :)
Dale_Ansel Nico.Muselle
This reminds me a LOT of Jason Stapleton =)
+1 Reply
Nico.Muselle Dale_Ansel
Yep, I'm a student of his :D
Dale_Ansel Nico.Muselle
Did you complete the 12 week course? And do you attend the live
trading room with Akil?
Nice example as well as idea to let the people know 2 618 trade setup those who don't know. ;)
+1 Reply
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