UPDATE #7: For traders who avoided being stopped out, your first target has been reached. Stop loss now moved to break even.
UPDATE #6: For traders who placed their stop loss above the "previous resistance zone" you would still be in this trade. While for traders who's stop loss was 66 pips away from entry, unfortunately we have been stopped out.
UPDATE #5: For traders who shorted the pattern, the stop loss for break even has been hit. All your positions should be CLOSED, while for traders who shorted based on the 2618 setup, our positions are still OPEN.
UPDATE #4: If anyone shorted NGAS based on the pattern (image posted below), then your first target has been hit. Stop loss can be moved to break even.
UPDATE #3: pattern just got completed after that huge spike to the upside.
UPDATE #2: We're also close to the completion of a pattern on 4 hr time frame. See the 2nd chart below this description.
UPDATE #1: Trade is active now.
I hope everyone is doing great in the markets. Here we have a potential 2618 trade setup, that is close to completion. The market has broken structure to the downside and now we are seeing a retracement back into the 61.8% level. The stop loss level indicated on the chart gives us 1:1 risk to reward ratio but note that the stop loss is NOT above the previous . Placing the stop loss above the would give us an unfavorable risk to reward, please choose which ever stop loss level fits your trading style.
For more details please see the labelled chat above for more details.
Note: Market came very close to the 61.8% level, after breaking the structure, but did NOT touch it. Therefore this setup is still INCOMPLETE.
2nd Note: This 2618 setup has formed at the same previous level, where we had another successful 2618 trade setup. See the chart below for clarification.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)