XAGUSD: TWO 2618 TRADE SETUPS AT THE WEEKLY TREND LINE !!!
Hello Traders,
Here we have two valid 2618 trade setups on
XAGUSD
, where one of the 2618 setups reached its first target and currently we have another new 2618 trade setup that has just completed with better entry price. Notice that market is very close to the weekly trend line and that it has been successfully tested several times by the market. After completing the recent 2618 setup, market has passed the 61.8% fib retracement level, giving us even better short entry price. I have placed my short entry right at the weekly trend line, with stops just above the recent highs. Break and close below the well respected rising trend line will give us extra bit of confidence to stay on the short side. See the chart above for more details.
NOTE #1: Market has also formed a bearish inverted hammer on the daily time frame. I have added the weekly chart as well to illustrate how the weekly trend lines were drawn. See the charts under this description section.
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. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
Follow me on Twitter as well (username): moneymaking2016
Here we have two valid 2618 trade setups on
XAGUSD
, where one of the 2618 setups reached its first target and currently we have another new 2618 trade setup that has just completed with better entry price. Notice that market is very close to the weekly trend line and that it has been successfully tested several times by the market. After completing the recent 2618 setup, market has passed the 61.8% fib retracement level, giving us even better short entry price. I have placed my short entry right at the weekly trend line, with stops just above the recent highs. Break and close below the well respected rising trend line will give us extra bit of confidence to stay on the short side. See the chart above for more details. NOTE #1: Market has also formed a bearish inverted hammer on the daily time frame. I have added the weekly chart as well to illustrate how the weekly trend lines were drawn. See the charts under this description section.
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. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
Follow me on Twitter as well (username): moneymaking2016
Comment:
UPDATE #1: Short Entry has been triggered. All the BEST :)
Trade closed: stop reached:
Hello traders, stop loss has been reached. All positions are now closed for this setup. Focusing toward future trade setups :)