Here we have two valid 2618 trade setups on FX_IDC: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 , with stops just above the recent highs. Break and close below the well respected rising 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 were drawn. See the charts under this description section.
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