AUDUSD has a retracement after the double top formation has formed, what's interesting is that the market is below the 2 moving averages. I'm watching closely for a shorting opportunity.
"2618" means 2 tops or double tops, then follow by retracement back to 618...then usually a downtrend...
of course, this is juz a trading idea, no indication of buying or selling...
strong resistance : 1584-1600
current resistance : 1560
current support : 1500-1520
A check back on the retracement of the double top setup gave an opportunity to engage the trade.
At the blue trendline, it will be level I'm observing if a break below and close below the trendline is going to happen, for that I'll leave it to the alert set on trading view.
If you do not have an account with a trading view yet, clear your cache, set up a new...
The EURJPY hasn't been too nice to me over the past 2 trades, but it was once again one of the pairs on my radar during this weeks video. This opportunity isn't as good as the last 2 (yes they were still "good: opportunities even though they lost) but it's one where a trader can take a conservative approach to get involved.
This conservative approach would be in...
I know I posted a long trade on the down earlier at 25000 and that trade is all and good... but I wantd to show you what the sellers are also looking at ……
my thoughts... 22,000 is in the cards my friends
your thoughts?
educational use only
Hello traders! I wish you all of you profitable trading week!
USOIL Formed 2618 Pattern.
If you a question, please leave a comment. I will try to answer.
AUDCHF Time to look for reversal.
Watch price action at the top and look for sell.
Please support the setup with your likes, comments and by following on TradingView.
All trade conditions are met: double bottom, RSI divergence, 61.8% retracement was not hit between 5-9am central time. Targets are at high of the extension beyond the double bottom, and the 127.7% extension. Stop currently 10 pips below the double bottom, will be rolled to 5 pips past entry if 1st target is hit.
After a confirmed double bottom, the price retraced back to fib 61.8 price level, a doji candlestick with a few long wick candlesticks, it is safer to confirm the stop-loss to be in this level now minus some pips. The trade setup can provide 2:1 R:R for the first target and in the daily chart it can be extended to 0.954 price level which can be trailed using 4H TF.
On the GBPCHF hourly we had a 2618 trade set up hitting profit target, this move was also the D leg completion of a Bat pattern. Conservative traders can get a second chance to enter the Bat pattern IF we can get a second retest of the 88.6% entry level.
USDJPY 2 Tea Cups & Possible Double Top
I'm active in the teacups if it closes above resistance I'll be closing these trades out. I'll take the 618 retracement as well if it doesn't though.
Moving Averages are a good distance apart as well.
E1: 111.48
E2: 111.598
SL: 30
TP: currently 50
if resistance holds and it goes down to the 618 as stated above I'll be...
