After that long drop, market seems to be taking a breathing retracement. If market keeps going higher, we might see a potential bearish 2618. RSI right now seems to be shooting for the sky, which means it's just a matter of time before the bulls run out of steam and then the bears will take over.
In the last couple of TAs I have mentioned the “2618 pattern” and have been asked what 2618 means. Sorry for taking it so long as it took me quite a while to put everything altogether. But, as promised, I have explained below the rules and trade setups for the 2618 pattern. What are the rules/setups/steps for 2618? 1. Form a double top (Note #1) 2. Neckline...
Confirmations for 2618: - double Top - measure bearish impulse - retracement at 0.618 (on this case a pullback) - sell towards -0.27 (take profit) Double Top + 0.618 = 2618 Good Trading.
I enter on this idea after a retest of a double_bottom (2618), with a minimal stop loss and very good risk rewarding.
Average trade is 7 bars on this strat im aming for 6 most importantly fib levels Entry 1.27682
2618 Setup - double floor - measure impulse - retracement at 0.618 - TP at -0.27 and -0.618 Double Flooe + 0.618 = 2618 There's a perfect support and retest for that double floor that gave us this bullish impulse towards -0.618, at this point a major retracement is needed for further bullish movement, ABCs gave us that by consolidating and reaching 0.786 for...
Market, after that long drop, has shown an oversold condition on the RSI. If it decides to rally up, there might be a potential selling opportunity using the 2618 strategy. The 618 Fibonacci retracement lines up right some structure levels, so it might be a great area for entry. Stop loss will be above the previous top, using the ATR, and target would be a retest...
Gbpjpy short setup
AMD has been another quite great example for harmonic patterns trading since 2017. This one should be my 7th idea about AMD on TradingView,basically all of which are shown in this chart. Like BABA, I am more bullish on AMD and I still hold some longs from the last butterfly, so I won't take the bearish bat to short; I'll take some profit around here instead . To...
2018-5-06 1. Oil Price has been consolidating above 1H Support (Green) 2. A Double Bottom has formed 3. Neck line has broken 4. Wait for a retest of the ST Support zone (Blue) for entry
The NZDJPY has been making textbook moves for the past 5 or so months and nows the perfect time to see some changes. We had a wedge pattern forming, as well as a bat pattern within the wedge as a little reassurance to buy. Following the leg formed by the bat pattern, we turned around at the .618 giving us a very nice 2618 formation. Going on, theres now a couple...
Ending Diagonal confirmations: - 1 and 4 at same price - 5 clear points - take profits between 0.786 - 0.886 Butterfly Pattern confirmations: - A-B must touch 0.786, but cannot exceed X - B-C touches 0.382, but sometimes goes further (does not exceed A) - ABCD formation. D has to reach outside X and touch 1.272 or 1.618 - TP 0.382 TP2 0.618 (Fibo A-D)...