The less dovish than expected tone from the RBA last week, stating the exchange rate was still overvalued but failing to give any mention of a time scale for further rate cuts, made me less bearish than I was on this pair. On top of that, the FOMC minutes highlighted concerns about hiking interest rates too soon, creating some buying pressure. Last week was...
We're presented with a Head & Shoulders formation and the right shoulder has double topped, broke through the neckline and formed a .618 retracement to test the highs again. This might be a good time to short if current candle closes below the neckline which aligns nicely with the .618 retracement. RR is definitely worth giving it a try
This pair fell sharply on Friday on the back of a strong US jobs report with a higher than expected non-farm payroll number (257K) and a favourable wage gain percentage (0.5%). Because of this strength in the US labour market, the USD immediately became bullish, creating enough selling pressure to make this pair lose 145 pips. The diverging economies as well as...
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#EURUSD 4h 2618 Short Opportunity
This morning I posted a trade idea titled "3rd Times The Charm" In this idea I mentioned that i had previously taken 2 losers on this particular currency pair the day before and was ready to reload once again for another shot at getting short. Well that trade payed off as our double bottom/ Bat pattern (LTF) rolled over without much pain this morning and then even...
@TradeYodha TradeYodha.com (Just my ideas, do you own analysis) Possible EURUSD Hourly 2618 Style Long Opportunity 1. Bullish divergence earlier 2. Double bottom earlier 3. Can expect a retracement to 61.8 level of last impulse leg 4. Must wait for a confirmation before going long at 61.8 level. 5. First target @ 127.2 level where the fall started 6. Extended...
What fun would trading be if we didn't stem up a bit a controversy every once in a while. Now when looking at the higher timeframes everyone is calling for a long on the GBPAUD based on the previous level of structure that we're coming into. Me...well I took a short position this morning at the 86 even handle. Seeing how more than 80% of traders fail I have no...
Daily Bullish Divergence RSI 1H we got a Double Bottom plus the restest of the 61,8% Fib. So we have the 2618 setting up. T1 and T2 marked according to Structure. After T1 Stops to Break even. PLUS Check Structure on Daily....look left....long way left ;)
DBL top, broken upward trend line back to a .618 retracement. Long candlesticks on the daily against structural resistance. Looking for a 1.272 extension
There was a double bottom right at the key support zone. If market pulls back from the recent bullish momentum to 61.8% retracement level, we will have a 2618 setup to go long. At the moment, I'm shorting this pair (see idea in link below). Lets wait and see if market will play as per these ideas.
In the daily chart, we can see that price has surged up from Monday's pin bar at key support zone. In H4 chart, we can see a break of the double bottom's neckline. Will the market retraces to 61.8% level for a 2618 trade setup? If market retraces to that level, it is also re-testing the high of that Monday's pin bar in daily chart providing us with a second...
2618 setup is completed in H4. Price has overshoot 61.8% level and touched 78.6% level (which is a better price to enter). Having said that, of course, there is a risk that price may just continued to fall and take out the lows of the double bottom. Another confluence for this trade is the buying opportunity here is in line with my earlier idea (see link below) -...
GBPCHF just put in a double top, followed by a breakaway and 618 retracement. Price put in a bunch of long wicks over the fib level on the hourly but didn't close above. Double top lines up with fib confluence of .382 and .5 fib retracements and previous structure low. Price is currently in a consolidation phase in a downtrend, expecting trend continuation at...
Daily - Market was in downtrend from March to July, before rallying back up and stalled at 50% retracement of the downtrend. That is also a resistance zone if we look left. H4 - We can see a double top formation with price broken below the neckline around 1.09 and is now potentially retracing upward towards 61.8% fib retracement for a 2618 trade. Will be looking...