Hi All, we have a double top with RSI Divergence chance to get short - we could also see price continue upwards on this pair towards the Mad Monday Spike giving us an opportunity for a shorting position at AB=CD completion which puts us right inline with Previous Structure - however I have a feeling this might break that level exposing us to the next high which is...
With a 3 day weekend coming up and China still a major bearish fundamental influence, I am shorting certain speculative tech stocks that will likely take the most short term punishment. TSLA is one of them and I like how a technical trend channel is providing a great entry for a short. I expect at least a minor selloff on Friday for traders/investors that simply...
A couple of patterns have formed on daily chart of EURJPY. Firstly, a 'Double top' pattern was triggered yesterday with daily close below 137. Secondly, a three-wave correction may have ended on Aug 21. Thus, another wave down is due to unfold targeting 131,20 area. To confirm this scenario, a break of current trend line is around 136.20+ is required....
As price action makes its way back up towards previous structure highs, we’ll reach what I like to call a “decision point” in the market. I call it that because it’s at this point where our “IF/THEN” thought process comes in today play in our decision of whether to go long or short. Because we have yet to break structure, I won’t touch on the long option, but...
Hello Traders, We just got the completion of a VALID 2618 TRADE SETUP on FX:NZDJPY with better entry price and lowest risk possible. I've already entered into this short trade at the price labelled on the chart above. The stop loss is placed well above the respected 4 hour trend line. See the chart above for more details. NOTE: For tomorrow, we have 3...
One of the critical things to look for as a trader is DISTRIBUTION from the funds. We look at this on the indexes. Any index showing signs of distribution is a clue that potential turn is coming. One day a trend does not make, but if we see a series of lows and higher volume on those lows it is critical to get to the sidelines...or tighten stops. I look for 4...
Here on the 1hr chart we have a double top forming at a previous major structure level. We also have an overbought RSI and RSI divergence which in my experience normally sets up pretty accurate trading opportunities. The rules of my plan state that i can sell the double top before it breaks the neckline if the first test of the high is overbought on the RSI and if...
Hi all, This is an update to the Short OGE Trading Plan, which is about Trading a Double Top Pullback. Update as of 29 June 2015: Market has plunged sharply down from $31.20 in the last update to as low as 28.65 on 25 June, and currently hovering at $28.80s. At this point, the bears have used up much bearish momentum pushing the price to $28.65 and we are...
EURAUD has used a structure as support and it has created a double bottom. The risk/reward is good but consider to add some extra pips on your stops considering the previous lower low. You might wait for a 2618 setup. Be patient and good trading.
EURAUD has been in a bullish momentum since the beginning of 2015. The price is now using a strong support (you can better see on Daily chart) and it has created a Double Top. After a decline the price is about to retest the support. If the support is invalidated we should see a long opportunity until the next structure, otherwise a short trade could be...
GBPNZD is overbought on the Daily and Weekly. Moreover a Double top has completed on a strong major structure that works as support. If you're prudent you can wait for a 2618 setup before enter the trade and short !
Things are looking good for me considering how May was terrible for me. However we have a structure short on the AUDUSD. I made a video explaining the whole process. youtu.be Good Trading Guys
GBPCAD has completed a bearish Bat pattern and it's almost finishing a Double Top. This is a great time to short with a R/R ratio of 1.8. If you want to be prudent you can wait for the Dobule Top formation and short there ! SETUP (for the Bat) ---------------------------------- Entry short @ 1.9178 Stop Loss @ 1.9261 Take Profit @ 1.9052
To follow up on last week's EURUSD idea, the pair has finally reached higher level of structure that I liked during yesterday's Euro rally. We've now double topped at that level and have broken structure to the downside setting up for a potential 2618 opportunity for those traders looking for a conservative approach to get involved. We do have A LOT of news on...
Last week the Greenback opened bullish on the back of the prior Fridays better-than-expected core cpi readings and strengthened throughout the week. On Tuesday it made strong gains as core durable goods, consumer confidence and new home sales all beat expectations. These positive readings reinforced dollar strength. Wednesday´s BoC rate decision and statement...
If the downward movement continues, a breakout of this support to the 61.8% fib is a possibility, or even go further from here. If a retraction arise, from this Support where we are, or from below (acting as a false breakout of this support), we will look for the last lower lows from structure, around 1.108 or 1.122, however, the 61.8% fib extension from the...
After double topped, the kiwi made a strong break down and now it retraces to 618 area, which could be a nice selling oppurtunity with two potential targets and stops above the double top - as it is written above.
EUR/AUD - H4 - 2618 & Bat Pattern We are looking for a D leg completion of this Bat Pattern for our buy orders to be triggered. The C leg of this bat pattern didn't exceed A, so in my rules this is still a valid Bat Pattern. Having now retraced back into the 61.8% Fib level, we can also trade this as a 2618. Rules Of Engagement 2618 - Double Top - Break below...