A potential 2618 trade
- Double top
- Break of neckline
- 61.8 Retracement
- SL must go a minimum of -10 pips above double top
- TP1 at a 38.2 retracement
- TP2 at the 61.8 retracement
Due to a deep retracement past the neckline, the risk reward on this trade isnt great but certainly one to keep an eye on.
We are up into historically strong resistance, which could be a great opportunity to short.
A little more conformation needed on the 4h and 1h chart for me to take this trade, but certainly one to keep an eye on.
Looking at 1.093 for a potential short on EUR/USD (H4)
A completion of this Gartley Pattern would give a high probability trade.
Stops must go above previous resistance and target 1 at the 38.2 retracement.
My overall Monthly bias is bullish on this pair, However i believe we will see a retracement back into the channel before a push higher.
A retracement back into the 38.2 is possible, but the TP in place will ensure a safer trade.
Reasons To Short:
- Double Top.
- Bearish Divergence on RSI.
- Bottom of the channel coincides with previous support.
- 2:1 Risk ...