Sharing some knowledge on a very popular set up used by many traders - 2618 trade set up. The recent move of DXY is the best example of this set up. 2618 trade is essential a counter trend or reversal trend set up. (1) The way I like to use this and found a higher percentage on winning is when price is on a strong trend, hitting a halt and creating a double top...
Following the previous set up: Trend broke. Waiting for a pull back for entry. Entry: 139.99 TP1: 141.315 TP2: 142.819 SL 139.472
D1 we can see that the last recent wave just barely scrap a New High. H4 We can see a recent Uptrend Channel formed with price potentially respecting the extreme of the channels and carry on with the trend. 2 Targets for this trade with no pending orders. Will look for appropriate candles to confirm entry. Also to note, there is a Harmonic pattern if it completes...
Australian Stock Market is closed for the weekend. We have a potential c-d leg of a Gartley pattern that could happen next week. If it reaches the D Leg at around 5811 to 5817 and holds, or show signs of reversal. It is also in an extreme zone where the price will also be in the range of the highest High on the Daily Chart. We will anticipate a short term sell,...
Really great Opportunity for a bearish move on a daily chart. As mentioned before that Audcad loves ABCD pattern. The price and pattern behaviour of this pair with Incredibly repetitive. Will be updating as we get closer. Please feel free to comment and provide your thoughts or feedbacks. Cheers
C to D leg of a bat pattern may complete. Watch price action on lower time frame for confirmation to go long. If price smashes through, let it go, wait for it to head near the extreme of th channels before deciding on another long move. I am anticipating a move or several moves before an aggressive bullish.
JPY recently showed some strength before the weekend. Looking to potentially go long with 2 TPs. Watch list for next week. If price comes backdown into the support zone, I will zoom into H1/30Mins and watch the reactions of the price. If price bounces and I will place an order as per image. If price bashes through close below 85.75, the idea is no longer valid.
AUS200 currently in a Sideway action and I've been able to identify a couple BAT patterns. 1st Bat pattern give me the confidence that it had worked. 2nd one (if it ever reaches the D leg) will be the one I will enter the trade. No pending orders.
If DXY comes back to 101 - 100.9 mark I may want to go long. DXY in a strong uptrend.
Starting out with D1 (1) First candle to change direction. Also a candle to watch when price comes back. (2) Wick to monitor - Monitor the wick of the candle (3) Price comes back to previous level. First indication that it respects this level. {Refer to Orange arrow} At this point, this should give me an idea that if the level comes down we may anticipate ...
Quick Trade GAP filling
Gold currently has a strong bullish move with an AB=CD Pattern completing at a 0.618 FIB and an FIB ext 1.618 confluence zone. RSI slightly over bought on D1. Watching for RSI to be heavily overbought and the C to D leg to complete in the referred zone.
USDCAD Entry Rule: I want to see some price action around this area. What would give me confidence to enter here would be some a couple bounces/Pinbar/Strong Wicks
EURUSD currently on a down trend. D1 - Price comes down to exactly 0.618 Fib Ext. H4 - Price bounces and goes back to support area. If it breaks through support zone, do not take the trade. Watch price action