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60

Gartley Pattern, EUR/AUD, 60This Gartley pattern formed at the end of consolidation suggests a long movement from a monthly low. if there is a break out of consolidation , the market will likely rally up into the 1.618 extension of the BC leg, around 1.45530. i have placed my order long keeping the risk reward ratio at 2:1. I have placed my stop at the lowest low of the Gartley pattern, and my limit at the 1.618 extension. Remember to like comment and follow me for updates and new traded. Thank You and Good Trading !
Long
by Kylan_Laymance
GBPUSD - a textbook example of a 2618 tradeSince some people do not know what a 2618 trade is, and the opportunity is there, I thought I'd make an example for educational purposes. A 2618 trade is probably the safest way to trade a double top or double bottom and although the Risk/Reward ratio is a little less favorable, my preferred way to enter a double top/bottom trade. Basically, you wait for the downward trend, away from the double top (the upward for double bottom) to break and close below the neck line of the double top/bottom. Then, if a retracement occurs, you put a limit order at the .618 retracement of the previous leg of the move, in the direction of the previous move. You might miss a couple of double top/bottom trades if no retracement occurs, but percentagewise you'll win a lot more of these trades. Hope this was informative to you, don't forget to hit the like button :)
Education
by Nico.Muselle
12
USDCAD - Potential cypher for trend continuationThis pair has been in a constant bullish trend for some time now. A cypher pattern is forming now on the 60 min chart with a trade in the direction of the pair. The potential reversal zone shows quite some Fib confluence, the only question is will the bears have enough strength to bring it down to this level. If they do, aggressive traders can go for a .618 and 1.272 extension as targets, conservative traders go for the .382 and .618 retracement of CD. Stop loss as always goes below X.
Long
by Nico.Muselle
1
EURUSD: concrete short term scenarioWith the ECB being almost solely focused on raising inflation to 2% and recent data showing it is way below their target (and it has in fact dipped), this pair will continue to be under selling pressure, driving it down further. The slide in oil prices will only increase this pressure. Fact is that the euro zone is struggling. Interest rates have been cut to practically zero and ECB president Mario Draghi has explicitly cited bond-buying as a possible tool. Although there is some disagreement on this between ECB members, it is expected that QE in the euro zone will at least be seriously debated as of this week. The dollar on the other hand has been gaining in strength the last few months with the DXY shooting up to 88.28 last Friday. This pair is still bearish in the daily as a rising hourly channel again failed to break the daily trend line. I now see it trading within a steep bearish channel and if it respects the upper trend line of this channel, it might break through support, then retrace only to decline further. I would enter the short conservatively, meaning only after break, retrace and subsequent bounce of resistance. This is a concrete short term scenario, lets wait and see if the pair follows “the script”. EU has been rather moody and choppy lately and market sentiment matters, so beware!
Short
by JazzForex
2