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618 Fibonacci Retracement

USDCAD | PERSPECTIVE FOR THE WEEKI had a Bearish bias last week with price moving over 100pips in our direction (see link below for reference purposes). Despite price action still portrays a dovish tendency, it is important to note that price is presently sitting on major Support/Resistance (see Day/Week Chart) which has been a sensitive Demand area multiple times in the past. As US job figures sparkle and against all expectations, the expectation of a break above 1.31500 in the coming week is strongly a possibility on my radar! Tendency: Uptrend ( Bullish ) Structure: Trendline | Supply & Demand| Reversal Pattern (Harmonic: Cypher) Observation: i. Since mid-July 2020, Price action has connected lower highs and lower lows with parallel trendlines to show a prevailing downward trend. ii. Price crashed into and began a rally from an area that represents a major Support/Resistance level (Demand zone on the chart) in the past. iii. Looking closely at the rally from the Demand zone, I noticed a structure that depicts a Harmonic move (Cypher pattern) represented by the following data; a. Point B retracement of the primary XA leg lies in between 0.500/0.618. b. Point C falls at an approximate of 1.414 extensions of the primary XA leg. c. Expecting 0.786 retracements of XC @ around 1.30300 zone confirming completion of the harmonic pattern at point D. iv. Having observed this, it's pertinent that I state here that a strong rejection of Key level with an engulfing candle shall force me to revert to last week's bias (see link below) as this means that the Buyers are yet to find the momentum to raise the roof! Trading plan: BUY confirmation with a minimum potential profit of 250 pips. Risk/Reward: 1:3 Potential Duration: 4 to 10 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
AUDCAD tested a weekly resistance 🦐AUDCAD on the weekly chart hit a weekly resistance and price started retracement. On the Daily chart price moved inside an uptrending channel and now ranging between 2 structure and price almost hit the 0.618 of the previous minor leg. IF the price will break and close above the 0.96700 area we will set a nice long order according with Plancton's strategy. ––––– Follow the Shrimp 🦐 Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
Long
by InkyGrip
4
USDRUB Monthly/Weekly outlook 🦐USDRUB on the monthly channel is clearly in bull trend with some sharp crazy spikes and volatility. Market recently touched the lower monthly trendline and start a new bullish move. On the weekly chart we can see that the price retraced till the 0.618 of the previous leg and started a new impulse. Three weeks ago market hit again the weekly resistance and gain momentum for a break of it. We can expect the price to break over the structure for new recent highs. ––––– Follow the Shrimp 🦐 Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
Long
by InkyGrip
6
CHFJPY continue the bull trend 🦐CHFJPY on the 4 chart is moving inside an upper channel and reach the weekly resistance. Market has now bounced at the bottom trendline of the channel and the 4h support that is also the 0.618fib retracement of the previous leg. At the break and retest of the upper 4h dtructure we can set a nice long order according with Plancton's strategy. ––––– Follow the Shrimp 🦐 Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
Long
by InkyGrip
7
EURNZD daily analysis 🦐EURNZD after the double bottom and the break of weekly resistance is now reaching a daily resistance. Market will possibly retrace till the support at the 0.382 fib level or even at lower 0.618 weekly resitance (red colour) before start again the bullish move. At the break and close above the daily resistance we can set a nice long order according with Plancton's strategy. ––––– Follow the Shrimp 🦐 Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
Long
by InkyGrip
9
GOLD Monthly/Weekly analysis 🦐On the monthly chart gold sharply rise after the retracement till the 0.618 fib level. Market before last leg stayed in a side range and then explode to the new higs. On the weekly chart we can notice that market never retraced and the las week candle can make us think about a possible retracement till the 0.382 level , that is also the previous high, or possibily the 0.618 fib that is a weekly support. ––––– Follow the Shrimp 🦐 Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
OANDA:XAUUSDShort
by InkyGrip
1
EURUSD testing a monthly trendline (Monthly/Weekly)🦐 On the monthly chart (left side) EURUSD creat again a retracement till the 0.618 fib level as it happpen already previously. The market anyway didnt create new lows before the retracement. Price now is approaching the monthly discending trendline and we can expect 2 different scenarios. On the weekly chart the price could break above the trendline (purple) and consequently the weekly resistance zone. In that case at the retest of it we will check for a long position according with our strategy. We can also see that the market never went to look for a retracement in almost 8 weeks In that case if the market will break below the weekly support we can set a short order looking for a retracement till at least the 0.382 of the previous leg. ––––– Follow the Shrimp 🦐 Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
by InkyGrip
USDCNH | MY PERSPECTIVE FOR THE WEEKWe continue to enjoy profitable Bearish opportunity on this pair in the last 3 weeks as price moved over 350pips in our direction since my last publication (see link below for reference purposes). We might be looking forward to a last Bearish drive as the PBoC intends to promote the healthy development of offshore Yuan market. Tendency: Downtrend ( Bearish ) Structure: Supply & Demand | Trendline Observation: i. Price has been respecting my Bearish trendline in the last couple of weeks with no structure suggesting a possible Breakout of this line soon. ii. Present structure at this phase in the market is screaming Breakdown of my Key level ! 6.93500 in the coming week(s). Trading plan: SELL confirmation with a minimum potential profit of 350 pips. Risk/Reward: 1:3 Potential Duration: 1 to 6 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. NirvanaForex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
2
AUD/CAD Golden ZoneGood day, snipers. Here in the AUD/CAD, we have multiple confirmations to go long. TECHNICAL ANALYSIS first on the weekly time frame, price rejected our golden Fib Zone 61.8 and I am expecting for price to go up. Also, price rejected the 8 EMA which was respected in the last few motnhs. FUNDAMENTAL ANALYSIS next is about the CoT report. Currently, net positions regarding the CAD are being sold while the AUD is being bought the previous week. Specifics are discussed with the team and accurate entry, SL and TP are sent too. Follow me on tradingview for more ideas and sniper entries. If you liked this idea please click that thumb's up. Ideas posted are not financial advise, but merely just to give insights and education for traders. Past performances do not determine future gains. As sniper traders, we tread carefully, then we take shots immediately. Join the discussion down below or leave me a message if you have any questions about the idea.
Long
by SniperFXFree
7
SLV is presenting a buying opportunityTechnically while I am long SLV in the big picture I think there may a little but of downside left to complete a healthy retracement. The tool I've used here depends on identifying divergence (in this case MFI but RSI is fine as well), you then measure the duration of that divergence, and lastly project it (duration) off the price low (as this is bearish divergence) within the period the divergence was identified. The notion is that this is the average time it will take for that low to be tested. What this means is that we *may* see a low in SLV on 8/14 and the general price range I'm looking for is 21.4 - 20.84 (prior low and pivot point) with a .618 retracement of the massive rally falling in that range. If the .618 retracement doesn't hold I will then look at the .5 mark visible on the graph. Please ask if you have any questions.
AMEX:SLVLong
by TNasr
XJO - Heavy Resistance Zone So the last 3 months we have stalled around and up to 6150 it's obviously an important area but it's actually a VERY important area, the reason why we've had such a hard time getting through is not only due to the .618 Fib level but also we have a convergence of the 200 day MA and the 200 week MA, hence why we have stalled from a technical viewpoint, the outcome of this move (breakout or failure) will determine which way our market goes longer term. However I view it as bullish the fact that we have sort of hung around and consolidated below the zone, with no real major rejection, suggests that energy is being formed for a bigger breakout move to the upside which is common when a chart has consolidated below a key area. We'll have to wait and see
ASX:XJO
by Ravi2409
3
USDCNH | MY PERSPECTIVE FOR THE WEEKSince my last publication on this pair (see link below for reference purposes); price has moved over 500pips in our direction followed by a correction move with the anticipation of a further decline scattered all over the place! As USDCNH risk a further decline in the following week, a retest of my Key level is red flag to watch out for in the following week(s). Tendency: Downtrend ( Bearish ) Structure: Retracement | Trendline | Breakdown | Supply & Demand Observation: i. Breakdown of my Key zone @ 6.98000 followed by a retest of this zone in the following week confirms my Bearish bias on this one. ii. Correction of Breakdown impulse leg appears to culminate at my key zone which is 61.8 retracements. iii. It is also worthy to note how selling pressure has been strong at the corridors of my Bearish Trendline since it's inception in June 2020. Trading plan: SELL confirmation with a minimum potential profit of 600 pips. Risk/Reward: 1:3 Potential Duration: 3 to 7 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. NirvanaForex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
2
CADCHF | MY PERSPECTIVE FOR THE WEEKDespite the Bullish run (Corrective move) from late July 2020; The anticipation of negative numbers and economical dent from Unemployment rate and Net Change in employment was not a convincing yard for a continuing rally. Price broke out of my Key level in the beginning of the week only to Break down and close below this level in the latter part of the week inciting a much good reason for Buyers to step aside for a better deal in the following week(s). Tendency: Downtrend ( Bearish ) Structure: Retracement | Trendline | Breakdown Observation: i. The fall of price that began mid-July appears to continue its second phase of decline after completing a correction into 61.8 retracements of impulse leg. ii. Breakdown of my Key level @ 0.68300 is enough signal for me to consider Bearish bias this coming week. Trading plan: SELL confirmation with a minimum potential profit of 120 pips. Risk/Reward: 1:2.5 Potential Duration: 3 to 10 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. NirvanaForex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
EUR/CAD Wait for Price to MoveGood day, snipers. Here in EUR/CAD, price is now at the bottom of the up trending channel and also at the support zone. The support zone also appears to be the 61.8 fib level too. Price is also at over sold levels on the RSI. Fundamentals show a contrast on the technical analysis here. Will be looking for more confirmations to go long or short. Signals about possible entry, TP, and SL are sent to students. Follow me on tradingview for more ideas and sniper entries. If you liked this idea please click that thumb's up. Ideas posted are not financial advise, but merely just to give insights and education for traders. Past performances do not determine future gains. As sniper traders, we tread carefully, then we take shots immediately. Join the discussion down below.
by SniperFXFree
2
AUD/NZD Long Short TermGood day, snipers. Here in AUD/NZD, price recently broke major resistance now turned support and now broke a minor resistance turned support and rejecting 61.8 Fib Level. We are riding the trend here and price making higher highs and lows. Stops just below the support level Follow me on tradingview for more ideas and sniper entries. If you liked this idea please click that thumb's up. Ideas posted are not financial advise, but merely just to give insights and education for traders. Past performances do not determine future gains. As sniper traders, we tread carefully, then we take shots immediately. Join the discussion down below.
Long
by SniperFXFree
1
NZDUSD | WEEKLY FORECASTWith over 120pips in our direction since my last publication (see link below for reference purpose); Despite facing the action of Bearish pressure mid-week, it appears price is actually going through correction of Breakout (Impulse Leg AB) to continue the rally to complete a Harmonic move in the coming week(s). Tendency: Uptrend ( Bullish ) Structure: Harmonic (AB = CD) Observation: i. Breakout of my Key Level @ 0.66000 supports my Bullish bias as I anticipate a AB = CD Harmonic pattern in the nearest future. ii. ABCD pattern expectations: a. Impulse A-to-B expected to be in harmony with the potential C-to-D leg. b. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg. c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext. of the A-to-B move. Trading plan: BUY confirmation with a minimum potential profit of 110 pips. Risk/Reward: 1:2.5 Potential Duration: 2 to 5 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. NirvanaForex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
LENDUSDT | BULL-FLAG | .618 Fibonacci | Trade Setup Todays Analysis – LENDUSDT – Breaching its bear-flag neckline looking for a trend continuation. Points to consider: - Support Confluence (higher low) - Bull-flag (trend continuation) - 55 EMA (visual guide) - Increasing Volume - RSI above 50 - Stochastics overbought LEND held local support, in confluence with .618 Fibonacci retracement upon retest of the key level, establishing a higher low, further solidifying the importance of the level S/R flip of the bull flag neckline further establishes a bullish bias in the market. The 55 EMA will act as dynamic support and a visual guide, assisting in trade management. An increase in bull volume nodes is present; further influx of volume will be essential for price action follow-through. RSI has broken above 50 showing increasing strength in the market, ranging above 50 will maintain the bullish bias. Stochastics reaching oversold conditions and may remain there for some time. Overall, in my opinion, A long trade is validated to the technical target above with risk defined below .618 Fibonacci retracement. What are your thoughts? If you’ve read this far - thank you for following my work! And as always, Focus on you, and the money will too!
LLong
by Kudiiee
1
AUD/NZD Bears In Control?Good day, snipers. Here in the AUD/NZD, we are about to retest the minor resistance zone formed in lower and higher time frames. This zone was also considered as the 61.8 Fib level, where I expect movements to the downside. RSI also shows it is in overbought territory. I will be looking for a bearish confirmation before going short. If price makes a higher high, I am out of this trade, that's why stop loss is quite tight. Follow me on tradingview for more ideas and sniper entries. If you liked this idea please click that thumb's up. Ideas posted are not financial advise, but merely just to give insights and education for traders. Past performances do not determine future gains. As sniper traders, we tread carefully, then we take shots immediately. Join the discussion down below.
Short
by SniperFXFree