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618 Fibonacci Retracement

USDCNH | Perspective for the new week | Follow-up detailsEven though we held on to a 400pips move in our direction since my last publication on this pair; a sudden breakdown of Channel and Trendline coupled with the appearance of a Head & Shoulder pattern (see previous publication in the link below for reference purposes) insinuates a bearish momentum is imminent. Further consolidation amidst a mixed outlook remains the perspective of the market in the last couple of months and the momentum garnered by the buyers (correction phase) appears to be thinning out as the successful breakdown of Bullish Trendline insinuates a risk of further decline for the Greenback in the coming week(s). Tendency: Downtrend (Bearish) Structure: Breakdown | Trendline | Reversal pattern (Head & Shoulder/61.8% retracement) Observation: i. The Bearish Impulse which started in April 2021 went through a correction phase in the last 3 months to culminate @ CNY6.5300 area - an area that coincides with a 61.8% retracement of AB Leg. ii. The appearance of a baseline with three peaks, where the outside two are close in height and the middle is highest reveals a Head & Shoulders pattern describing a formation that predicts a bullish-to-bearish trend reversal. iii. During the course of last week trading session, we witnessed a significant rejection of CNY6.51000 level (2nd Head) which led to a confluence characterized by a breakdown of both Trendline and Key level @ CNY6.48500 hereby inciting a Bearish potential for me. iv. In as much as I am comfortable taking a sell position anywhere below my Key level, the degree of accuracy to this bias is expected to be confirmed once the price breaks down the Neckline @ CNY6.45000. v. A further breakdown of the Neckline might transpose into a Harmonic pattern (AB = CD) with extensions of CD leg aiming at CNY6.28000 area (127.2%) and a window to add to our existing position at Breakdown/Retest of CNY6.42000... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 750 pips. Risk/Reward : 1:6 Potential Duration: 7 to 14days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks 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
USDJPY | Perspective for the new weekPrice did not move as expected from our last speculation on this pair (see link below for reference purposes) as Y109.200 became a very strong Demand level for the Yen. Tendency: Downtrend (Bearish) Structure: Breakout | Supply & Demand | Trendline | Harmonic pattern (AB = CD) Observation: i. In the last 10 days and since the price broke down Y110.100 (Demand zone on the chart), the Greenback has gotten a little choppy against the Japanese yen as indecision continues to reign in the market. ii. With the non-farm payroll coming up in the week, participants remain cautious about doing anything other than simply trading in short-term range bound moves. iii. Multiple rejections of Y110.200 which also coincides with a 61.8% retracement of AB leg insinuates a transition into a Harmonic pattern (AB = CD) in the coming week(s)with parameters explained below; a. Impulse A-to-B is 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 @ Y108.500 area. iv. Below Y109.800 Level (Key level) remains a comfortable area to take advantage of the intended Bearish bias as I look forward to a Breakdown/Retest of the Trendline in the coming week. v. And a further Breakdown of the channel at Y109.400 shall welcome an opportunity to add to our existing position... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 100 pips. Risk/Reward : 1:3 Potential Duration: 2 to 5days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks 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
GBPUSD testing the 0.618 🦐GBPUSD on the 4h chart after the test of the previous low started an impulse to the upside. The price moved between the 0.382 and the 0.5 Fibonacci retracement, accumulate, and is now testing the 0.618. According to Plancton's strategy if the price will turn and break below the 0.382 support we can set a nice short order. ------ Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> >4h structure. 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 the Plancton0618 strategy will trigger.
Short
by InkyGrip
6
NAS100 0.618 + ATH ready 🦐NASDAQ on the 4 chart has tested perfectly the 0.618 Fibonacci level. The price is back below the daily structure at the previous all-time high and according to top Plancton's strategy if the price will break above we can set a nice long order. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. 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 the Plancton0618 strategy will trigger.
OANDA:NAS100USDLong
by InkyGrip
14
XAUUSD | Long-term perspective In as much as the set-up on my daily chart predicts a bearish bias, a holistic perspective from the weekly chart states otherwise as the appearance of a Hammer candle doing a sharp rejection of the Bearish trendline which was broken at the beginning of May 2021 signifies a hidden momentum building behind the scenes by the buyers. The demand for the precious metal - gold managed to increase throughout the last week (closing above key level @ $1,760 level) despite the broad-based USD strength. As participants look for fresh clues regarding the timing of the beginning of reductions in the Fed’s asset purchases, I anticipate a consolidation phase ahead of Chairman Powell’s speech at the Jackson Hole Symposium on Thursday which could be a major bullish determinant on this pair in the next couple of weeks as gold re-captures her status as a safe haven. Tendency: Uptrend (Bullish) Structure: Breakout | Supply & Demand | Trendline | Reversal pattern (61.8% retracement) Observation: i. Since hitting a peak @ $2,076 in August 2020; price continued to spiral downward. ii. The visual representation of the line drawn over pivot highs reveals the prevailing direction and a clearer picture of the price trend over the last year (since August 2020). iii. A significant Breakout of this Trendline in May 2021 reveals that a change in trend is right at the corner as the price continues to hold above Key level @ $1,760 in the last two months. iv. $1,680 - a significant zone that has had memory for buying opportunities (Demand zone) since April 2020 was finally tested one more time during the penultimate week resulting in the appearance of a Hammer candle. v. The Hammer candlestick shows us that sellers came into the market during the period but by the close of the week the selling had been absorbed and buyers had pushed the price back to close above Key level @ $1,760... This feat reveals an underlining buying pressure building in the background in this area (this can also be observed during last week trading session). vi. We can not ignore the selling pressure at $1,817.800 which has been negating the buyers attempt to break above in the last month and if this persists in the coming week, we might see buyers surrender to position themselves at a better price (probably below key level) to take over for a rally continuation. vii. In this regard, above key level $1,760 remains a yardstick for buying opportunity for me and a successful breakout/retest of $1,817.800 will confirm bullish stance hereby welcoming an opportunity to add to our exiting positions. viii. Early on in the new week, we "might" see price do a plunge to as low as $1,720 and transpose into a consolidation phase to incite a rally continuation... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 2,500 pips. Risk/Reward : 1:5 Potential Duration: 20 to 40days NB: This speculation might be considered to make individual decisions on the lower timeframe. This is a long-term perspective and you might watch this space for speculation on lower time frames as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks 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.
OANDA:XAUUSDLong
by darcsherry
Gold: Weekly Forecast 22nd August 2021The gold fell just a little after a very bullish recovery from the week before amid a strengthening dollar. The gold has ranged throughout the week as it stayed resisted by the supply level at 1795. The dollar has strengthened through the week on a hawkish Fed to start tapering this year and most pairs against the dollar had turned bearish but gold was somewhat resilience continued to stay supported within a range. However, both highs and lows are notably becoming lower and we can expect the gold to start the week with a bearish tone at the beginning. This week, we will look for selling opportunities as it pulls back to the top of its current range but expecting a strong rebound at the demand level at 1750.
FX_IDC:XAUUSDShort
by AlgoVenture
2
Bitcoin: Weekly Forecast 22nd August 2021Bitcoin has remained bullish for the 5th consecutive week and it has now regained more than 50% of its previous losses. There's been a growing sentiment that the crypto-market has resumed a bullish trend as demand for crypto payment is growing in different sectors. but right now, bitcoin is about to face a very key supply level around 50,000 mark and may bring about another phase of selloff. If history is off any guidance, the major correction is still far from over and could still potentially find itself sink deeper beyond 30,000 again. this week, we will wait for clear signs of reversal at the supply level around 50,000 before we start looking for selling opportunities. Otherwise, following the frenzy right and buy the pullback from every bullish wave could prove rewarding as well especially for day trading.
BITSTAMP:BTCUSDLong
by AlgoVenture
2
GBPJPY looking for the 149? 🦐GBPJPY after our last analysis broke below the weekly support and is moving as expected (check the analysis) to the support area at the 149 level. The price provided us a perfect turn at the enlightened 0.618 Fibonacci level, confluence point with the descending trendline. According to Plancton strategy, we can carry on to ride the trade with good profit. ---- Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. 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 the Plancton0618 strategy will trigger.
Short
by InkyGrip
12
CADJPY a turn at the 0.618 🦐CADJPY on the 4h chart has retraced to 0.618 Fibonacci level. The market is moving in a counter channel and has recently bounced over the lower trendline. According to Plancton's strategy if the price will break and retest the support area we will set a nice short order. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. 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 the Plancton0618 strategy will trigger.
Short
by InkyGrip
14
Gold: Weekly Forecast 15th August 2021The gold plunged to a 14-month low at as the market opened last week. It quickly made a sharp rebound and continued to climb through the rest of the week, showing a build up in the buying momentum. As of current, the gold may face some resistance at the FR618 level, and slightly higher will be the breakout level at 1795. This week, we expect the market to shed off some gains at the beginning and continues to climb later. Overall, we will focus on buying and looking for entry from 1770 onwards to 1760.
FX_IDC:XAUUSDLong
by AlgoVenture
CHFJPY | Perspective for the new week | Follow-up detailsWe had a 100pips move in our direction since my last publication (see link below for reference purposes) and with the current structure in the market, it appears we are back on the track of a rally continuation which I projected on the 11th of July 2021 (see speculation in the link below). With the anticipation of the Swiss Producer and Import price later on in the coming week- an event termed as non-high impact, the indecision that gripped the market in the last couple of months could be coming to an end as I look forward to taking a long position on this pair as only if price action remains above my Key level @ Y119.700. Tendency: Uptrend (Bullish) Structure: Breakout | Supply & Demand | Reversal pattern (retracement) Observation: i. Like I stated in my publication on the 11th of July 2021 (see link below); The Swiss Franc lost all it had gained (over 300pips) between 29th of April and 15th of June 2021 and at the time of writing this report price remained effectively "supported" at Y119.000 tagged the Demand zone. ii. Considering the Bullish long-term perspective on this pair (see daily/weekly chart) and the inability of sellers to push below Y119.000 in the last two months, the consolidation phase that started mid-June 2021 has a tendency to do a Breakout in the coming week(s). iii. Multiple rejections of Y119.400 in the latter part of last week trading session is a clue that Bullish momentum is building in the background. iv. In this regard, I look forward to a significant breakout of Trendline which will make a confluence of Key level @ Y119.700 in the near future and a possible transition into a harmonic pattern (AB = CD) with parameters explained below; a. Impulse A-to-B is expected to be in harmony with the potential C-to-D leg. b. The B- to-C leg is currently at 61.8% Fibonacci retracement (with a possibility of retracing into 78.6%) 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 @ Y122.000/122.200 area. v. As long as the event unfolds to us as speculated, an opportunity to add a position may present itself to us when price successfully do a breakout/retest of Y120.000... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:7 Potential Duration: 6 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks 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
USDCHF a bounce at the 0.618 🦐USDCHF on the daily chart creates a nice impulse after the test of the 0.618 Fibonacci level. The price is now trading below a descending trendline near to a weekly resistance. According to Plancton's strategy, if the market will break above and satisfy our academy rules, we can set a nice long order. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure.
Long
by InkyGrip
31
USDCHF looking up 🦐USDCHF on the weekly chart found a bottom over the important support structure. The market from there started a nice impulse to the upside. On the 4h chart the price broke the retracement channel and tested the 0.618 Fibonacci level. Now we can expect a continuation to the upside and according to Plancton's strategy if the price will satisfy the conditions we can set a nice long order. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure.
Long
by InkyGrip
12
AUDUSD on a bear flag 🦐AUDUSD on the 4h chart has recently break the bear flag, The price after the test of the 0.618 Fibonacci level is breaking below the weekly support. According to Plancton's strategy if the market will satisfy the Academy condition we will set a nice short order. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. 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 the Plancton0618 strategy will trigger
Short
by InkyGrip
4
Bitcoin: Weekly Forecast 8th August 2021Bitcoin has turned out just the way we have forecasted, pulling back at first and eventually forming another bullish wave. It has even broken above key resistance level at 42000 over the weekend and will certainly invite more buyers at this point. However, Bitcoin is about to face the real challenge, the key supply zone around the price of 50000. Although we've seen how strong the recent rebound was, we have past record showing us the same kind of rebound after a major selloff which eventually led to another round of selloff. While we cannot guarantee that the same could happen, Bitcoin could still be fundamentally too soon for the next major bullish trend. We think that Bitcoin is still too expensive for another 'big players' to make 'big purchases' at the moment. As such, we are waiting for the price to climb a little further into the supply zone at 50000 for the next major selling opportunity.
BITSTAMP:BTCUSDShort
by AlgoVenture
WTI: Weekly Forecast 8th August 2021WTI gained a little at first and fell through the week by more than 6 USD. This is due to a surprise increase in the US oil inventories, showing that the delta variant might have a huge impact in curbing the demand for oil. At the same time, the OPEC+ has also agreed to increase the oil supply to keep oil prices from going higher. Nevertheless, as most countries are opening up and many are determined not to go back into a full-lockdown mode, economies will continue to recover and eventually led to more travelling and lead to higher oil demand. The oil is fundamentally strong and we see every dip in the price as an opportunity to buy at a lower price again. The oil price is also technically supported by moving averages and it seems that the price will test the 126ma in the coming week where we will be looking for a buying opportunity. Once the price rebounds, we expect it to reach at least 71, then followed by the previous high at 76.
TVC:USOILLong
by AlgoVenture
EURNZD a buy opportunity 🦐EURNZD on the 4hchart is moving between an ascending trendline and a minor resistance. The price created higher highs and consolidates below the structure. On the last impulse, the market created a nice retracement exactly at our beloved 0618 and, according to Plancton's strategy if the price will break above the resistance and will satisfy the Academy condition, we will set a nice long order. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. 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 the Plancton0618 strategy will trigger.
Long
by InkyGrip
16
Bitcoin: Weekly Forecast 1st August 2021Bitcoin made a comeback with a lot of firepower behind as it climbed for 10 consecutive days, rising from 30000 low to 42000 high. This is certainly not just a major pullback from the recent bearish trend but potentially the new bullish trend. However, for the price to pullback beyond 40000 is totally within expectation as the key supply zone is still a little further away at 50000. In any case, this week will be a good time to keep buying bitcoin before it faces strong resistance around 50000. This week, we will look for buying opportunities by first waiting for a pullback towards 40800.
BITSTAMP:BTCUSDLong
by AlgoVenture
UPDATE! USDCAD a turn at the 0618 🦐USDCAD after our previous analysis started a retracement move exactly at the 0.618 Fibonacci level. The price consolidates now below a structure and according to Plancton's strategy if the market will break above we will set a nice long order. --–– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. 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 the Plancton0618 strategy will trigger
Long
by InkyGrip
7