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2618 on EURNZDHey guys, this evening i'd want to share a setup that i will closely look at in the next few hours and probably on Monday opening. This is a 2618 trade that's forming on EURNZD. If you're not familiar with this kind of formation, it basically consists in selling/buying the 618 retracement of the leg that breaks the double top/bottom's neckline. Essentially it should be a conservative way to trade double top/bottom after the confirmation of the reversal (break of structure). This analysis also aligns pretty well with higher timeframe analysis: on the daily price has created a new structure low (bearish trend confirmation) and it's now back retesting a 4hr structure level (black line) that could stop the price's rally and starts the new downtrend movement. This is what i look for when trading: additional higher timeframe confirmation! It's very important to have bigger perspective. That's why i'd split my position in two parts in order to follow the bigger trend in case i'm right. The first position should be taken at the retest of the new low. Stops above the highest high. If you have any question, feel free to comment below. Otherwise, see you in the next chart! Have a good weekend!
Short
by Roker1
CADCHF Double Bottom at daily structureHey guys, i'm not trading until the new year but i want to give you some educational content. On the left hand side we have a daily chart. As you may see recently we broke to the upside two big resistance levels and now we are coming back to retest this level. The break and close above make me think the trend has changed and i think we may see another upmove. As soon as price comes into that zone i'm looking for bullish opportunities: in the 4hr chart on the right hand side we see there's a double bottom with RSI divergence right at that level. Usually i enter this kind of trade only with the confirmation given by an engulfing candle. I pointed out the candle i'm watching. If it's going to close above the previous i think this may be a good buy. If you have any questions, ask below. Otherwise, see you in the next chart!
Long
by Roker1
Double Bottom with engulfing kicker at daily resistanceHi guys, here on EURBGP we started our analysis on the daily chart, in there you can see that we are heading downward for a few days without even the tiniest retracement. In RSI we are deep oversold and so we expect some kind of a bigger retracement coming. So we point out the daily resistance level that may provide some support. Tha black line means this, we are now right at previous resistance and we put a double bottom with rsi divergence and with an engulfing kicker. That's all i need to enter the market; i'll wait a little retracement then i'm entering long. I'll let you know how it will evolve. Best of luck traders!
Long
by Roker1