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618 Fibonacci Retracement

GBPUSD a 0.618 retracement and 2618 combination longHello TV fans happy Chinese New Year, the vacation has come to an end so I'm back! -- GBPUSD has a daily 0.618 retracement and bounced off that, and formed a double bottom reversal sign. I'll be looking for smaller time frame reversal sign if it hits 1.3910, it's very close after the job number this afternoon, so I don't mind to take the inside 15 breakout or the 30min pin bar as a little intra-day trade, but the main idea is still the 2618! Let's see how it goes!
Long
by Trader_Joe_Lee
3
Ethereum: What now?! (ETCBTC)Hello again friends! I'm feeling some extra motivation today(was it the coffee or red bull?) so I decided to browse through the high volume coins again. I've had some private requests for a ETHBTC diagnosis anyhow. So without further delay here we go! I drew up a Fib retracement from a swing-low(candlestick low price with higher lows on both sides) on 23rd of January all the way up to our recent swing-high candle(candlestick high price with lower highs on both sides) on the 1st of February. Sometimes I like drawing these retracements, because when coupled with historical resistances, trend lines, and other indicators, they can be very powerful tools for market exit/entry. As you can see, the 0.618 Fib line has been of particular interest, having been tested at LEAST 5 times. "Testing" means the top part of the candlestick may have went above the Fib line, but did NOT close above it. One could argue it happened even more than 5 times, but regardless, 0.618 is proving to be a short term significant resistance. On the other hand you have the short term positive trend (green dashed line). This green little guy has been tested at least 3 times. Important to note: when you DRAW a line between two points, it does not become an actual TREND until it gets "proven" at least 3 times. Such is the case here. As I just mentioned, when trend lines and significant Fib lines meet (yellow circle), amazing things can happen. Other indicators, such as the Stoch are signaling that this trend line may be tested at least once more. it may even be broken. If the later is the case, then any potential long position is negated and the bears will take hold. However, if the test of the trend holds up as it has in the recent past, a breakout could be in order. Remember: price action would have to CLOSE above the 0.618 Fib line to mean anything. The top of the candle wick going past it would just further prove the 0.618 Fib as a strong resistance, and would provide evidence for a downturn. Now is NOT an amazing time to buy ETHBTC. I am simply noting a "long" position because if you had bought earlier, I wouldn't drop out just because this temporary drop in price. I would advise to put your stop-loss just below the green trend line if you are very conservative or just below the 0.786 if you're feeling a little more aggressive. I will update with any new developments. Best of luck. Stay healthy! -Doc
Long
by DontWatchDoc
CHF/JPY Swing Trade - PRZ Potential 300+ pip trade!!With CHF/JPY coming near fresh yearly highs after such a strong multi week push, its do for a reversal at the 118-119 zone. For the pattern traders we can see CHF/JPY presenting a huge ascending triangle for bullish long term momentum, in the mean time im looking to go short in expectations of price going back into consolidation. . If you take the time to zoom in we can see Friday close offered us a hammer/pin bar candle! Next expected support as far as i see is around 115-115.50, which lines up with uptrend support and the 61.8 golden Fib Reversal zone. This coming week (2/5/18) I will be watching the H1-H4 time frames like a hawk for signs for fake out/reversal in the 118.50-119 area, stop loss 15-20 pips above 119. I will be posting an update on this chart when it comes time to take profit and go long. Always remember.. big swings=low lots! Happy Trading!
Short
by NJTradeHouse
Potential Bullish flag on ICNUSDHuge divergence on the MACD with clear trendline break, could drive price to 61.8 fib level. Try to get better entry cause another leg down is possible. 1) Never risk more than 2% of your account. 2) Try to be emotionless by applying your strategy to the pip. 3) Invest to yourself and then your capital. Try to educate yourself along with the signals and enhance your risk intelligence and your perception on how Markets work. 4) You do not have to be extremely precise to be highly profitable as long as you take the set-ups with big R/R.
ILong
by InvstingWise
4
WB, inside day @ 0.618 retracementThere has been crazy sector rotation these couple of days. Most of the tech stocks and Chinese ADRs encountered a sold-off. It's the time to choose direction and it did give an inside day for us to take our judgment. If it's able to break to the upside, that means the 0.618 is playing as a support and it's time to long; If it's able to break to the downside, that means the sold-off may continues and not a bad idea to follow the trend! So let's see how it goes, and I'm more inclined to trade the breakout than the breakdown.
NASDAQ:WB
by Trader_Joe_Lee