Get started

618 Fibonacci Retracement

Bunch of different clues on AUDNZD!Hi guys, i want to explain to you why i'm going to short this pair if price pulls back a little bit more. As you may know audnzd -0.12% has been moving upward without interruption: both in the daily and 4hr chart Rsi is in overbought condition, and this tells us that market is overextended and there's maybe some room to retrace and let the trend breath. Obviously i don't trade based off of only RSI , but it gives me a good indication of what the market could do. In this case we have different clues pointing in the same direction. First, we have structure at the black line level, together with a psychological threshold (1,0900): at this level you can see price has created a shooting star and then a nice engulfing candle. Also, there's a 618 retracement of the bigger daily leg that happens to be right at this level. With all those clues together i think there's no doubt. I'm going to short at the 1,09 level, with stops above the highs, and target1 at a 1,25:1 RR. Target2 to be determined more accurately. Good trading! Feel free to comment below for any kind of questions or if you want to share your view. Otherwise, see you in the next chart!
Short
by Roker1
Cypher Pattern on a trend continuation trade GBPUSDHey guys, this is a Cypher formation that's already completed on the hourly chart. It's in accordance with the higher timeframe trend and so i'm going to use it as an entry reason for a trend continuation trade. The black line represents the previous support that's recently been broken and that could become resistance now. Also, its completion lies right near the 618 retracement of the bigger impulse leg and the RSI has already gone in overbought terriotory. First target at the 618 retracement of AD, and second target as an extension. Stops above X. If you have any question, feel free to comment below. Otherwise, see you in the next chart.
Short
by Roker1
Cypher Pattern at market on GBPUSD! (TCT trade)Hey guys, this is a Cypher formation that's already completed on the hourly chart. It's in accordance with the higher timeframe trend and so i'm going to use it as an entry reason for a trend continuation trade. The black line represents the previous support that's recently been broken and that could become resistance now. Also, its completion lies right near the 618 retracement of the bigger impulse leg and the RSI has already gone in overbought terriotory. First target at the 618 retracement of AD, and second target as an extension. Stops above X. If you have any question, feel free to comment below. Otherwise, see you in the next chart.
Short
by Roker1
2618 setup in a Trend continuation tradeHi guys, just wanted to share with you this simple structure analysis on EURAUD. As you can see on the left hand side of your screen, this pair finally broke the 1,41 strong support that has been created previously. In this case we know it is a short signal, but we should wait for a retracement instead of chasing the price. So, i wait patiently and now price is up to the broken support that could become resistance once is broken. Thus, i start looking for clues on lower timeframes such as 4H and 1H. On the right hand side of the chart there's the hourly chart of this pair and you can see price has formed a double top followed by a break of structure to the downside, and this represents the selling signal were looking for in order to enter the market. I'll wait for a 618 retracement and then sell at market with stops above the highs and target1 at the retest of the lows. Target2 to be determined. I'll keep you updated. If you want to share your standpoint or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2618 at previous StructureHi guys, just wanted to share with you this simple structure analysis on EURAUD. As you can see on the left hand side of your screen, this pair finally broke the 1,41 strong support that has been created previously. In this case we know it is a short signal, but we should wait for a retracement instead of chasing the price. So, i wait patiently and now price is up to the broken support that could become resistance once is broken. Thus, i start looking for clues on lower timeframes such as 4H and 1H. On the right hand side of the chart there's the hourly chart of this pair and you can see price has formed a double top followed by a break of structure to the downside, and this represents the selling signal were looking for in order to enter the market. I'll wait for a 618 retracement and then sell at market with stops above the highs and target1 at the retest of the lows. Target2 to be determined. I'll keep you updated. If you want to share your standpoint or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
EURUSD long setupHi guys, nice opportunity here on EURUSD. Price is pressing against a daily & 4hr structure level that seems to hold. We can say that simply by looking at the chart itself, price action creates a first low (at a psychological level) and then when it comes to retest it, it fails to create a new low and insted sets an equal low. This is the first sign that price isn't strong enough to break that level and we can assume that maybe its the starting point of a change in the direction of this market. When i see situations like this i start gathering different clues of my viewpoint in order to increase the likelihood of the trade. That's why i wrote them down on the chart above. Besides structure (and psychological number), price is at the 618 retracement of the bigger daily leg, and the RSI is in divergence with the price's movement. Also, price's put a nice engulfing candle at this level, giving us a reason to enter the market definetely. Stops below the lows, target1 near 1,0580, target2 to be determined (somewhere near 1,0650-80s. Good trading! If you want to share your standpoint or ask questions, feel free to write below. Otherwise, see you in the next chart!
Long
by Roker1
2618 setup on AUDUSDHi guys, i want to share with you a nice setup that i'm gonna pay attention to over the next days. As you may know, 2618 is a strategy that consists on selling/buying the 618 retracement of the leg that breaks the double top/bottom's neckline. In this case, we can also see that it happens to be right on the previous support (that should act as resistance once is broken). So i know the blue box could give me a nice shorting opportunity. Furthermore, our analysis of the higher timeframe (daily) says that price is at a high location and maybe it's starting a pretty big downward movement. Also, i want you to notice how can we reduce our risk if we manage to find a specific candlestick formation in the highlighted box; in that case i would put my stops just above the signal (and above the black dotted line) and it would give me a much better risk to reward ratio (key factor in every trading strategy). So, if you're a 2618 trader you can take this trade as a traditional one (with stops above the double top and target at the retest of the lows); otherwise you can wait for price to come to the blue zone and then wait for a specific candlestick formation so that you can short the market with stops just above the 4hr resistance (black line). Your choice. If you want to share your standpoint or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2618 setup on AUDUSDHi guys, i want to share with you a nice setup that i'm gonna pay attention to over the next days. As you may know, 2618 is a strategy that consists on selling/buying the 618 retracement of the leg that breaks the double top/bottom's neckline. In this case, we can also see that it happens to be right on the previous support (that should act as resistance once is broken). So i know the blue box could give me a nice shorting opportunity. Furthermore, our analysis of the higher timeframe (daily) says that price is at a high location and maybe it's starting a pretty big downward movement. Also, i want you to notice how can we reduce our risk if we manage to find a specific candlestick formation in the highlighted box; in that case i would put my stops just above the signal (and above the black dotted line) and it would give me a much better risk to reward ratio (key factor in every trading strategy). So, if you're a 2618 trader you can take this trade as a traditional one (with stops above the double top and target at the retest of the lows); otherwise you can wait for price to come to the blue zone and then wait for a specific candlestick formation so that you can short the market with stops just above the 4hr resistance (black line). Your choice. If you want to share your standpoint or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
5
Heed this killzone! USDCAD analysisHi guys, i'm already involved in a CAD trade so i'm not taking this one. Nonetheless i want to share it with you so that anybody could take advantage of this opportunity and maybe get something out of it. Here we can see price is giving us different hints of its reversal. First, it's right in the previous resistance zone (where sellers are ready to join the market), second, there's a Bat pattern completing there, in confluence with a .618 retracement of the previous bigger leg. In addition to that, you can see the RSI is overbought. The final sell signal comes from the shooting star that has been formed right now. Stops should be above 1,34 level, target1 at roughly 1,25:1 RR, target2 along with bat's target2. I'll keep you updated. If you want to share your viewpoint or ask questions, use the comment section below. Otherwise, see you in the next chart!
Short
by Roker1
3
Some confluence on USDCADHi guys, i'm already involved in a CAD trade so i'm not taking this one. Nonetheless i want to share it with you so that anybody could take advantage of this opportunity and maybe get something out of it. Here you can see price is giving us different hints of its reversal. First, it's right in the previous resistance zone (where sellers are ready to join the market), second, there's a Bat pattern completing there, in confluence with a .618 retracement of the previous bigger leg. In addition to that, you can see the RSI is overbought. The final sell signal comes from the shooting star that has been formed right now. Stops above 1,34 level, target1 at roughly 1,25:1 RR, target2 along with bat's target2. I'll keep you updated. If you want to share your viewpoint or ask questions, use the comment section below. Otherwise, see you in the next chart!
Short
by Roker1
Pay attention to this zone! EURCAD analysisHi guys, earlier today i've posted another idea about this pair, but the scenario is now changed. As you can see price broke through the previous support and it's now sitting right into previous resistance (that should also provide some selling pressure). In this resistance zone we also have some confluence: a bat pattern (just completed), a psychological round number (1,4100) and a 618 fibonacci retracement. Furthermore, the RSI is deeply overbought right now. All those reasons together make me think this could be a nice reversal zone for this pair. I'll let you know if i'm getting involved. If you have any questions, feel free to ask below. Otherwise, see you in the next chart!
Short
by Roker1
Pay attention to this zone! EURCAD analysisHi guys, earlier today i've posted another idea about this pair, but the scenario is now changed. As you can see price broke through the previous support and it's now sitting right into previous resistance (that should also provide some selling pressure). In this resistance zone we also have some confluence: a bat pattern (just completed), a psychological round number (1,4100) and a 618 fibonacci retracement. Furthermore, the RSI is deeply overbought right now. All those reasons together make me think this could be a nice reversal zone for this pair. I'll let you know if i'm getting involved. If you have any questions, feel free to ask below. Otherwise, see you in the next chart!
Short
by Roker1
2
Previous Support Becomes Resistance Hey guys, some simple price action analysis here. On the daily timeframe price is going to retest previous support that once broken should become resistance. On the lower timeframe (4h) we can see some different clues pointing in the same direction: first, a butterfly pattern that's completing very close to the structure (black line), second, a .618 and a .382 fibonacci retracements, third, an AB=CD pattern that's completing just a bit above the black line. So, what i would do is wait for price to enter the blue zone and see what's the price reaction to that level, while looking for some weaknesses signals, in order to sell at market. I'll keep you updated. If you have any question, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2
Previous Support Becomes ResistanceHey guys, some simple price action analysis here. On the daily timeframe price is going to retest previous support that once broken should become resistance. On the lower timeframe (4h) we can see some different clues pointing in the same direction: first, a butterfly pattern that's completing very close to the structure (black line), second, a .618 and a .382 fibonacci retracements, third, an AB=CD pattern that's completing just a bit above the black line. So, what i would do is wait for price to enter the blue zone and see what's the price reaction to that level, while looking for some weaknesses signals, in order to sell at market. I'll keep you updated. If you have any question, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
AB=CD pattern with confluence on AUDJPYHey guys, i want to share with you this analysis i've made on audjpy. In the bigger picture (daily timeframe) price has recently broke and closed above a structure resistance, signaling the intention to go higher. Assuming that, i'm now looking for long opportunities down on lower timeframe (such as the 4H). Here we can see price is pulling back into the previous support and by doing that it has created a simple AB=CD pattern that completes right into the structure along with a .618 retracement of the bigger leg on the daily. With this situation i'm waiting to see the price's reaction to this level, in order to buy if i notice some weaknesses. Also pay attention to the RSI condition when price will come (if it will) to our zone, for an oversold condition could be used as another clue of price's reversal. I'll keep you updated. If you want to share your standpoint or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
NZD/CHF 1hr chart long.Fib levels are showing retracements of 0.618 and 0.5. 6 hours before (including the present candlestick that hasn't properly been formed yet.), there is a hanging man candlestick that forms and acts as support on the 0.5 retracement line and the candlestick before that acts as support for the 0.618 retracement line. I would safely assume you should either buy on the 0.5 or 0.618 retracement line and take profit at the 1.618 or 2.618 profit target. (p.s, I've edited the retracement to add in what my modified version of the profit target) Check this out guys and keep following me for more updates and more technical analysis.
Long
by chiefcapitalfx