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Fibretracement

Wave C of ZigZag to complete following break of TriangleWave E in the contracting Triangle I posted previously appears to have completed as a 5 wave impulse. It looks as tho this impulse in wave E is being corrected by a ZigZag which is currently in wave 3 of C. A barrier triangle has formed as wave 4 of 3 in C. On the break of this triangle I am expecting a wave 5 to complete wave 3 of C, then be corrected by a wave 4 of C and be followed by wave 5 of C for a nice short term trade. After the A,B,C ZigZag is complete an impulse move to the upside for wave 3 would make my previous triangle idea look unlikely to unfold. However further downside below the 0.618 fib level would support the idea. Entry: Just below the break of the barrier triangle in wave 4 of 3 in C. Stop Loss: Just above the extreme of wave E in the barrier triangle in wave 4 of 3 in C. Targets: The most common retracement for a wave 2 is the 0.618 fib level off the impulse. The idea of using this area as a rough target is supported by a trend line drawn parallel from the start of wave A to the extreme of wave B of the ZigZag, from the extreme of wave A. It is common for wave C to finish equal in length to wave A in a ZigZag, this also supports the idea of C ending around this area. Note: Just noticed some labeling of the internal structure of the impulse is wrong and I cant change it but the wave counts still convey the idea correctly.
Short
by ciano1993
NZDUSD: Double Top at ResistanceHi Traders, Kiwi has formed a double top reversal pattern at previous resistance. I am looking for a "2618" opportunity to go short as indicated on the chart. Price is very close to the entry level at the 61.8% retracement of the move from the second top to the lowest point below the neckline. Entry: 0.72740 Stop: 0.73320 Target 1: 0.72060 Target 2: 0.71710 There is Australian employment data being released today, and Kiwi has some correlation to that event. If you found this idea useful, leave a like or comment, it is always appreciated. Remember to follow for setups every week. Luke
Short
by Beebags
USDCHF channel breakout [Long]KS on the 1h is bullish which could confirm the breakout but the indicator I like to pair with the cloud is on the cusp of turning bearish I use 1h charts to trade forex but the 3h made me put a hold on my long position because it's just not quite convincing enough yet If we see the KS and TS continue the crossover and the 0.236 line I will reopen and hopefully see the 0.382 or higher as a viable target. If not it's a good entry point back into the channel and continue shorting it as it corrects back to the KS. I am a relatively new forex trader full disclosure having traded stocks in the past but have been practicing and felt like this is the first post I can put out feeling confident in my knowledge. Hope it helps and remember to trade on what YOU think will happen
Long
by UnknownUnicorn187266
2
EURJPY: Long OpportunityThere is a valid 2618 long setup very close to market at 122.690. I have been in this trade since my order was filled in the first hour of trading last week. We didn't quite make it to the first target at 124.64 and have since dropped back down to entry price. The trade is still valid, so if you trade double bottom reversals (2618), this is a chance to enter if you somehow missed the first touch of the 61.8% (it happened rather quickly). Trade plan: Entry: 122.690 Exit: 121.360 Target 1: 124.640 Target 2: 125.490 This is a large setup so only take it if it meets your risk tolerance and trade requirements. Good trading, Luke
Long
by Beebags
GBPAUD: Buying Opportunity (H1)Hi Trader, Thanks for checking out this trade idea. I appreciate the thumbs up! Here we have a valid 2618 trade setup on the Pound/Aussie. See chart for entry and exit points. As I have noted on the chart this is a double bottom, I am therefore looking for a pullback to the 61.8% for a buying opportunity. I trade the 2618 aggressively, as such my orders are already placed. Remember, trade your plan, and if you don't have one, fix that today :). Wishing you good trading, Luke
Long
by Beebags
SPX500 Currently Resembling 2008 Chart: Will it Crash this Year?I first want to note that this is a speculative idea, I may be seeing what I want to see instead of what is actually on the chart. But, with that said, there appears to similarities between the 2008 chart and the current chart. Additionally, if you hover over the blue ovals - for lack of a better word - on the chart, they should provide some context. Both periods have head and shoulder tops, and it appears that approximately 1800 will act as a short term double bottom, which is similar to the 1260 short term double bottom in early 2008. If the index rejects 1945, then I'm expecting a rough version an inverse head and shoulders to form, but I'm actually not looking for this to happen. Rather, I believe the market will push through the .382 fib level, and hit the .5 retrace before mid March. From there, if we roughly follow 2008s pattern, the index will hover around the 50% retrace until the 200 MA meanders down to around 196, at which point the market would reject the moving average and proceed to crash over the rest of the year. The theoretically, but I believe likely, coming 200 MA rejection may happen sooner if the market pushes through the 50% retrace and gets to the hits the golden ratio 61.8% retrace at 1997.7, which is in essence the massive resistance level of 2000. This immense resistance, if the index gets there, should reject barring any radical change in geopolitics. Finally, if you compare the current SPX500 Index chart to the oil chart posted below, you'll see roughly comparable already formed and head and shoulders with a descending neckline on oil. Of course, oil broke through the neckline that was formed, and dropped very significantly quit quickly. Again, all of this is speculation, so do not trade by it unless history repeats itself and patterns confirm
FX:SPX500
by zkstonks
4
USDJPY: A VALID SYMMETRICAL TRIANGLE ON 4 HOUR !!!Hello Traders, Here we have a SYMMETRICAL TRIANGLE on FX:USDJPY , that is formed when neither buyers nor sellers are strong enough to get into a clear trend. Therefore it is considered as a consolidation type pattern. I have labelled targets for both BULLISH and BEARISH breakout, but personally I would favor the BULLISH breakout, due to its direction with the underlying MAJOR TREND . I have also drew in Fib retracement and extension to get a Fibs confluence zone, at previous structure resistance, between 88.6% retracement and 161.8% extension level. See the chart above for more details. The conservative way to trade this pattern would be to wait for a RETEST after the breakout occurs. An aggressive approach would to be go long or short, based on the direction of the breakout, at market price right after getting the breakout. We also have a potential bearish BAT PATTERN completing at the Fib confluence zone. Akil has already posted this pattern, which is why I didn't included it on my chart. So make sure to check out his idea as well: NOTE: For tomorrow, we have Core CPI m/m news @ 8:30 AM and FOMC Meeting Minutes news @ 2:00 PM . So if we DON'T a breakout BEFORE the news release time, than I will NOT be trading this setup. I'll Keep everyone up to date, as we get closer to the news release times. Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
by moneymaking
12