2618 setup / Long the 61.8 retracement / Short Crab // IF=THEN ®
GBPUSDLet's see what the market is cooking, at the moment began a retracement and pulled in 61.8% from previous weekly support.
IF the price break the previous structure, and IF starts a new fall that reaches the 61.8%, it forges one bullish 2618 setup with expectations of an upward move that by "default" breaks the nearest structure pressure zones, or resistances in this case, generaly speaking, IT CAN give us a rally.
At the same time, and this is why i'm publishing this idea a second time, and deleted previous on time, an eventual Crab pattern (with the point C at its limit) appeared on my sight with a target near previous structure zone. (look left)
Long the 61.8% retracement
Short the Crab when completed (point D)
CRAB
Point B:
38.2% to 61.8% XA
Point C:
38.2% to 88.6% AB
Point D:
161% ext XA
224% to 316% ext AB
Targets:
TP1 61.8% CD
TP2 127% CD
Ratios:
Safe trades;
I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.