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Fibretracement

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