The set-up isn't there yet, but it may come soon and the success odds of at least a break even trade (setting stop to break even after price moves 1 or 2 stop levels in favor of the trade) are better than 1 to 1, IMO. Stop above major resistance, targeting major support.
It may be a good long trade opportunity as AUDUSD reached 0.618 retracement after breakout from double bottom.
First the pair should retrace up to .618 retracement level which is also the neck line of previous double top. My previous idea still valid and this one is the next expected move if we hit our previous target. Then we short it from there. Your ideas and comments are most welcome.
Potential bearish 2.618 set up , which will be good entry for long term position as what i was expecting in previous published idea for the gold.
2.618 setup completion !
Potential bullish 2.618 pattern.
Potential 2.618 pattern at structure zone .
Ok TradingView Crew, here is a nice 2.618 trade setting up on GBPUSD and before you start asking me a bunch of questions make sure you've watched the training on this trade. I lay out all the rules and it's totally free. tradeempowered.leadpages.net
Chart self explanatory the potential trade.
Above we are seeing a wedge consolidation around 96.00. obviously inside of consolidation is when we look for patterns; and what do you know, we found a Butterfly pattern supported by a Gartley pattern in the end of the wedge, generally a wedge like this symbolizes a reversal, so we are using that as foundation that the Butterfly Pattern will complete Upon...
After double topped, the kiwi made a strong break down and now it retraces to 618 area, which could be a nice selling oppurtunity with two potential targets and stops above the double top - as it is written above.
Missed entry at 0.81018 entered short at 2nd opportunity on a 2.618 setup for a retest of 0.80512