RKchartest
Long

EURUSD Possible Triangle and Trade setup

FX:EURUSD   Euro Fx/U.S. Dollar
Triangle has formed on the EURUSD             Creating wave B or X. Triangle relationships tend to retrace .618 of the prior alternate wave. This gives us a good Take profit level. Wave E only has to retrace 50% of wave D to become valid. When that happens, keep a close eye for a entry to a new impulse wave to create Wave C or Y.
Comment: There is a strong Alternate count to the downside. Trade with confirmation before jumping in this trade!
Trade closed manually: I took the profits here. Allot of downward pressure for this pair as I stated of the other count down. The probability for this triangle to fail is higher then id like.
@nicois34
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low risk hight reward setup for buy .... (Y)
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RKchartest PRO Aanmustaan
Your right. I went live on the trade.
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snapshot


Triangles like price relationships between alternate waves of 61.8%. I have drawn the extensions to prove this relationship and to show why i chose the take profit level on the chart as a forecast.
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Aanmustaan RKchartest
EURUSD BEAR SETUP MODE TRIANGLE OF CORECTION

how about it?
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RKchartest PRO Aanmustaan
For a triangle to form a 4 it will jave to start where the big 3 is. Which does not fit. So this would be a triangle for wave B
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RKchartest PRO Aanmustaan
Just got home and looked at this a little closer. The 1 does prove a challenge. If that does break. Then a recount to a corrective structure will be in place. Im open for both down and up positions. Waiting for confirmation for either trade.
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I agree if we don´t have a lower low below 1.077
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RKchartest PRO Realisto_FX
I like the upside, it gives us more room for reward. Also it gives us allot more trading opportunities for the downside. If it goes down now, im afraid the best entry for that position has already happened and ill be forced to trade the smaller internals.
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RKchartest PRO RKchartest
Even the upside now for the triangle for this leg is 5:1 if you use the little a i put on the chart for a stop if this is a ABC for the leg up.
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