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.
please share alternatif setup sir...
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RKchartest PRO Aanmustaan
snapshot


Put this together for you. Why its no so clean and nice looking. Thats the alternate count.
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RKchartest PRO RKchartest
So the alt count would have us in the start of the wave 3
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RKchartest PRO RKchartest
of Wave 4 of a larger 5.
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RKchartest PRO RKchartest
haha.. let me rephrase.. Wave 3 of a Wave 5 of a Wave 5
There is going to be a nice correction this year to the upside. Cant wait to trade it.
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Aanmustaan RKchartest
I think wave4 now is triangle set up to, why i think it cause of hight of wave4 not overlap with wave1. If setup your alt hight of wabe Y will be overlap not confrm with rule structure. so my plan is Sell at 1.0945 and TP at 0.9850. its just my opini, iam sory while make u confuse.. hehehe
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RKchartest PRO Aanmustaan
Keep in mind, the larger wave structure is of a larger degree. The internals have there own wave structure which must follow the same rules. The WXY is a expanded Flat. which allows the swings it did. the 2 wave is above its 1 and still below the larger 4. So think Weekly chart. In forex, we have to look at the internals of all wave structures to get the count right. Especially when the markets dont make picture perfect charts.
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RKchartest PRO RKchartest
on the 1 hour chart. I dont like the overlap that that I have labled in small black a b c. to me it looks more like a abc zigzag to support the triangle. but I cant rule out the count.. if the wave A gets broken. This count for a triangle will goto the ALT. the triangle is supported if it goes lower towards wave a. the structure is still there.. but it looks like we have a 3 wave decline and a start of a 3 wave rise..
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I agree if we don´t have a lower low below 1.077
+1 Reply
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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RKchartest PRO Realisto_FX
The Triangle formation is good till the break of the Triangle Wave A at the 1.0710 handle. it would be a double zig zag down. Triangles do like the price relationship of 61.8% of the alternate wave. If you do a fib extencsion of the length of wave A, and bring it to the top of wave B, we will see that wave C met that requirement.

And I tend to talk allot. Sorry for that, its the coffee.
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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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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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@nicois34
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