EURUSD Possible Triangle and Trade setup

Jan 23, 2016

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.

Jan 25, 2016

Comment

There is a strong Alternate count to the downside. Trade with confirmation before jumping in this trade!

Jan 26, 2016

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.