Deep Crab pattern

May 8, 2017

A forming Deep Crab pattern has been identified on the eur/usd H1 chart. The pattern is held by a 88.6 b point retracement and more important a 1.618 XA externsion with a ~2.24 BC externsion. Considering the fundamentals favor a long position on euro the PRZ has been marked on the chart having the level 1.0915 & 1.0900 as edges. SL ~20 pips with tp1 ~1.0940 (where a ~20 trailing stop will be placed)

May 8, 2017

Trade active

No trading yet, just an update: the 1.0915 has seen some reaction which confirms the buyers in the PRZ. When the terminal price bar tests 2.24 extension (1.0906) & the 1.618 XA extension (1.0910) a fast reaction is expected. If the bar tests the extensions but doesn't close below a buy is initiated. If the price closes below these extensions a selloff is likely. Either way, a good opportunity