MrTakeProfit

MrTakeProfit

I’ve been keeping my eye on an advanced pattern formation that began forming on 4/10/2017 following a 70% retracement of a previous bear trend that lasted about 8 days. It was unclear if this was indeed an advanced pattern until price formed a BC leg, this occurred when price bounced off of previous resistance around 1.065 and then found support at 1.06. The...

MrTakeProfit Updated 

Last Friday’s (4/7/2017) non-farm payrolls (March) were anticipated to be much lower than February, and due to this foreknowledge the bears did not hesitate to re-open their short positions. This was confirmed by two extremely bearish candles that closed on the 4H chart at 5AM and 9AM Friday morning. We witnessed a very immediate and quite dramatic continuation of...

MrTakeProfit

Since price topped off at 1.09 the bears have been relentless in their pursuit of driving the price back down to previous lows. In the first week of April the EURUSD retraced over 40% with almost no resistance and just in the last 72 hours price has taken another 15% dive. Currently, price is consolidating between 1.07 and 1.065 or in Fibb terms .50 and .618. As...

MrTakeProfit Updated 

The Head and Shoulder pattern seems to be emerging in tandem with a BULLISH crab formation that I mentioned in previous post. Click link for Bullish Crab - or copy and paste... Anyways... The shoulders are the key to this pattern as we already have a High @ 1.062 which forms the head. Price consolidated between 1.05 and 1.055 prior to the high and presently...

MrTakeProfit

Since price pushed up to previous highs on 12/29/2016 and was rejected back under 1.055 there has been an few emerging patterns. The ascending triangle is a known reversal pattern and price has made significant reversals at key price points to confirm this simple pattern. As price approaches the end of the ascending triangle we should be looking for price to...