UPDATE: EURUSD Bullish Crab Pattern. Possible 750+ Pips gain....
This bullish CRAB pattern that I had mentioned in my previous post (see Related Idea: EURUSD: Top Down In-Depth Analysis - Bull BAT and CRAB Pattern) was quickly completed today upon the opening gap down. And now, prices have bounced from the PRZ of this CRAB putting in a nice pin bar within the PRZ. 
Don't overreact to this gap down as being any kind of trigger to go short! Yes, the gap down did break the lower trend line of the flag pattern SLIGHTLY but I can't count the number of times that a trend line break proved to be nothing but a false break! Especially the first time.
Instead, I choose to see this gap down as an "expected move" to complete the crab pattern. Crab patterns tend to complete explosively. Meaning the last move to the D point tends to be a pretty strong move into the PRZ. This gap down qualifies as a strong move! I expected that prices would push strongly into the PRZ and even move slightly past it (see my analysis). It did exactly that and I see this as a good confirmation signal that the CRAB pattern is valid.
I am already LONG from the open and the gap down expecting the gap to be filled and the CRAB pattern to work it's magic! If everything goes according to my analysis, it should be a nice ride up into the upper trend line of the flag for a nice 750+ pip gain! I posted profit targets for those that want to take profits accordingly but I am holding this trade for the long term expecting prices to reach the top of the bear flag to complete leg C of the zigzag consolidation. You are free to choose your own profit targets.
[red]CAUTION![red]
Though my analysis, if correct could lead to a nice move up and 750+ pips, be aware that this week brings A LOT of big news events and this market can and will show much volatility With Greece set to default on their loan tomorrow, anything can happen. Then of course, this is also the NFP week. So expect large movements. Don't gamble! Invest wisely. And realize that my analysis of what is to come is just MY OPINION and is not a trade call! Make your own trading plan and trade it! As has been said so many times, "PLAN YOUR TRADE. TRADE YOUR PLAN!" My analysis and those of the many other great analyst who post here are only providing some insight as to how we are thinking. USE WITH CAUTION!
As always, any opinions, agree or disagree are welcome. If you like my analysis and want to see more, take a second and please hit the LIKE button and follow me! It takes some time to create these posts so your LIKES encourages me to post more.
Don't overreact to this gap down as being any kind of trigger to go short! Yes, the gap down did break the lower trend line of the flag pattern SLIGHTLY but I can't count the number of times that a trend line break proved to be nothing but a false break! Especially the first time.
Instead, I choose to see this gap down as an "expected move" to complete the crab pattern. Crab patterns tend to complete explosively. Meaning the last move to the D point tends to be a pretty strong move into the PRZ. This gap down qualifies as a strong move! I expected that prices would push strongly into the PRZ and even move slightly past it (see my analysis). It did exactly that and I see this as a good confirmation signal that the CRAB pattern is valid.
I am already LONG from the open and the gap down expecting the gap to be filled and the CRAB pattern to work it's magic! If everything goes according to my analysis, it should be a nice ride up into the upper trend line of the flag for a nice 750+ pip gain! I posted profit targets for those that want to take profits accordingly but I am holding this trade for the long term expecting prices to reach the top of the bear flag to complete leg C of the zigzag consolidation. You are free to choose your own profit targets.
[red]CAUTION![red]
Though my analysis, if correct could lead to a nice move up and 750+ pips, be aware that this week brings A LOT of big news events and this market can and will show much volatility With Greece set to default on their loan tomorrow, anything can happen. Then of course, this is also the NFP week. So expect large movements. Don't gamble! Invest wisely. And realize that my analysis of what is to come is just MY OPINION and is not a trade call! Make your own trading plan and trade it! As has been said so many times, "PLAN YOUR TRADE. TRADE YOUR PLAN!" My analysis and those of the many other great analyst who post here are only providing some insight as to how we are thinking. USE WITH CAUTION!
As always, any opinions, agree or disagree are welcome. If you like my analysis and want to see more, take a second and please hit the LIKE button and follow me! It takes some time to create these posts so your LIKES encourages me to post more.
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Facebook Group: facebook.com/efxselect
Twitter: @andrewefxselect
Website: efxselect.com
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