EURAUD (Deep Crab Pattern) -4h Chart
Updated
Confirmations for Deep Crab Pattern:
A-B leg can retrace anywhere between 0.382 up to 0.618
B-C leg can retrace 0.382-0.886 of AB leg
C-D is an extension of up to 1.618 of XA leg
Take profits at 0.382 and 0.618 (Fibonacci D-C).
We can see there's a Double Top for higher high confirmation and bearish initiation, which MACD shows divergence as it doesn't have a double top inside the indicator, at this point I expect price to be bearish with a good risk/reward trade.
Good Trading. -4h Chart
A-B leg can retrace anywhere between 0.382 up to 0.618
B-C leg can retrace 0.382-0.886 of AB leg
C-D is an extension of up to 1.618 of XA leg
Take profits at 0.382 and 0.618 (Fibonacci D-C).
We can see there's a Double Top for higher high confirmation and bearish initiation, which MACD shows divergence as it doesn't have a double top inside the indicator, at this point I expect price to be bearish with a good risk/reward trade.
Good Trading. -4h Chart
Trade closed: stop reached
Stop Loss was hit after price broke resistance looking for new higher high
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