A crab just completed at EURAUD. RSI is oversold and must reverse and leave the oversold area. Currently it looks like the PRZ is not respected by the market and the pattern is not worth a trade. Watch closely on price action around PRZ within the next 1-2 hours. If price exceeds the SL zone, the pattern turns invalid.
I publish this mainly because I was amazed by how exact this pattern is measured. (XB @ 0.618, XA @ 0.709).
If this turns to a valid opportunity, be sure to enter below 1.52957 to maintain at least a 1:1 RR on TP1. Close 50% on 0.382 TP1 and rest on 0.618 TP2.
This pattern completed in the near of a previous downward channel where price broke out recently. So I still see opportunity for a price reversal.
Good luck.
I publish this mainly because I was amazed by how exact this pattern is measured. (XB @ 0.618, XA @ 0.709).
If this turns to a valid opportunity, be sure to enter below 1.52957 to maintain at least a 1:1 RR on TP1. Close 50% on 0.382 TP1 and rest on 0.618 TP2.
This pattern completed in the near of a previous downward channel where price broke out recently. So I still see opportunity for a price reversal.
Good luck.
Note
Just to be clear: "must reverse and leave the oversold area" does not mean the price must do this. I meant price must do this to turn this pattern into an opportunity. If price does not do this -- no trade.Trade active
Entered per limit order @ 1.52957 (catched it a bit late, I know).SL: 1.52534
T1: 1.5338
T2: 1.53713
Note
This is what happens, if you go to the trade and not let the trade come to you. I would have got in at a much better price.
Fear of missing out -- I'm working on this already :)
Note
TP1 reached last night @ 1:30 in the morning. Closed 50% of my position and rolled SL to break even.Trade closed manually
Last part of the position was manually covered, when price action broke the 45° trend line.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.