ARegularGuy

EUR/AUD Bullish Deep Crab

Long
OANDA:EURAUD   Euro / Australian Dollar
So, we have a very nice potential trade set up. this is a nice bullish deep crab pattern with a completion of the PRZ and it respected the zone and came out. price came down to retest it and now we are throwing an indecision candle. what i would like to see is PA to remain similar to what it is at this moment and tomorrow (wednesday) finish off as an engulfing candle for a gorgeous entry. Risking 300 pips to gain 700. Nice 2.5:1 RR.

As, always TP is .382 of the pattern and we move stops to BE or a little above to beat swap and let the trade do as it wishes after that! #riskfreeorbust
Comment: we had a great re-test of the level. what i want to see today is that engulfing candle to signal the level is valid. we could chop around for a few days or weeks and then move in one direction or another or it bounces out to the upside to hit the projected targets.
Comment: So, if we close the day as a bullish engulfing candle the trade will be active. we have higher than normal volume of trading in this zone, and the volume is pushing price up. so, we can conclude that traders are trying to push price higher. The two large blue candles are moderately higher than normal trading volume and the large red one is normal trading volume. So, this tells me, and i could be wrong, that short traders are taking profit and squaring off the open trades. today is another higher than normal trading day trying to push prices higher out of the zone. We could see prices take off out of the zone or double back and create a double bottom and climb out of the zone. I will be entering near the close of today or the open on Monday. probably the latter.
Trade active