We can see on the daily timeframe a potential deep crab on EURGBP.
After the initial bullish reaction breaking the bearish trendline price has now retraced and retest above the trend line.
With this price action and the harmonic deep crab i would be looking to take long positions on the lower timeframes and build up a risk free position.
On this particular chart i have displayed at entry the 161.8% XA entry point , a 161.8% AB=CD measurment ( denoted by the dashed line ) and a 314% BC projection. The stop for this particular pattern would the 200% XA measurement , Due to the large size of the pattern we would look for similar patterns on much smaller timeframes to allow larger entries for better risk to reward.
After the initial bullish reaction breaking the bearish trendline price has now retraced and retest above the trend line.
With this price action and the harmonic deep crab i would be looking to take long positions on the lower timeframes and build up a risk free position.
On this particular chart i have displayed at entry the 161.8% XA entry point , a 161.8% AB=CD measurment ( denoted by the dashed line ) and a 314% BC projection. The stop for this particular pattern would the 200% XA measurement , Due to the large size of the pattern we would look for similar patterns on much smaller timeframes to allow larger entries for better risk to reward.
Trade active:
Multiple entries all in profit Will take 50% profit at 2:1 R:R