Hello Traders,
I would like to share my trading process with you. This pair is very interesting to me as it moves very aggressive if picks up the direction and taking long periods of time when decides to consolidate. I have been looking at the chart for quite some time and took an aggressive long entry at the completion of my projected Crab pattern on Daily chart (first green arrow on the left). It actually played out very well at the beginning and when I spotted the inverted H&S pattern, I added another long trade on the retest of the neckline expecting strong bullish move afterwards. Only to be put down to the ground when price struggled to get trough significant weekly and daily resistance (which I naively expected to be broken easily) and my trades have been closed with small profits. Recently I spotted small Bat harmonic being formed with D-point laying nicely in PRZ (potential reversal zone) of Daily Crab. This was enough for me to take another long which ended up in break even (third green arrow from left). The last green arrow is a potential trade which I didn't take as it was already end of the week. It will be very interesting to see if The Market will confirm these harmonics despite the fact that a new Lower Low has been printed on the H4 chart. The Neckline of this inverted H&S is very tilted to the downside and the right shoulder is lower than the left shoulder which can be taken as concern along with the new LL when looking for longs. My thoughts still remain bullish until SL of Bat still remains intact. I am also looking for a Double Bottom if price shoots through A-point of Bat and long term completion of another harmonic on higher time frame as well.
Please comment and share your ideas. Thank you.
I would like to share my trading process with you. This pair is very interesting to me as it moves very aggressive if picks up the direction and taking long periods of time when decides to consolidate. I have been looking at the chart for quite some time and took an aggressive long entry at the completion of my projected Crab pattern on Daily chart (first green arrow on the left). It actually played out very well at the beginning and when I spotted the inverted H&S pattern, I added another long trade on the retest of the neckline expecting strong bullish move afterwards. Only to be put down to the ground when price struggled to get trough significant weekly and daily resistance (which I naively expected to be broken easily) and my trades have been closed with small profits. Recently I spotted small Bat harmonic being formed with D-point laying nicely in PRZ (potential reversal zone) of Daily Crab. This was enough for me to take another long which ended up in break even (third green arrow from left). The last green arrow is a potential trade which I didn't take as it was already end of the week. It will be very interesting to see if The Market will confirm these harmonics despite the fact that a new Lower Low has been printed on the H4 chart. The Neckline of this inverted H&S is very tilted to the downside and the right shoulder is lower than the left shoulder which can be taken as concern along with the new LL when looking for longs. My thoughts still remain bullish until SL of Bat still remains intact. I am also looking for a Double Bottom if price shoots through A-point of Bat and long term completion of another harmonic on higher time frame as well.
Please comment and share your ideas. Thank you.
Trade active:
For all who took the trade, nice one, congratulations. For all others who missed it like I did unfortunately, look to buy the pull-back. Good luck on finding a nice entry!
Trade active:
Bullish Bat, second touch of PRZ after confirmation and MACD bullish divergence H1 - 3 reasons to place another buy. Entry was triggered.
Trade active:
Important possible break out to watch!!!
Trade closed: target reached:
All trades were closed with nice profits and good RR. Waiting for retest of broken daily resistance to buy again.
