EverythingForex
Long

EURUSD: Quick Trade Idea - Bullish Crab Completed

FX:EURUSD   Euro Fx/U.S. Dollar
This bullish crab just completed. I'm in LONG on this pair and looking for at least target 2 to be hit. If not more. Follow your own trade rules....
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farid_ardavani
a year ago
now price is on 1.09725, so its not a good R/R to enter !
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EverythingForex PRO farid_ardavani
a year ago
Of course you are correct...if you enter at that point. I'm in at 1.09450 upon the completion of the pattern. If you want better R:R on this trade, wait for prices to retrace back down closer to the D point to try to get in for better R:R. if it doesn't, then you must trade according to your own risk tolerance. But my advice is don't chase trades! if you miss it, you missed it. Always another one around the corner.
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farid_ardavani EverythingForex
a year ago
ok but in 1.09450 there is no reversal candle stick to confirm the pattern. the close of that reversal pin bar is at 1.09706 ; i want to ask you whether u entered market before confirmation or not ?
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EverythingForex PRO farid_ardavani
a year ago
I don't rely on candlesticks to determine my entry. I do use candlesticks as another way to confirm the trade though. I placed my trade at the point D of the pattern completion watching price action as it enters into the pattern completion PRZ.

Candlesticks, while a great tool, is just another tool to use to help confirm a trade. Some use it to enter trades. I don't. But seeing a candlestick possible reversal signal form just gave me a better sense of the trade possibly working out. In a weighting of my trade confirmation tools I use, candlesticks are probably 3rd or 4th thing I check for.

Hope that helps. If you have anymore questions, feel free to ask. I'm more than willing to answer.
+1 Reply
nezyrinfx EverythingForex
a year ago
i trade exactly like you too. i just hate having huge SL
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EverythingForex PRO nezyrinfx
a year ago
LOL! Don't we all! I just stick with my trading plan is all. Good R;R on every trade. At least 2:1. So can lose more trades than I win and still make bank!
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farid_ardavani EverythingForex
a year ago
thank you so much EverythingForex, i enjoy your explanation; but there are some things to note, i want to know how you decide entering trades in these patterns. first you told that PRZ which means Potential Reverse Zone, because its just a potential zone, i myself need a strong reversal candlestick for confirm that potential zone, i dont know how you do that without them (?) ; second, because these patterns are so close to each other, and in some of them the only thing differ is Fibo ratios, without a candlestick confirmation how do you know what pattern you are trading or how do you know whether pattern has completed or not? for example how do you recognise gartley, butterfly, bat or crab? just by candle stick, why? ---> because may be a gartley extend or expand to form a butterfly or crab and i think just by a reversal candlestick we can understand the pattern is complete, or is expanding to form another one..

again thank you. :D
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EverythingForex PRO farid_ardavani
a year ago
Advanced patterns like Bat, Crab, Butterfly, Gartley, Cyphers, ect., etc. all have very precise fib ratios to follow. When I mean precise, I mean PRECISE! That means that price MUST fulfill the pattern ratio to the pip in order to be a valid pattern. If you want to learn more about Advance Pattern trading, there are some very good courses and books on advanced patterns out there. A favorite is Jason Stapleton's course. He's a very good teacher. No BS. Be sure to read "The Harmonic Trader" and also Scott Carney's "Harmonic Trading Vol 1 and 2". Scott Carney is credited with creating most of the rules regarding Advanced Patterns. Jason Stapleton is credited with discovering the Cypher Pattern.

But you'll find that nowhere in those books/courses does anyone mention using Candlesticks to determine anything about advanced pattern trading.
+1 Reply
nezyrinfx EverythingForex
a year ago
jason stapleton is one great trader on harmonics and fibonacci
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EverythingForex PRO nezyrinfx
a year ago
For those that want to find out more about Jason Stapleton's course on Advanced Patterns and Forex trading, please look up Akil Stokes here on Tradingview and send him a PM. Jason does not post here but Akil, who is Jason's "sidekick" so to speak, does post here and often. BTW, I'm not promoting any products here. I'm not an affiliate marketer trying to make a buck by promoting anything. Just trying to help where I can.....
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riskmode TOP farid_ardavani
a year ago
Well if you didn't get in at around 1.095 you missed the boat. No buying on double dips.
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