Mikoxl.
Short

A long legged doji in the PRZ of the bearish Crab?

FX:GBPAUD   British Pound/Australian Dollar
Aggressive entry
I took almost the high of this potential long legged doji with a Shark113 short @ 2.1000. I consider this level as the higher zone of the PRZ of the bearish crab . I will post another logchart with all my trades within this PRZ of the bear crab .

Testing
Thus far, each level of the PRZ has tested:
- XA 1.618% extension / BC             2.618 extension
- BC             3.0% extension

For more information about my predefined PRZ see:
A bearish deep crab with a PRZ starting from 2.0744


Reading the chart
Now if the daily candlestick closes as a long legged doji , I will read this candlestick as bull weakness:

The bulls have tried to overcome this PRZ, but the bears hold their line at the 3.0% extension of BC             . At the end of the day, none of sides has really won. However, since this potential doji started off with a gap to the upside, I think there is some bull exhaustion.

Setup
Since I'm already short with the Shark pattern aligned with the 3.0% of the BC             extension of the crab PRZ, I've used my regular stoploss of 1.414% extension of OX of the Shark .

But, there is a nice reward if you're patient enough to hold these positions overnight. I'm targeting the 38.2% retracement of the CD leg of the crab as my first target. My second target would be the 50% retracement .

Entry: 2.0878
SL: 2.0190
target 1: 2.01915. risk/reward: 1:3.24
target 2: 1.9930.
IvanLabrie PRO
2 years ago
I'm short from 2.10079.
The crab seems to be working.
Reply
Mikoxl. PRO IvanLabrie
2 years ago
Nice m8! Well, I was looking for a Shark886 and a Shark113 at the 4H chart. But when it comes to even numbers, I've aligned the entry of the Shark to the upside to the 3.0% extension at 2.1, as long as it does not hit the 1.272%.

snapshot
+1 Reply
Mikoxl. PRO Mikoxl.
2 years ago
Luckily I've based my strategy upon the shark's:

snapshot


If this will work out, this will be the best shark ever!!
+1 Reply
IvanLabrie PRO Mikoxl.
2 years ago
What's the shark target? 50% of BC?
Reply
Mikoxl. PRO IvanLabrie
2 years ago
I always use the 38,2% and the 61,8% as well as the 1,272% extension of BC
Reply
prashantfx
2 years ago
shoooting star also on 4 hour chart
Reply
Mikoxl. PRO prashantfx
2 years ago
You mean the opening of the day with a gap?
Reply
Gekko.uk
2 years ago
GBPAUD Short
Yes this will work
Reply
Mikoxl. PRO
2 years ago
OK, I've been stopped out on this one. The pair acted very volatile as expected! This is very common with extreme patterns. Luckily, I've kept my losses small.
But, I do consider the 2.0 XA extension as a make or break measurement. The crab pattern is still valid
Reply
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