Here on the( GBP/ USD) Pound/ Dollar we have a deep crab. its a bit dirty with the "B" point, but PA Closed above the 886 so still a consideration. right now PA has tested the PRZ and PA has been disrupted so the level is somewhat valid. So, the common occurance with crab patterns, due to thier volaatility we often see PA reach the 1.902- 2.0 area before reversing. So thats what were probablily looking at with lacking the volatility due to the end of week and mid day of the end of week. i have sat on this pattern since monday or so waiting for it to complete. it has completed. so im waiting for my signal so I can enter.
Trade closed manually:
Now, keep in mind that the crab pattern has a completion point of the 1618 XA Projection, however, Scott Carney has found that quite frequently that PA will trace down to the 1.902 and then make its move. this pattern is a perfect example of that! the blue line on the photo posted is that very 1.902 level and look how price bounced off it!!! i took my 50+ pips for the day and got out of the trade now im waiting for the restest of the prz and catch my T2 for the longer term trade.
Comment:
P.S. look at the gorgeous reversal formation. if this is the first "U' of a bigger "W" then we are going to have a gorgeous T2 trade!