moneymaking

USDCAD: BEARISH CRAB PATTERN + CLONES ON WEEKLY CHART !!!

FX:USDCAD   U.S. Dollar/Canadian Dollar
a year ago
Hello Traders,

Here we have a VALID BEARISH CRAB PATTERN on FX:USDCAD             that is close to the completion point. I've also introduce the cloning strategy into this idea. In cloning strategy you just take pivots high and low and draw the reference box, which you then clone and place it on top of the reference clone box. Next you draw the 1/4 (Quarter) Lines by using the Fibonacci retracement tool and these 1/4 Lines can be used as potential targets for long positions. I would also like to point out that we are getting BEARISH DIVERGENCE on the RSI as well. But as always we need to wait for major structure level to be broken, before giving any importance to divergences. For BEARISH CRAB PATTERNS the stop loss is placed above the 200% Fib extension of the XA leg. I also included the 61.8% Fib retracement level, which comes in exactly at the CRAB PATTERN'S completion point. See the chart above for more details.

NOTE #1: Personally I would NOT be trading this particular setup due to the larger stop loss. My account capital does not allow me to trade based on WEEKLY CHART. Instead I would be using this setup to look for shorting opportunities based on lower time frames, with smaller stops and targets.

NOTE #2: I would consider this as a counter-trend trade, since the overall MAJOR TREND is still BULLISH.

NOTE #3: If this pattern works out nicely then our 1st target is exactly at the bottom of CLONE #1, which could potentially act as support. Also by using the 1/4 lines we are able to hide the stop loss above the 100% line or above the top part of CLONE #1, which could potentially act as resistance.

I got introduced to the clone strategy from my good friends "nmike" and "GcNaif". Make sure to check out their trading ideas, they are great at trading with the clone strategy.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
a year ago
Comment: UPDATE #1: Crab pattern entry has been triggered. All the BEST to everyone :)
a year ago
Comment: UPDATE #2: If anyone traded this pattern, than your 1st target has been reached, stops can move to break even :)
Yahia.Awes
a year ago
Are you serious with a sl of almost 400 pips bro?
+1 Reply
IvanLabrie PRO Yahia.Awes
a year ago
If the entry works he can scale in and tighten the stop afterwards.
Reply
moneymaking Yahia.Awes
a year ago
Hey mate, as I pointed out in my description that, I will NOT be trading particularly this setup. But instead using it as a guide to look for potential shorting opportunities on lower time frames, only if price action agrees. I can never take risk of 400 pips, that would be insane :)
Reply
Nice.
I entered an audcad long using a pair trade, so, long audusd and long usdcad :D
+1 Reply
moneymaking IvanLabrie
a year ago
Nice work mate, I am just using this as a possible scenario to go short, only if price action agrees :)
Reply
moneymaking IvanLabrie
a year ago
Thank you :)
Reply
FullTimeTrader
a year ago
Hello, nice area, im also watching it long time. I will be ready to look for entries on lower TF. Regards.
+1 Reply
moneymaking FullTimeTrader
a year ago
Hey FullTimeTrader, Thank you mate. I will also be looking at lower time frames for possible short entries, but price action has to agree :)
Reply
hounds
a year ago






Nice one mate.... You mentioned that your looking to enter to sell on a lower TF if the right opportunity comes up. I noticed that a bearish butterfly had completed at around 1.3280, do you think thats a good enough entry point?
Reply
moneymaking hounds
a year ago
Could you tell me the time frame where the butterfly pattern has formed? thanks
Reply
hounds moneymaking
a year ago
























Sorry mate it was the 4h TF... X at 1.32129... Probably a bit late now, its going up again. Although it was worth about 130 pips, good enough for a first target at structure.
Reply
moneymaking hounds
a year ago
Hey hounds, np problem. For some reason I don't see your chart showing up with your comments. Are you able to see the chart with the comments? :(
+1 Reply
hounds moneymaking
a year ago
Actually I didnt post a chart, i dont know why it left such a large space above my comment
+1 Reply
moneymaking hounds
a year ago
ohh, lol. Not sure either :(
Reply
Great one.
+1 Reply
moneymaking IvanLabrie
a year ago
Thanks mate :)
Reply
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