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USDJPY: POTENTIAL Bullish Crab 4HR TF

FX:USDJPY   U.S. Dollar/Japanese Yen
On the 4Hr TF, there is a POTENTIAL bullish crab that is forming with it's C point confirmed as prices have dropped below it's B point. If you want to go SHORT on this CD leg of the pattern, a great entry would be on any retrace back up to the B point. Although it is possible that prices will continue down in its' current downtrend.

Taking a look at the D point of this crab pattern , you can see that there's a lot of confluence there.

1. the .618 retrace of the previous uptrend
2. of course, the 1.618 XA extension of the crab
2. The 3.618 extreme harmonic extension of the BC             leg
4. and also there is a minor SR structure

These are not only good confluence to suggest there will be a reaction when prices reach that point, but also because such confluence tends to act like a magnet drawing prices to it. So whether you will wait til the crab completes or try to go short on the completion of the CD leg, the R:R is good.
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ChatchaiVong
a year ago
thank so much
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