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Weekly Deep Crab hit tgt             . Notes on chart
As far as i am concerned, Deep Crab is supposed to be a bearish pattern!
Technician Technician
I mean in this particular case
KLang Technician
It is a bearish pattern. Once target is reached, however, you don't automatically sell, as a reversal may not be at hand. And price will often consolidate in the area before taking off again. That's why I would suggest not putting either on here. Rather, wait for price to take about this level on a weekly basis before trying long as it looks like it might want to bull flag here. The best way to play these patterns in my view is to their target, not the reversal as there is no measured move in the reversal.
adding "once target is reached, you don't automatically sell SHORT." When I am long one of these patterns, I do close my position at the target.
Yep agree, its not an automatic sell signal, confirmation remains necessary. But the point is, the pattern is invented to be a reversal pattern, Point D is not the target of the pattern per se, its the remaining requirement for the pattern to complete. The pattern suggests that at point D(Potential Reversal Zone) selling the favored, in his book Scott Carney suggested some targets like 0.38 retracement of CD leg, also point X. cpuld be a more conservative target
KLang Technician
Well, everyone has their own way of playing them...
Good Luck :)
KLang Technician
I won't take this one personally. But it looks like it wants to flag. I prefer patterns with targets:)
Yep, patterns with targets keep things objective. I am a fan of tradition technical analysis
Technician Technician
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