AUDUSD Bearish Crab

Bearish Crab Pattern On AUDUSD H1 Chart

• B point @0.50XA
• C point @0.786AB

 PRZ Zone :

• 1.618XA retracement at 1.0730
• Extreme 3.618BC projection at 1.0710

Price over time give an extra confirmation of this pattern formation. Vertical line on chart is fibonacci time zones which calculate the time of completion pattern.Best time is between 0.382 to 1.00 fibonaci time zones.Although i'm prefer 1.00 time zones as usually there will be sharp reversal at this time.I hope price action will test 1.0730 before 1.00 time zone which could give best opportunity to short this pair.
UPDATE

 Mistake :
Afraid of missing the trade i had entered this position too early. There are two position i had entered,first is at 1.0672. Without waiting for a retest of PRZ i entered this trade which cost me in the early.Luckily on second retest PRZ manage to hold predominant trend and clear reversal could be seen.





UPDATE

Clean breakout on M5 demand zone.
Targeting on the next demand zone at 1.0570-1.0580.SL move to breakeven





UPDATE

1.0570-1.0580 demand zone on 5Min chart

Imbalance between buyer and seller in 1.0570-1.0580 demand zone.
Lock in profit above demand zone.

Breakout at 1.0570-1.0580 demand zone.  Look for a retest at 1.0525-1.0545 demand zone.
Nice Rally!!

Update : Exit position at 1.0575 with 120pip profit.

Posted in: AUDUSD,Bearish,Crab