CADCHF H1 Bullish Crab Pattern - 1 Aug 2011

1 Aug 2011

Bullish Deep Crab Pattern On CADCHF Hourly Chart.

This pattern is define by 88.6% retracement of XA at B point and 38.2% retracement of AB at C point.

PRZ :
1.27AB=CD @0.8160
1.618XA @0.8112
2.24BC @0.8092

However i think it is quite dangerous to jump in long position at the moment. Price action is testing the PRZ and was in all time low at 0.8070. I will be looking on the retest of the PRZ. This pair still  in strong predominant downtrend.

4H Bearish Channel On CADCHF.

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Posted in: Bullish,CADCHF,Crab

EURCAD H1 Bullish Crab Pattern - 7 July 2011

7 July 2011

Bullish Crab Pattern On EURCAD Hourly Chart.

This pattern is validate by 0.618 retracement of XA at B point and 0.382AB at C point.

PRZ is define by convergence of 1.618AB=CD and 3.618BC at 1.3700 and being complement by 1.618XA for lower limit in the PRZ.

Trade Details :
Entry : 1.3744
SL    : 1.3630 (114 pips)
Target 1 : 1.3850 (106 pips)
Target 2 : 1.3970 (226 pips)

I had entered this trade a little late as i'm waiting for price action to test 1.618XA. Price action manage to decline until 1.3660 about 15 pips from 1.618XA at the D point, then make a sharp reversal. Although in crab pattern it is critical for price action test all level in the PRZ zone, but for me 10-15 pips different is acceptable.Convergence of two important demand zone also had manage to capped price action from a complete test of PRZ. However, as the late execution in this trade, my SL is wider (106 pips) which make i'm only risk 1/3 of my normal lots.

8 July 2011

Exit all position at 1.3759 with 15 pips profit. Just don't like this trade because my entry is quite high. I will see if price action will make a second retest on the PRZ, maybe i can get nice entry there.

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Posted in: Bullish,Crab,EURCAD

CADJPY H1 Bearish Deep Crab

22 Jun 2011

Bearish Deep Crab Pattern On CADJPY Hourly Chart.
This pattern is validate by a 0.886 retracement of XA at B point and 0.500 retracement of AB at C point.Convergence of 1.618XA and 2.618BC at 82.70 limit the PRZ Zone.

Trade Details :
Entry 1 : 82.49
SL        : 83.10 (61 pips)
BE       : 82.10
TP       : 81.75 (74 pips)

Price action made a rally to 82.60 before start to stall. I had entered 2/3 of my position on entry 1 as price action not yet retest the PRZ Zone at 82.70. Entry 2 will be triggered if price action needed to retest 82.70 area. However this trade not produce good risk reward ratio. I will not be scaling to exit in this trade because TP 1 should be at 82.10 while TP 2 should be at 81.75. Despite that beakeven level is put on TP 1 at 82.10. By this i can get at least 1:1 risk reward ratio.

23 Jun 2011

Add 1/3 of my position on second retest of PRZ Zone.
Entry 2 : 82.66
SL point and TP same with Entry 1.

Exit Entry 2 at 82.72 with -6 pips loss. Price action start to show lacked of reversal strength.
Reduce SL for Entry 1 to 82.95 (46 pips).

Update : Exit Entry 1 at 82.92 with -43 pips loss.
Total : -49 pips loss




24 Jun 2011

Followup on CADJPY. 
Sharp reversal after stoploss had been hit and reach my TP level already. It is frustrating when i'm faced a position like this. Just to watch my position had been stopout and price action quickly reverse after that.

Any comment on this is welcome...

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Posted in: Bearish,CADJPY,Crab

EURUSD H1 Bearish Gartley Pattern

22 Jun 2011

Bearish Gartley on EURUSD Hourly Chart.

• B point at 0.618XA retracement.
• C point at 0.500AB retracement.

In this pattern, PRZ zone is define by a convergence of 0.786XA retracement and 1.41BC retracement at 1.4400. While AB=CD at 1.4450 complement the limit for the PRZ zone.

 This setup also posses pattern within a pattern formation.In 5M chart we could see a bearish deep crab pattern which formed in the CD leg of hourly bearish gartley.PRZ for 5M deep crab limit by 2.00BC at 1.4440.

Trade Details :
Entry 1 : 1.4400
SL        : 1.4450 (50 pips)
TP       : 1.4295 (105 pips)



 This trade will return at least 1:2 risk reward ratio.Remember that we still got 5M bearish deep crab which is not yet complete.I had enter 2/3 of my position on the retest of hourly bearish gartley leaving 1/3 position if price action needed to retest 5M bearish deep crab before reversal had been done.

UPDATE

1/3 of my position triggered on the retest of 5M deep bearish crab.

Trade Details :
Entry 2 : 1.4430
SL        : 1.4450 (20 pips)
TP       : 1.4210 (220 pips)






23 Jun 2011

Exit Entry 1 at 1.4320 with 82 pips profit. We have bullish ABCD on hourly chart and price action is testing demand zone at 1.4290-1.4320.

Deep Bullish Crab On M5 Chart. Price action is testing PRZ zone 1.4290-1.4300.

Exit Entry 2 at 1.4306 with 124 pips.

Total profit : 206 pips.

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Posted in: Bearish,Crab,EURUSD,Gartley

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.

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Posted in: AUDUSD,Bearish,Crab

EURCHF Bearish Crab

EURCHF Bearish Crab pattern on H1 chart.
B point at 0.618XA retracement.While C point at 0.886AB retracement.

PRZ Zone is define by two important level of 1.618XA and 2.618BC retracement at 1.2220 area.

Convergence of this two key level could give a strong resistance to go short at 1.2220 area.

UPDATE

This trade quite difficult to follow as this week there are many news regarding euro zone especially greece bailout. I had short this pair first time at 1.2220. Price action reverse nicely from predominant trend with rejection to 1.2170. Unfortunately after that there got talk from ECB's Shark show some hawkish in the greece situation.Price action quickly respond to this hawkish talk which bring eurchf back to PRZ pivot . At this time my position had been take out with a break even.
Even though with the hawkish talk, price action was unable to show clear rejection of  PRZ pivot which bring me to reenter again at 1.2206.

UPDATE

Take a look at EURCHF M5 chart. There are demand zone on 1.2170-1.2185.For third times price action unable to breakout from this zone.On the 2nd test there was hawkish talk from ECB's Shark which bring back this pair to supply zone at 1.2210-1.2230.
I had closed 2/3 of my position with respect of the strong demand zone and to reduce my risk.I'm not quite confident with this pair right now.
Lot of uncertainty in the EUR Zone with all the focus is on greece bailout make this pair like roller coster today.

UPDATE

Exit EURCHF position at 1.2131 with a 75 pip profit. Don't like very much at the price action for EUR today.

Demand zone on M5 chart provide a good place for a profit taking.

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Posted in: Bearish,Crab,EURCHF

EURCHF Bullish Crab

13 Jun 2011

Bullish Crab on H1 EURCHF chart. B point at 0.618XA retracement.C point at 0.886AB retracement.

PRZ Zone is define by convergence of two important lines. 1.618XA retracement at 1.1980 and 2.618BC projection at 1.1970. It is best to wait until this two important line being tested before go long on this pair.

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Posted in: Bullish,Crab,EURCHF

AUDJPY Bullish Crab

AUDJPY is forming a bullish crab pattern on 15M chart.I hope i can get a perfect crab on this pair.

-B point @0.618XA retracement

-C point @0.618AB retracement

PRZ zone is define by 1.618AB=CD @84.70 ,1.618XA @84.00 and 3.14BC @84.20. The most important PRZ level in perfect crab to be valid is 1.618XA and 3.14BC.This both line converge by 20pip range.

I will be looking long on this pair on price action test the 1.618XA @84.00

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Posted in: AUDJPY,Bullish,Crab