Euro has been on a tumble this week.
I got hit with a loss on EURUSD long early week.
However I am still convinced Euro is heading higher this week as professional traders often like to buy low during a period of negative news release.
Therefore I will be camping higher to short EURAUD on this deep crab pattern.
A deep crab pattern is characterized by a 0.886 B point retracement and a XA 1.618 extension at D.
Based on the rules of the Deep Crab pattern defined by Scott Carney, these will be the levels I will be watching to trade.
Entry 1.5540-1.5550
SL 1.5570 (D +20-30 pips)
TP1 1.5460 (CD 38.2%)
TP2 1.54 (CD 61.8%)
I will always wait for a reaction at the PRZ before entering my trade.
No reaction, no trade!
Do not risk more than 2% of your equity on any trade.
I got hit with a loss on EURUSD long early week.
However I am still convinced Euro is heading higher this week as professional traders often like to buy low during a period of negative news release.
Therefore I will be camping higher to short EURAUD on this deep crab pattern.
A deep crab pattern is characterized by a 0.886 B point retracement and a XA 1.618 extension at D.
Based on the rules of the Deep Crab pattern defined by Scott Carney, these will be the levels I will be watching to trade.
Entry 1.5540-1.5550
SL 1.5570 (D +20-30 pips)
TP1 1.5460 (CD 38.2%)
TP2 1.54 (CD 61.8%)
I will always wait for a reaction at the PRZ before entering my trade.
No reaction, no trade!
Do not risk more than 2% of your equity on any trade.