Price is heading up and it's about to complete a bearish deep crab advanced pattern, Advanced pattern work pretty well, but I have found out after the years, that they tend to work wonders when completing at key support and resistance levels. Below I am breaking down why this pattern has a great potential as it completes at a key support resistance zone give from the a long term downtrend and median line analysis.
SL & TP as shown in the chart. If price reaches the 1rst TP we move SL at BE to 2nd position.
Weekly Downtrend:
Validation of the upsloping median line:
Bearish Divergence. The uptrend is losing it's momentum:
Weaking of current uptrend. Resistance has stepped down (sliding parallel of median line):
Key resistance zone consists of long term weekly downtrend and sliding parallel of median line:
Deep Crab completes into the resistance zone:
** Below you may find the link of my USDJPY bullish Bat pattern drawn in the same fashion as the one of this post. It's already giving us 200+ pips profit and it's still has a good way to go.
All the best,
John
SL & TP as shown in the chart. If price reaches the 1rst TP we move SL at BE to 2nd position.
Weekly Downtrend:
Validation of the upsloping median line:
Bearish Divergence. The uptrend is losing it's momentum:
Weaking of current uptrend. Resistance has stepped down (sliding parallel of median line):
Key resistance zone consists of long term weekly downtrend and sliding parallel of median line:
Deep Crab completes into the resistance zone:
** Below you may find the link of my USDJPY bullish Bat pattern drawn in the same fashion as the one of this post. It's already giving us 200+ pips profit and it's still has a good way to go.
All the best,
John
