Gold - Bearish Deep Crab Pattern
Updated
Gold could be completing a bearish deep crab pattern in the coming days.
After rebounding perfectly off a bat pattern, will this deep crab give us another great profit opportunity in the next few trading days?
Deep crab differs from Crab at the B point, where the retracement is much deeper at 88.6%.
This 88.6 retracement usually reacts off the XA 161.8 nicely due to its harmonic nature.
PRZ 1232-1235
SL 1245
TP1 1215
TP2 1200
We can see Gold back at 1200 if it both TP of this deep crab pattern is hit.
Good luck and good trading!
After rebounding perfectly off a bat pattern, will this deep crab give us another great profit opportunity in the next few trading days?
Deep crab differs from Crab at the B point, where the retracement is much deeper at 88.6%.
This 88.6 retracement usually reacts off the XA 161.8 nicely due to its harmonic nature.
PRZ 1232-1235
SL 1245
TP1 1215
TP2 1200
We can see Gold back at 1200 if it both TP of this deep crab pattern is hit.
Good luck and good trading!
Note
we are right at the PRZ.Only when the zone has been fully tested and the 4 hour candle closes below the zone, then we can considering going short.
If the market does not react to this zone, we will not go short.
Note
Finally got in at 1225 after a type 2 retest.
This is the power of harmonics, we do not need to understand fundamentals but through patterns we are able to get in with the big boys.
1215 target 1, 1200 target 2 on the way!
Note
Took the 1st loss in 2 weeks. Decided to cut my gold shorts at 1238.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.