First, before the 5-0Pattern is completed, it has to reverse at 1.7063 to show respect for the Bearish Shark Pattern completion. Would I take the trade? You bet I will! I will observe if the market will respect 1.6993; if it pauses and reverses, I know I have my Bullish 5-0 Pattern. The 5-0 Pattern is vital for my longer-term trading plan.
The Bullish Deep Crab Pattern on the Daily Chart might not form up, and even if it did, it might not be ideal. However, if you have long based on the counter-trend trade on the Bearish Parallel Channel, congratulation is in place.(check out last week's chart at the bottom of the tradingview link). Alternatively, you can wait for the Bearish Shark Pattern on the...
If you have followed last week's analysis(link at the bottom), you could have caught some profit from the Bearish Shark Pattern setup. It's a bad idea to jump in the trade and take the short trade now because you won't have an edge over the market. Instead, you could wait for the 5-0 Pattern completion for a counter-trend move. The formation can complete as...