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Bullcrab

Pound/ Dollar ***This is an online journal entry.***. As previous entries on my profile i am still learning how to be a Harmonic Trader. I am not a big fan of the crab patterns as they extend quite a bit past the XA leg. Originaly when i started trading patterns I admit i ignored the importance of the AB=CD. But, after reading the Books written by Scott Carney the back bone of all the patterns is the AB=CD. So, now I look for the AB=CD patterns first and then add the "X" leg after I caluculate the AB=CD pattern. Here, we have a Deep Crab Pattern on GU. Today is Terminal Bar Day. So, Next week (around wednesday or thursday) if price starts to move sideways next week and does not blow through the PRZ then we have a nice trade. As with most Harmonic Patterns the TP Targets are based off the CD leg and its the 382 and 50. ***CAUTION*** THIS IS A COUNTER TREND TRADE SO TARGETING A .382 IS TARGET 1 AND (STRICTLY PERSONAL PREFERENCE) 618 IS T2. BREAKEVEN IS WHEN PRICE TOUCHES THE 382.
Long
by ARegularGuy