For all of you harmonic aficionados out there, a nice bullish crab setup on the GBPAUD 4hr chart. I know, I know, going long on GBP is risky, but we're looking at pure price action for this trade.
Price is heading into that strong weekly resistance zone and I would wait until the BCD level (if you need an explanation, you're not a harmonic aficionado and you'll need to Google it... LOL) hits. Resist the urge of jumping in too soon, otherwise you'll be riding a red trade for a while... look for some good reversal signals in the reversal zone for a tight stop and some good R/R. Don't trade "the fear of missing the move", wait for confirmation signals, whatever you use as a personal preference.
These are not trading signals and only represent my own personal view. Please trade your own plan! disclaimer, disclaimer...
FYI, also diverging from X, I left it out of the chart...
Good luck & green trades!
Price is heading into that strong weekly resistance zone and I would wait until the BCD level (if you need an explanation, you're not a harmonic aficionado and you'll need to Google it... LOL) hits. Resist the urge of jumping in too soon, otherwise you'll be riding a red trade for a while... look for some good reversal signals in the reversal zone for a tight stop and some good R/R. Don't trade "the fear of missing the move", wait for confirmation signals, whatever you use as a personal preference.
These are not trading signals and only represent my own personal view. Please trade your own plan! disclaimer, disclaimer...
FYI, also diverging from X, I left it out of the chart...
Good luck & green trades!
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Looking for TP2 now, Shaved my position to 1/2 after hitting TP1...
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TP2 reached. Nice trade with some good profit and a solid R/R ratio.