Setup Reasoning.
-Daily Stochastic, macd, and rsi oversold
-This harmonic has divergence on the daily as well between X and D
-We are approaching STRONG Support rejections from earlier this year
-Bullish Crab pattern complete
The market says 'buy me"
Entry reasoning:
Aggressive: Limit order at .11185
Conservative: Wait for ema's to cross (settings are listed below)
The crab has already completed but this down trend is strong, I am going to enter at the 2.0 extension of BC which is a reversal spot for this pattern. The hourly oscillators are also oversold as well, which coincides with the idea.
Stop loss Reasoning:
I am using the Stop loss price of the Crab + May's low, and April's low as a defense on my trade, my stop is about 10 pips below them.
Take Profit Reasoning:
The range we just broke has a lot of volume around the 1.1216 spot which I don't really want to mess with. This is a counter trend trade so I will be conservative. This could be the low for 2019 in my opinion. But we could still see a drop to 1.1070 area I think.
I will wait until the trendline gets broken to consider this bullish
EMA Settings 4,13,21,40 (all are ema's)
-Daily Stochastic, macd, and rsi oversold
-This harmonic has divergence on the daily as well between X and D
-We are approaching STRONG Support rejections from earlier this year
-Bullish Crab pattern complete
The market says 'buy me"
Entry reasoning:
Aggressive: Limit order at .11185
Conservative: Wait for ema's to cross (settings are listed below)
The crab has already completed but this down trend is strong, I am going to enter at the 2.0 extension of BC which is a reversal spot for this pattern. The hourly oscillators are also oversold as well, which coincides with the idea.
Stop loss Reasoning:
I am using the Stop loss price of the Crab + May's low, and April's low as a defense on my trade, my stop is about 10 pips below them.
Take Profit Reasoning:
The range we just broke has a lot of volume around the 1.1216 spot which I don't really want to mess with. This is a counter trend trade so I will be conservative. This could be the low for 2019 in my opinion. But we could still see a drop to 1.1070 area I think.
I will wait until the trendline gets broken to consider this bullish
EMA Settings 4,13,21,40 (all are ema's)