18 Nov 11 - EUR/USD - M15 - Bearish Crab Pattern (morphed from previous Bearish Gartley @ 0.886)

This is an interesting observation where I saw a Bearish Gartley actually morphing into a Bearish Crab. There will be occasions like this which will give us another opportunity to go into the market even when we have missed the earlier setup.

I have personally missed this trade as I was out on Friday evening but nonetheless, I thought it would have been great to take note of this observation for my future review.

Distal (H1)

For this trade, it would have been a trade of a higher probability setup since the distal time frame presented a resistance at 0.50 Fibonacci Retracement level at the 1.36074 region.

Primary (M15)

The reason for posting this example is cos this is truly a textbook setup where we observed a nice pattern completion followed by an overspill which is characteristic of Crab patterns which was synced with a RSI complex structure completion.

Proximate (M5)

For this pattern's entry, it was truly a very straight forward entry which gave us a low risk,high probability trade.

In the case of this trade example, there were various confirmation factors which added to it's success and this is one lesson which I failed to practise in the next GBP/JPY trade.