This is my adaptation on a Crab harmonic and where i expect it to reach. I am currently waiting for a completion of the D point which should show a reversal candle or pattern, once it does i will enter the trade. The current Risk:Reward is 1:2 or 1:4 what is acceptable as i believe that it should hit the Take Profit. I have set the TP below the expected level (121.204/121.640) to ensure it does not fall short by a few pips. The Stop loss is slightly below the D point if/when it completes with a reversal.
Comment:
D point level surpassed the first level i expected it to have a reversal and is moving to the second level already. there are a few more levels it can hit if it continues heading bearish before a reversal pattern is formed. the TP and SL have been adjusted for the level which it is currently at according to my rules.
Comment:
seems like an inverted hammer candle stick has appeared at the next level which i could have used, just waiting on the next candle to close bullish before entering the trade with adjusted TP and SL
Trade active:
trade entered
SL = 120.470
TP = 120.950
close to these values, return is 1:1.1
SL = 120.470
TP = 120.950
close to these values, return is 1:1.1
Trade closed: stop reached:
quite annoyed with this one as we were stopped out by a stop hunt, maybe the SL was a bit tight to the D point because normally i range it from 5 to 20 pips. if 20 pips was selected i would have not have been stopped out.
SIDE NOTE: the TP were hit on the same candle which stopped me out. prediction it would rise at this level was still correct :)
SIDE NOTE: the TP were hit on the same candle which stopped me out. prediction it would rise at this level was still correct :)