1.3 Crab Chart Pattern
The harmonic Crab is an extreme harmonic pattern which means price action will typically be volatile and be extreme as it enters the Potential Reversal Zone (PRZ).
Step #1 How to Draw Crab Chart Pattern
To learn how to draw the Crab pattern simply follow step by step guide – see figure in chart for a better understanding of the process:
Step #2: How to Trade Crab Chart Pattern:
Step #3: Place the Protective Stop Loss above the 3.618 Fibonacci extensions.
Step #4: Bearish Crab Pattern Target: Multiple Take Profit Strategy: TP1 = 0.618 CD Fibonacci retracement; TP2 = below A
Step #1 How to Draw Crab Chart Pattern
To learn how to draw the Crab pattern simply follow step by step guide – see figure in chart for a better understanding of the process:
- First, click on the harmonic pattern indicator which can be located on the right-hand side toolbar of the TradingView platform.
- Identify on the chart the starting point X, which can be any swing high or low point on the chart.
- Once you’ve located your first swing high/low point you simply have to follow the market swing wave movements.
- You need to have 4 points or 4 swings high/low points that bind together and form the harmonic crab pattern strategy.
- Every swing leg must be validated and abide by the Crab pattern forex Fibonacci ratios presented above.
Step #2: How to Trade Crab Chart Pattern:
- SELL at Point D which should satisfy the requirement CD = 2.24 – 3.618 of AB leg.
Step #3: Place the Protective Stop Loss above the 3.618 Fibonacci extensions.
Step #4: Bearish Crab Pattern Target: Multiple Take Profit Strategy: TP1 = 0.618 CD Fibonacci retracement; TP2 = below A
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