Crab > AB=CD > RSI > Entry 1.0493
The Harmonic Pattern CRAB is yet another discovery by Scott Carney and is identified by its long stretching swing points. In the crab pattern the PRZ level at swing/pivot point D is overstretched and shoots beyond the initial swing/pivot point of X.
The key characteristics used to identify the Harmonic Crab pattern are as follows::
AB leg can retrace anywhere between 38.2% up to 61.8%
BC can retrace 38.2% – 88.6% of AB leg
CD is an extension of up to 161.8% of XA leg and is an extension of 224% – 316% of the BC leg
After the crab pattern is established, traders can take their positions at or from point D (at the high or at the low of the price bar at D) targeting 61.8% and 127.2% of CD leg.
The key characteristics used to identify the Harmonic Crab pattern are as follows::
AB leg can retrace anywhere between 38.2% up to 61.8%
BC can retrace 38.2% – 88.6% of AB leg
CD is an extension of up to 161.8% of XA leg and is an extension of 224% – 316% of the BC leg
After the crab pattern is established, traders can take their positions at or from point D (at the high or at the low of the price bar at D) targeting 61.8% and 127.2% of CD leg.