Crab Pattern - Trade of the Week

Though I would share with you a trade I took on the AUDUSD over the past week. It was a Crab Pattern. The below image is based on a H4 chart and as you can see the support level was right on the 1.618 projection of XA. This level coincided with the 0.71 cent mark and we were already low on in the AUD range. I held a tight stop and allowed the trade to give me the full profit which is the trend-line of A and C point.

If you had missed it, it was also possible to collect using our 50% convergence strategy. There was nice confluence of the MAs and the 50 Fib.