moon333
Long

ETHUSD forming a bullish shark | 12% potential short term trade

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
By the grace of Allah the most high like always my previous chart of short term trade is also executed successfully:


Now on day chart after formation of successful bullish butterfly pattern the price action has started the formation of bullish Shark pattern, sofar all fibonacci sequence is going good as required for shark now the formation of last leg is in process and I am expecting that it will be also formed accordingly and soon the priceline will be entered in potential reversal zone.
The PRZ area should be used a stop loss zone if a complete candle stick will be closed below this area.
Volume profile of complete pattern is showing less interest of traders at this area.
But Stochastic is bearish and giving bear cross and MACD is turned weak bullish from strong bullish , so here I would suggest to wait for MACD to turn back strong bullish or if the MACD will be turned strong bearish then wait for to turn it back to weak bearish or wait for bull cross from stochastic then take the long position.
I have used Fibonacci sequence to set the targets:

Buy between: 166.30 to 161.63

Sell between: 171.16 to 181.23

Enjoy your profits and Regards,
Atif Akbar (moon333)

Great Analysis!!
+1 Reply
moon333 Robertus
@Robertus, thanks buddy
Reply
Bullish cypher
+1 Reply
moon333 tomash1
@tomash1, It would be a bullish cypher if the B to C leg would be retraced atleast 1.272 fibonacci my friend
Reply
tomash1 moon333
@moon333, b to c has to be a minimum 113 to 141.4 which it is my friend
+1 Reply
moon333 tomash1
Dear @tomash1, if u r lookin for cypher then C point should be a 1.272 to 1.414 projection of the primary XA leg but if u r formig shark pattern then C point should be a 1.13 to 1.618 projection of the primary XA leg, thanks.
Reply
moon333 tomash1
@tomash1, Dear some one shared this image wrong and mixed shark with cypher retracements plz read the complete description on tradingview as below this is copy paste from there:
The Cypher was discovered by Darren Oglesbee and though it is technically an advanced pattern formation, it is often associated with and traded alongside harmonic patterns. It has specific Fibonacci measurements for each point within its structure. The B point retracement of the primary XA leg lies between 0.382 and 0.618, the C point should be a 1.272 to 1.414 projection of the primary XA leg and the D point should be a 0.786 retracement of XC. The first target would be the 382 retracement of CD and the second target the 618 retracement of CD.
The stop would go beyond the next structure support / resistance beyond the X-point. Conservative traders may look for additional confirmation before entering a trade, for instance an aligning RSI value or a specific candlestick pointing at a reversal. The Cypher Pattern can be either bearish or bullish. TradingView has a smart Cypher Pattern drawing tool, created especially for this popular pattern. Please note that the ratio line between the A and C points represents how far C extended the XA leg. The ration line between the X and D points represents how far D retraced the XC leg.

you can also visit this tradingview link to see complete accurate details:
https://www.tradingview.com/ideas/cypherpattern/

Dear plz always try to learn from authentic sites or books rather than google coz most of the information on google is shared by different ppl is wrong thank you so much again my friend and regards.
Reply
tomash1 moon333
@moon333, yeah you are rite thanks
+1 Reply
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