dojitrader
Short

Perhaps a Deep Shark Wishing EWave confirmed, So . . .

FX:EURGBP   Euro Fx/British Pound
182 3 3
Shark patterns have no particular rules, that I'm aware of, for the
A to B ratio, but, I've noticed that the deeper than .382 the A to B - in this case
@ .564 - the more likely it will target point D at 1.13 ext of C to X
instead of the ratio .886.
Resistance is just above around the .8080 area which helps
the confidence of the trade set up, BUT, I really wish the
Elliott Wave count was not the mess it seems to be to my eyes.
Maybe the candlesticks , with some strong RSI break/divergence,
will entice a short entry with confidence.
{{Maybe the best trade might be if this becomes a 5-0 long set up}}
First time seeing this pattern !!
Reply
dojitrader Ahmed-J
If you're interested, these websites have lots of free
stuff about all harmonic patterns:
http://harmonictrader.com/sharkpattern.html
http://www.trade-forex-harmonic-patterns.com/harmonic-trading-tips-shark.html
Sharks can be a difficult pattern to nail down as it does not have definitive
rules for the A to B leg and they are often confused with the Cypher pattern.
So, my rules call for a Shark when it taps the 1.13 fib ext, as in this chart, and then
I trade the 1.13 pt D when A to B goes beyond .382 ratio - If it is within .0400
on either side of the .382 I used pt D at the .886.
To distinguish from the Cypher I only trade it when the X to A fib ext taps
the 1.272 and has an A to B at the .382. Any of the other possibilities I ignore
as I've had miserable success where as many traders will take anything that
comes the least bit close. (My results have shown this to be nothing
but trouble - short term or long term)
Hope you find these sites of some help and wishing you great success !!!
+1 Reply
Ahmed-J dojitrader
Thanks for those valuable sites.
Reply
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