Tradesy1

Bullish Shark Pattern (1H)

Long
FX:EURUSD   Euro / U.S. Dollar
The Shark Pattern was initially released in 2011 by Scott Carney in his Patterns into Profits course.

The pattern is the primary structure that precedes a 5-0 formation. This structure is outside the typical M and W framework. It possesses a unique formation called an Extreme Harmonic Impulse Wave that retests defined support/resistance while converging in the area of the 88.6% retracement – 113% extension of XC.

In all cases, the completion point must include the powerful 88.6% support/retracement as a minimum requirement. In addition, the unique extreme Harmonic Impulse Wave employs a minimum 161.8% extension of the BC leg.

This combination with the 88.6% retracement defines a unique structure that possesses two profound harmonic measures to define the minimum level. In many cases, the price action will retest the initial starting point of the pattern and define excellent opportunities to take advantage of a market that has moved to far too fast within a limited period of time.

This pattern frequently defines excellent opportunities but these reversals are often sharp and require specific management strategies to capitalize on the phenomenon. In many situations, the price action will retest the prior support/resistance level and typically result in a limited counter trend move.


Now the Head & Shoulders (1H) has reached beyond TP1 for the first entry, I expect price to retest the neckline for the second more conservative entry.

I will use this Bullish Shark pattern long entry to cover (hedge) my remaining short position from the H&S .

The target for the Shark falls within the zone for the H&S second entry.
Comment: Due to the complexity of the measurements for the Shark pattern I am concerned that the stop should be set lower.

As the preceding low to the one I set the X point for also fits the correct measurements for the pattern.

I would advise extreme caution trading this pattern, especially if not as a hedge to an already profitable trade.
Trade closed manually: After a revision of the measurements I have closed the trade in profit. I will post the correct pattern with revised measurements.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out