Entered long EURUSD with stop loss at 1.2250, take profit at 1.2350 I entered long as price hit the long term trend line on the weekly which coincide with the D point of this shark pattern. Market during this period tend to range more than they trend. As such there is a good probability of price retracing back to the previous strong support level at 1.2250.
Comments
Highcrunch
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Trade got stopped out, no present from Santa.... Nevertheless this has been a great month trading wise.
I am done for the year. Wish you all happy holidays and a superb trading year ahead.
moneymaking
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I believe you got stopped out because of the 3 high impact news that came out at 8:30 am. Better to stay out during news time. You also have wonderful holidays. Merry Christmas and Happy new Year, in advance. Cheers. :)
Highcrunch
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Yup that is probably it. Actually I pretty much stop looking at news (except the couple of big ones like non farm) especially when I am trading off a longer time frame. Unless I am day trading, then only will I look at news before entering. My experience is that news accelerate price to the support/resistance level faster, thus fulfilling the harmonic patterns that I usually based my trades off. The key for my success is really about taking high probability trades with good reward/risk coupled with strict money management.
moneymaking
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You got a real solid plan. Keep it up :)
Highcrunch
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Hi Moneymaking, here's a link that you can read all about shark pattern. harmonictrader.com/sharkpdf.pdf It can emerge into a 5-0 pattern if D retrace up tp 50% of BC. Happy holidays!
moneymaking
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Hey highcrunch, I don't really know how to identify the shark patterns. Could you give the rules that are needed to met, in order for it to be a shark pattern? Thanks for sharing.
I am done for the year. Wish you all happy holidays and a superb trading year ahead.