USDCAD,240, Education ..........how to trade shark pattern?

FX:USDCAD   U.S. Dollar / Canadian Dollar
145 0 2
Harmonic Pattern SHARK

The Harmonic Shark pattern is a relatively new trading pattern that was discovered in 2011 by Scott Carney. The shark pattern is somewhat similar to the crab pattern identified by the overextended swing/pivot point C. The harmonic shark pattern is identified as shown in the picture below and uses 0, X, A, B, C swing points to name the pivot/swing legs and is referred to as a 5-0 pattern.

The main differentiating factor between the Harmonic Shark and other patterns is that it relies on the 88.6% and the 113% reciprocal ratios. Once the price point at D is formed, prices rally or decline very swiftly and therefore it requires active management of the trade. In other words, you simply cannot set up the harmonic shark pattern and come back a while later to trade it as by that time price would have moved a significant distance.

The Shark pattern has the following ratios.

AB leg extends OX leg between 113% – 161.8%
BC             leg extends beyond O by 113% of the OX leg
BC             leg is also an extension of AX by 161.8% – 224%

Unlike other harmonic patterns , the trades are entered as follows:

Entry is at 88.6% of OX leg with stops coming in at point C
Targets can be 61.8% of BC            
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