I've never traded a shark pattern before, so i also don't know where to place stops with this one.
(I would say a 1ATR stoploss). But I did spotted a bearish shark pattern once on the 4H chart of AUDJPY . What I found interesting was that after the completion of the shark pattern, a bullish bat pattern was forming.
Anyway, would you dare to countertrend trade this bullish momentum?
I shorted the market after the FOMC with 2 small positions. My first target is a 50% retracement. However, if price has trouble breaking the 0.236 retracement indicating the prior uptrend is too strong, I will reduce risk by setting my SL to BE. Second target is the 0.886 retracement. But that depends on how price reacts at the 50% retracement level (BIG IF it gets there).