CADCHF BEARISH SHARK PATTERN
Market Sell Order Set Up.
Sell Entry: (0.70415)
Min Take-Profit: (0.70002)
Max Take-Profit: (0.69534)
Max Risk-Reward: (1.35)
Smash a Like button and leave a Comment, I appreciate every support. Goodluck.
Monetising on the idea that USDJPY has a completed Bearish Crab Pattern on the Daily Chart, I'm waiting for this odd-looking Bearish Shark Pattern to complete at 145.27.
Normally, I wouldn't have factored in the fact of BOJ intervention that makes the chart an odd-looking one, but because the level of the PRZ within the shark pattern converges, I'm going to...
Apple after reversing at the PCZ of a Bullish SHark May look to Bullishly Underperform in Bearish price Action and Reverse at the 50-61.8% Retrace if it does reverse wwithin this zone then i would expect it to make atleast an Equal High to the Last High and even may expect to see it hit a 1.618 Extension from the Previous High to Low which if the low lands...
The Bearish Shark Pattern has went to the 2nd entry level, as a Shark Pattern Trader, you have to be aware that this harmonic patterns can have as much as 3 different entry zone.
Conservative Trader can consider to wait for retest of 0.8947 to engage the trade.
GBPUSD's key resistance on the daily chart is at 1.1759, which coincides with the 4-hourly chart bearish shark trend trading setup.
This give me opportunity to expand my profit taking level. Something for you to consider.
Before we start, you have to be aware that both the Daily and 4-hourly chart is in the Bearish Trend but the 1hourly chart is in a Bullish Trend. On a mid-long term perspective, I'm waiting for a shorting opportunity, however, on the 1hourly chart you can wait for a buying opportunity.
So how does this work?
If a Bullish Trading Opportuntiy presents itself on...
A Bearish Shark setup has its retest. But is this it, or not? Shark Pattern can have up to 3 entry zone, test 3! So it's best to wait for candlestick confirmation to engage the trade and ever over trade.
LUNC is currently trading between the 88.6% and 1.13% Range of the Pattern Completion Zone and is also at a 50% Retrace from High to Low. At the sametime the MACD and RSI are Bearishly Diverging but what i'm paying the most attention to here is the RSI Trendline that seems to be forming some kind of Bearish Dragon which if it breaks will most likely be the start...
USDCAD has a very interesting setup. The completion of the Bearish Crab Pattern happens to be the Bearish Shark Pattern's HOP level.
At this moment, it seems that the USDCAD is the better trading setup to short based off the counter-trend trading setup.
First, before the 5-0Pattern is completed, it has to reverse at 1.7063 to show respect for the Bearish Shark Pattern completion.
Would I take the trade?
You bet I will!
I will observe if the market will respect 1.6993; if it pauses and reverses, I know I have my Bullish 5-0 Pattern.
The 5-0 Pattern is vital for my longer-term trading plan.
A few days ago i posted a Bearish Shark with a a target between this trendline and the lower 21k area depending on if BTC would break through the trendline once it got here. However it would seem that BTC is holding up well at this trendline which is also the 50% Retrace of the Bearish Shark and it is now Double Bottoming in this Area on the 2 Hour Chart so i...
USDJPY is far from dipping or crashing, at least not now. However, counter-trend traders can wait for a shorting opportunity at 134.89 on a Bearish Shark Pattern setup.
Traders need to wait for further confirmation before jumping into the trade.
I think we could see a reaction from this Bearish Shark PCZ and if it plays out we may see price return the upward sloping trendline around 23k and if that trendline breaks perhaps go as low as the horizontal support line below. at 21.7k
Harmonic Patterns in a trend trading setup are possible. The Bearish Shark Pattern became a perfect setup for traders who want to get into the trend trading setup, but do note that it is possible that the structure trader could get involved in the trade.
Check the related ideas at the bottom.
This Bearish Shark setup might concern traders who trade Bullish Flag Pattern. I will observe how the market reacts at 1.0264 for a shorting opportunity, the RSI Divergence does gave me additional confirmation to short the EURUSD.
The Bullish Deep Crab Pattern on the Daily Chart might not form up, and even if it did, it might not be ideal. However, if you have long based on the counter-trend trade on the Bearish Parallel Channel, congratulation is in place.(check out last week's chart at the bottom of the tradingview link).
Alternatively, you can wait for the Bearish Shark Pattern on the...
Counter-trend traders can wait for a shorting opportunity at 138.81 to fulfil a potential Bearish Flag Pattern. This could be the most volatile trade compared to the Shark Pattern.
Although the Bearish Shark Pattern is a more conservative setup, that doesn't mean it won't be profitable. Should the candle break and close beyond the first red box, traders can wait...