A bearish shark setup that coincides with ABCD pattern formed as a counter-trend trade, conservative traders can wait for a confirmation candle to engage the trade.
The additional advantage of this setup is having an RSI divergence on this setup and on the higher timeframe, it is also within the sell zone that was formed by a bearish bat and a bearish crab...
A bearish shark setup for a selling opportunity that lined up for a trend extension opportunity on a higher timeframe counter-trend trading opportunity.
Within the demand zone of this 'endless' ranging on GBPJPY has this beautify setup of the bullish butterfly(cyan) on the 4-hourly chart and a bullish crab(red) BC leg of the bullish butterfly appears on the 1-hourly chart. I will engage the trade based on the bullish butterfly entry and stops(with my filter).
The interesting part of this setup is the set happens...
If you have been following on my trade analysis, you should know that I'm waiting for a buying opportunity on USDJPY for a trend reversal trade.
There are 2 strategy that I am waiting for to engage the trade.
1) Bullish Shark on the 4-hourly chart
2) Deep Bullish Gartley on the 1-hourly chart
As the level is close to each other, I chose the Bullish Shark setup...
A type2 5-0 pattern setup as a countertrend trade. What's nice about this setup is that the type2 bearish bat pattern on the 1-hourly chart and a small bat pattern on the M15 happens within the zone which gives me a great opportunity for a second chance entry.
