Shark

Shark

Shark pattern was discovered in 2011 by Scott Carney. The swing points in this pattern are marked with 0, X, A, B, C.

Notice that in all the patterns we studied before (Gartley, Bat, Crab, Butterfly), the second top in a bullish pattern and the second bottom in a bearish pattern were lower/higher than the first one. In a bullish Shark pattern, however, the second top is higher than the first one. In addition, it combines Fibonacci with Elliott waves theory and some new ratios like 113% are used.

shark.jpg

Here are the key parameters of a Shark pattern:

- There’s no specific place for A.

- Point B is at the 113%-161.8% extension of XA.

- Point C is at the 113% extension of 0X and at the 161.8%-224% extension of AB.

How to trade

The approach to trading a Shark pattern is a bit different from that we designed for other patterns. The entry is at 88.6% of 0X. The Take Profit can be at 50%-61.8% of BC. The Stop Loss should be at the point C.    

Here’s how a bullish Shark pattern looks like on the chart. The point B is at the 113% extension of XA. The point C is near the 113% extension of 0X. The entry to a buy trade is at the 88.6% retracement of 0X. The Stop Loss is at the point C.

Shark chart bull.png

Latest news

Currency market on December 9

The main attention of traders is paid to the news concerning the US-China developments ahead of the US tariffs deadline scheduled on December 15.

5 important events this week will bring us

The UK Parliament election, American and European interest rates announcements and monetary policy press conferences - all of these are going to take place this week.

Is the Fed holding the rate?

The Federal Funds Rate is announced at 21:00 MT time on December 11.

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