Short @ 1.3555 > SL 1.3600
Shark pattern is a combination of a ‘failed’ wave, an extreme harmonic impulse wave and the famous 0.886 retracement.
RULES:
B point needs to be in range of XA projection – minimum 1.13 but NOT exceed 1.618
C point needs to be in range of AB projection – minimum 1.618 but NOT exceed 2.24
C point at 0.886 0X (not 0B) retracement or 1.13 0X projection
We have the freedom to choose swing 0X to create the most compact zone for C point. 2 elements define PRZ:
0.886 0X retracement (not OB) or 1.13 0X projection, which ever gives the most compact zone. Sometimes you would need to eye for both PRZ to see how the price reacts to each level and decide if you want to trade it.
AB Projection
Shark pattern is a combination of a ‘failed’ wave, an extreme harmonic impulse wave and the famous 0.886 retracement.
RULES:
B point needs to be in range of XA projection – minimum 1.13 but NOT exceed 1.618
C point needs to be in range of AB projection – minimum 1.618 but NOT exceed 2.24
C point at 0.886 0X (not 0B) retracement or 1.13 0X projection
We have the freedom to choose swing 0X to create the most compact zone for C point. 2 elements define PRZ:
0.886 0X retracement (not OB) or 1.13 0X projection, which ever gives the most compact zone. Sometimes you would need to eye for both PRZ to see how the price reacts to each level and decide if you want to trade it.
AB Projection