Don’t waste your time – keep track of how NFP affects the US dollar!

Thank you for visiting our website

The ASIC policy prohibits us from providing services to clients in your region. Are you already registered with FBS and want to continue working in your Personal area?

Personal area

Facebook like

Shark

Information is not investment advice

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

Notice that in all the patterns we studied before (GartleyBatCrabButterfly), 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.

10.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 Shark pattern

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 point C.    

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

11.png

Latest news

AUD is All Excited about Job Data! Why?

Australia will release employment change and the unemployment rate on Thursday, at 02:30 MT time.

The USD Expects Boost from the Fed

The Federal Open Market Committee (the part of the Federal Reserve) will publish its Meeting Minutes on February 16, at 21:00 MT time.

What Awaits USD amid Skyrocketing Inflation?

The United States will publish the producer price index (PPI) on February 15, at 15:30 MT time.

Be on top of your game

Got questions? FBS Oceania Customer Support is ready to help!

Contact us via email at support@fbsaustralia.com

or

Start Live Chat