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

What Will Move the Market on September 27 – October 1?

Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…

Turkey has decreased interest rates, but is it a buy?

Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.

Main Market Trends on September 23

The Fed can start tapering already this November, oil is rallying pushing the Canadian dollar up! Jump in to know more!

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