This morning I saw a bullish shark formation on EURUSD.
Pattern Identification
Bullish Shark at 1.05.
Price has bounced off the PRZ last night, moving about 20 pips north. Trade Execution
Currently I am waiting for a retest of 1.05 and I will only execute a buy if I see a nice pinbar rejection at this level.
Trade will not be executed if
1. Price just bashes below 1.05 2. Price just goes up without retesting 1.05
I like this trade, it looks alot like the USDJPY bullish shark setup where I skipped the 88.6 XC PRZ and missed the entire move up even though it completed a type 2 trade. (See related ideas)
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Price went up without retesting 1.05. Trade idea no longer valid.
it seems to be invalid as patterns are based on swing trading strategy ,you should have a swing for XA another for AB and another for BC , i see more swings between XA and BC ,withdraw it on 240 to look nice and valid , you chose the market movement to fit within your requirements.This is not correct , pattern should appear by itself.
TerryHarmonicTrading
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@festiveboy, upon my recheck, this shark is a perfect setup where all the measurements are definitely correct.
I spotted this setup a little late, that is why I was waiting to get in on a retest which is what Scott Carney called a type 2 entry.
Are you a seasoned harmonic trader too? would love to discuss more ideas with you.
UnknownUnicorn478105
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Do you consider taking trades even when there is no RSI extreme reading ?
TerryHarmonicTrading
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@spezimuc, that was partly the reason I am waiting for another retest before entering. I usually wait for RSI extremes before I take my trades.