A bearish shark pattern has just been confirmed on EJ
Below is the correct measurement of a valid shark pattern
OX RETRACEMENT = 0.382 - 0.618 CLOSED AT 0.5
XA PROJECTION = 1.13 - 1.618 CLOSED AT 1.414
AB PROJECTION 1.618 -2.24 CLOSED AT 1.618
OB RETRACEMENT/PROJECTION = 0.886 - 1.13 CLOSED AT 0.886
TP AT 0.5 AND 0.886 (148.504, 146.690) RESPECTIVELY
SL AT 1.13 (152.122) SINCE THE PATTERN COMPLETED AT OB RETRACEMENT OF 0.886
WHICH GIVES 1:3 R:R
THIS GONNA BE A SWING TRADE. HOPING FOR THE BEST OUTCOME, WE EXIT THE MARKET IF SL IS HIT.
DISCLAIMER: THIS IS NOT A FINANCIAL ADVISE, DO YOUR OWN ANALYSIS AND CONFIRMATION
Below is the correct measurement of a valid shark pattern
OX RETRACEMENT = 0.382 - 0.618 CLOSED AT 0.5
XA PROJECTION = 1.13 - 1.618 CLOSED AT 1.414
AB PROJECTION 1.618 -2.24 CLOSED AT 1.618
OB RETRACEMENT/PROJECTION = 0.886 - 1.13 CLOSED AT 0.886
TP AT 0.5 AND 0.886 (148.504, 146.690) RESPECTIVELY
SL AT 1.13 (152.122) SINCE THE PATTERN COMPLETED AT OB RETRACEMENT OF 0.886
WHICH GIVES 1:3 R:R
THIS GONNA BE A SWING TRADE. HOPING FOR THE BEST OUTCOME, WE EXIT THE MARKET IF SL IS HIT.
DISCLAIMER: THIS IS NOT A FINANCIAL ADVISE, DO YOUR OWN ANALYSIS AND CONFIRMATION
Note
EJ IS DOWN BY ALMOST 90 PIPS, WE COULD MOVE SL TO BREAKEVEN, SO WE HAVE RISK-FREE TRADE.Note
I successfully closed my position on the 0.5 fib level at TP1, price might form a bullish 5-0.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.