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Bearish Shark

EURJPY - Bearish SharkA Bearish Shark Pattern as a countertrend trade form up on both EURJPY and GBPJPY 1-hourly chart. As we know the shark pattern can have as many as 3different entry prices, these 2 patterns only have one. And both of them has RSI Divergence. That's one thing I love about these setups. Comparing the 2, EURJPY would be a much-preferred pair as it forms upon structure. We have also learned that cherry-picking don't do us much good. I'll engage both trading setups. I'll include the link to the GBPJPY for your reference.
Short
by RaynLim
EURJPY - Bearish SharkDo you remember the Bearish Shark setup that I've shared on 15 March 2021? Well, I don't remember the exact date, but tradingview does. That's 1 thing I love about tradingview. It helps traders to differentiate the real trader apart from those who just do screenshots that are favourable to their desired outcome. For those who have engaged on the Shark Pattern on the weekly chart, right now it is giving you 338pips(approx. 3,380USD) of running profits, from a 579pips(approx. 5,790UDF) retracement. Check out the link at the bottom of the tradingview post. At this moment there are 2 potential scenarios on its daily chart. A bullish bat completing at 126.00 as a trend trading setup or a Bearish Shark Pattern completing at 133.46 as a counter-trend trade.
Short
by RaynLim
EURJPY - Bearish SharkShark Pattern, this is what shark pattern really is. If you got stung out on the same shark pattern and once it has grown into the next entry price, the textbook case suggest that you should still engage the trade should the candlestick confirmation come by. Compare to its peers, USDJPY, this is the more well-liked set-up as it was a trend trading setup, unlike the USDJPY, counter-trend setup. I will have to wait for the candle to close at 9 pm (+8GMT) which is 16:00(UTC +3). If a pin bar, or long shadow I will be looking for a shorting opportunity.
Short
by RaynLim
GBPJPY - Bullish Butterfly ExtensionWe have a Head and Shoulders Pattern and it's completion come into the Bearish Shark completion. Well, it gives a 1:1 Reward:Risk but we are looking at 140pips of risk. WOW!! Not for me man! So instead of buying at 1unit, I'm going to wait for the butterfly pattern setup, a bullish butterfly completing at 151.05 for a counter-trend trading opportunity off the 15minutes chart but a trend trading on the 4-hourly. For this setup, I would rather miss the trade than to put myself in a 140pips risk.
Long
by RaynLim
USDJPY - Bearish SharkA bearish shark pattern is about to happen on USDJPY as well. Sometimes these happen to the Yen pairs, 1 after another and it is really your trading rules to decide if you cherry-pick them or you engage them anyway. What's the difference between these 2 Shark Pattern setup is that this is a counter-trend setup. Traders who have the in-born mindset of how high can it go or buy low and sell high would prefer the USDJPY Shark Pattern setup. Which is your favourite? Let me know in the comment segment below.
Short
by RaynLim
4
EURJPY - Bearish Shark check-backLike many traders, I have high hopes for this trading setup. I even see this as a trade that will hit its First Target(TP1) even before its counterpart, USDJPY. But I was wrong about that, you can check the link at the bottom. Don't get upset over this, because a check-back is pretty normal for a Shark Pattern and it's probably because this is on a 4-hourly chart and the USDJPY is on a 1-hourly chart. So it might not be because of the trend trading vs the counter-trend trading setup. However, once the market touches 129.26(indicated with a blue arrow), I'm going to shift stops to entry and that it because it is a potential level that the market my stop and reverse against me. That's why checking back on the trade with unbias market sentiment is crucial to 1 success in trading. Well, if one fails to remain unbiased in his/her trade, then when the trade is engaged, just leave it alone.
Short
by RaynLim
USDJPY-Weekly Market Analysis-Sep21,Wk1On Thursday 26Aug21, I've shared a Bearish Shark setup on the USDJPY. I've also launched a poll in my telegram group you can access via my tradingview post at the bottom of this post. Many if not all the people who participated have voted the EURJPY over the USDJPY setup. Both of them are Shark Pattern and both of them are bearish setups too. The only difference is that the EURJPY setup is a Trend Trading setup and the USDJPY is a Counter-Trend setup. To be honest, I have the same view too, but lucky for me, I didn't cherry-pick. I engage both of them and USDJPY is 10pips shy away from its first target (TP1), while EURJPY has its retest at the entry price. We can have our preference but when the setup form, we shouldn't have our confirmation bias. The link to both Bearish Shark analyses is at the link at the bottom. At this moment the concern I have is this potential inverted Ascending Triangle which may sabotage my Shark Pattern trading setup. I've set my alert on the ascending trendline and the alert will trigger only when can candle touches the trendline and alert me when the candle close. This is how trading should be and not aimlessly staring at the chart. If the candle respected the trendline and reverse at that point, I may exit my Final Target early and may reverse my trade(going long). This solely depends on how the candlestick closes and interact with the trendline. There is other Harmonic Patterns on the 4-hourly chart but to keep it clean I've removed them. If you are interested to check what setup is there, you can check out the link at the bottom.
Short
by RaynLim
2