Here's a video on how to identify Harmonic Shark Chart Patterns. This runs through the trading pattern recognition process, trade setup and trade management for all conventional Harmonic Shark Patterns. OTSoftware identifies all Advanced and Harmonic Patterns automatically and objectively.It also enables you to create up to three of your own patterns. This has changed my trading success dramatically and maximised profitability.
Once the X and A points have been identified the market forms the B by fulfilling at least a 38.2% retracement of the XA leg and does not exceed the 78.6% XA.
The C point is valid if it touches at least a 113% extension of the XA leg and does not exceed the 161.8% extension of XA.
The Potential Reversal Zone (PRZ) for a Shark is actually just one point, rather than the other Harmonic Pattern’s 3 points. Therefore the D point of a Shark is calculated as the 88.6% retracement of the X-C.
Harmonic Shark Target 1: 38.2% retracement of the CD leg.
Harmonic Shark Target 2: 50.0% retracement of the CD leg.
Harmonic Shark Stops: 113% extension of the XC.
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