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
Comment:
EJ IS DOWN BY ALMOST 90 PIPS, WE COULD MOVE SL TO BREAKEVEN, SO WE HAVE RISK-FREE TRADE.
Comment:
I successfully closed my position on the 0.5 fib level at TP1, price might form a bullish 5-0.