EURUSD - Bearish Shark completion

Hey guys, NFP is finally over and we have many good Harmonic setups coming up.

The 1st I want to talk about is on EURUSD which has a Shark pattern completing.

Pattern Identification

The bearish shark pattern completes at 1.0790.

Based on the rules of the pattern, I will be looking to go short on EURUSD when the pattern completes.

Trade Execution

A few simple rules I use when I execute my trades.

1. No reaction at PRZ --> No Trade
2. The best setups usually has a long pinbar candlestick at PRZ. I will execute either on a long pinbar or a engulfing reversal candlestick pattern.
3. I do not use pending orders to enter my trades, I prefer to set an alert and monitor the price reaction at PRZ before I enter my trades.

Trade will be invalidated if price does not react at PRZ and goes straight above 1.0840.

I will be covering this in my weekly video, do check out my site and get on my youtube page if you are interested to listen to my analysis in video.

Comment:

EURUSD zone of interest to buy before the bigger TF sell around 1.0560 - 1.0580.

Now is probably not the best time to do anything yet.

Watch for pinbar, rejection of this channel lower extreme to initiate buy.

Comment:

We are right at the PRZ.

Wait for H1 reversal signs before entering. If price does not react to this PRZ zone, there will be no trade!

Comment:

PRZ has prevented EURUSD from going much higher.

The execution will be to wait for a close below PRZ and a pullback towards it before shorting.

My philosophy is to reduce waiting time and get in right when it is about to fall.

Tomorrow night there is a US unemployment news, that should move the USD a little.

We have ample time for execution.