COULD THIS BE ANOTHER SHARK?

Hello traders! We are monitoring the development of another shark pattern on the dollar cad. We took the opportunity on the previous setup and could possibly get another buy opportunity here. As the name suggest, the shark pattern has impulsive behaviors as you can see when the market failed to break the 1.13 extension of the AB leg on the previous setup. We see the impulse reaction towards the previous low, typically between the .886 retracement and 1.13 extension of the 0A leg for a potential reaction. This reaction is usually impulsive as well which makes the shark pattern a volatile pattern. Traders should monitor price action near or at the reversal zone for trading opportunities. This is an idea, not a signal, published for educational purposes. Trade smart don’t gamble!


-Rum


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To learn more about shark patterns, visit Scott Carney’s channel on YouTube for more information.