Anticipate a Swing BULLISH SHARK PATTERN ON EURUSD
Hi guys, EURUSD is currently forming what looks like a Bulish shark pattern on H1, with the following measurement
OX = 0.5 (0.382 - 0.618)
XA = 1.13 (1.13 - 1.618)
AB = 1.618 (1.618 - 2.24)
0B = 0.886 (0.886 - 1.13)
CONFLUENCE: The Support trendline seems to be holding on a higher time frame, also on daily, the support trendline is holding, price is at exactly 0.618 high to low on daily.. we all know that 0.618 is a strong fib level.
So we anticipate a reversal at the PRZ, scale down to lower TF for a good entry, and R:R
SL at 1.07038 (1.13 fib level) since the pattern is expected to complete on the 0.886 OB Retracement, not at 1.13
expect a pullback to the PRZ. entry BUY limit order at 1.07853 or you could enter at a reversal candle formation on the PRZ.
wishing you guys a wonderful trading week.
OX = 0.5 (0.382 - 0.618)
XA = 1.13 (1.13 - 1.618)
AB = 1.618 (1.618 - 2.24)
0B = 0.886 (0.886 - 1.13)
CONFLUENCE: The Support trendline seems to be holding on a higher time frame, also on daily, the support trendline is holding, price is at exactly 0.618 high to low on daily.. we all know that 0.618 is a strong fib level.
So we anticipate a reversal at the PRZ, scale down to lower TF for a good entry, and R:R
SL at 1.07038 (1.13 fib level) since the pattern is expected to complete on the 0.886 OB Retracement, not at 1.13
expect a pullback to the PRZ. entry BUY limit order at 1.07853 or you could enter at a reversal candle formation on the PRZ.
wishing you guys a wonderful trading week.