The cTrader shark pattern trading strategy will work extremely well as a strong counter-trend strategy and you can also learn pretty much fast if the shark harmonic pattern will work or not. The cTrader harmonic indicator is a complete pattern indicator and it can be used for both short term and long term traders, this indicator is optimized for the cTrader trading platform.
Shark Pattern Characteristics:
- B point needs to be a minimum 113% but NOT exceed 161.8% of XA projection
- C point needs to be a minimum 161.8% but NOT exceed 224% of AB projection
- C point at 0.886 0X (not 0B) retracement of 1.13 0X projection.
- Entry is at 88.6% of OX leg with stops coming in at point C
- Targets can be the golden ratio of 61.8% of the BC leg.
The chart above shows a Bullish Cypher pattern created by the Harmonic Pattern Scanning Software that formed at Point C on 31.10.2019 used together with the Fibonacci Retracement Tool indicator and you can see that the price should reach the golden Fibonacci ratio of 61.8%
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