The Shark Pattern Tutorial (Basic) #Bitcoin

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The Shark pattern is a relatively new addition to the Harmonic collection which was discovered and defined by Scott Carney in 2010.

As a trend continuation structure, the expectation at the completion point of the Shark is for price to continue in the direction of the trend.

The Shark, like all continuation structures, begins with an initial impulsive move ( X - A ) in the direction of the trend.

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Draw the Fib retracement tool from the low point ( X ) to the high point ( A ) using the levels 0%, 38.2%, 61.8% and 100%.

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The A-B leg must retrace a minimum 38.2% and maximum 61.8% of the X-A leg.

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Reverse the fib tool in situ then add the 113% and 127.2% levels.

Price must break the 113% level but must not exceed 127.2%.

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Draw the fib tool from point X to Point C using levels 0%,88.6%, 100% and 113%.

After all confirmations are met, price is expected to reverse between the 88.6% and 113% retracement of XC

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Draw the long position tool with entry at 88.6%, Stop at 113% and TP at 2R (risk to reward ratio 1-2).

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At TP close at least 50% of your position.

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