EURJPY H1 bullish shark, waiting for price to move a bit lower before the entry.
Here is mine, and I look at the same shape and timing I think:
The shark minimum requirement of the XC retracement for D 88.6 is met at BC fibex 127.2% nicely match up. My definition of shark however (as I find it in the literature) would require minimum BC fibex of 161.8% (up to 2.0-2.24 depending on source)
Here is the definition of one source..
This is what raised my question:
- is my spec wrong or different from yours?
and I think this is the basis for the question, no doubt about it working out acceptably, just looking for an understanding in this matter.
Any thoughts? Pls comment.
Last edited by lobogabor; 10-10-2013 at 12:24 AM.
you are right, some people define the bullish shark as on your picture above (D point lower than X), but also the second version of shark is where D point is above X.
This is however theory only (at least for me). The same as we have Gartleys with B point much lower than 61,8 (78.6 and even 88.6), we have sharks with B point lower (like 61.8 for EURJPY scanario).
I came to realize some months ago that my harmonic trading should be called harmonic, as my style is very much different to what others HT traders describe. Harmonic traders (as I see) use price analysis and Fibonacci ratios confluences (to define the price PRZ).
I combine price and time analysis and time is actually much more important for me than anything else. Therfore some patterns that I trade do not meet properly the book-like harmonic patterns definition. They meet my definitions. They are based on price x time analysis on several timeframes in the same time. Seems like must find a proper name for my trading style
Hi kor4x, can you explain little bit about time, what it is most important for you?