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Bearish Shark

EURJPY - Bearish Shark check-backLike many traders, I have high hopes for this trading setup. I even see this as a trade that will hit its First Target(TP1) even before its counterpart, USDJPY. But I was wrong about that, you can check the link at the bottom. Don't get upset over this, because a check-back is pretty normal for a Shark Pattern and it's probably because this is on a 4-hourly chart and the USDJPY is on a 1-hourly chart. So it might not be because of the trend trading vs the counter-trend trading setup. However, once the market touches 129.26(indicated with a blue arrow), I'm going to shift stops to entry and that it because it is a potential level that the market my stop and reverse against me. That's why checking back on the trade with unbias market sentiment is crucial to 1 success in trading. Well, if one fails to remain unbiased in his/her trade, then when the trade is engaged, just leave it alone.
Short
by RaynLim
USDJPY-Weekly Market Analysis-Sep21,Wk1On Thursday 26Aug21, I've shared a Bearish Shark setup on the USDJPY. I've also launched a poll in my telegram group you can access via my tradingview post at the bottom of this post. Many if not all the people who participated have voted the EURJPY over the USDJPY setup. Both of them are Shark Pattern and both of them are bearish setups too. The only difference is that the EURJPY setup is a Trend Trading setup and the USDJPY is a Counter-Trend setup. To be honest, I have the same view too, but lucky for me, I didn't cherry-pick. I engage both of them and USDJPY is 10pips shy away from its first target (TP1), while EURJPY has its retest at the entry price. We can have our preference but when the setup form, we shouldn't have our confirmation bias. The link to both Bearish Shark analyses is at the link at the bottom. At this moment the concern I have is this potential inverted Ascending Triangle which may sabotage my Shark Pattern trading setup. I've set my alert on the ascending trendline and the alert will trigger only when can candle touches the trendline and alert me when the candle close. This is how trading should be and not aimlessly staring at the chart. If the candle respected the trendline and reverse at that point, I may exit my Final Target early and may reverse my trade(going long). This solely depends on how the candlestick closes and interact with the trendline. There is other Harmonic Patterns on the 4-hourly chart but to keep it clean I've removed them. If you are interested to check what setup is there, you can check out the link at the bottom.
Short
by RaynLim
2
USDJPY-Weekly Market Analysis-Jul21,Wk1If you are worried about the Bearish Gartley Pattern(you can check the link at the bottom within my tradingview profile) for violated on the 4-hourly chart, worry not. Do remember that the Bearish Deep Gartley Pattern formed on the Daily timeframe and base on the 1-hourly chart, we have shorted the Bearish Shark Pattern. As long as the candle didn't break and close above the trendline(Profit Trendline) on the 1-hourly chart, you are pretty safe.
Short
by RaynLim
GBPUSD-Weekly Market Analysis-Jun21,Wk1If you have been waiting for the Bearish Bat shorting opportunity(chart at the bottom) and you had missed it, well, it looks like a better opportunity might present itself for a trading opportunity. After the candlestick pattern has confirmed, I will short the Bearish Shark Pattern at 1.4228 regions for a counter-trend or trend reversal opportunity. Coincidently, my student has the same view on the GBPUSD market movement, you can check out his analysis below.
Short
by RaynLim
1
EURUSD-Weekly Market Analysis-Jun21,Wk1Well, if you are a Harmonic Pattern trader and you wonder if I have selected the wrong investment strategy, nope, I didn't. On the higher time frame, there is a Bearish Shark Pattern(check the link at the bottom) and I'm waiting for a shorting opportunity on the Shark Pattern. For traders who agrees with me, you have to be aware of a Bullish Butterfly setup on the 1-hourly chart(although it is likely to fail, you still have to be aware that it completes at 1.2123).
Short
by RaynLim
NZDJPY - Failure Shark PatternThis looks like a regular shark pattern and it is a valid bearish shark pattern, but I'm seeing this harmonic patterns has a 90% chance of failure, meaning to say it is most likely to have a bull run than a bear run. I've been trading harmonic patterns for 10years and on my personal observation when certain setup matches others, it will give a sign of the pattern succeed or fail. While lots of traders love to show what happen when they hit profit, I love to share my thought process before the trade happen.
Short
by RaynLim
4