Understanding Trading Sharkfin Pattern - Part 2 & Final Part
Hello everyone, hope you all are doing good? I'm back with the Part 2 of this amazing series, Understanding Trading Sharkfin Pattern. If you haven't read the Part 1, I strongly suggest you that by clicking here. In today's article we would be looking at how to set trade entry and exit criteria using trading sharkfin pattern.
Buy Position
Entry Criteria
Wait for the V shaped Sharkfin pattern set up
Ensure your RSI line is starting to rise above 30, meaning, it must be below 30 initially.
As soon as the RSI line is above 30, place your buy entry position there.
Exit Criteria
Place your Stop Loss position some pips below the tip of the V shape formed
You can make use of RR 1:1 or RR 1:2, to know where to place your Take Profit position. For me, I will be making use of RR 1:2 to place my Take Profit position.
Sell Position
Entry Criteria
Wait for the invented V shaped Sharkfin pattern set up
Ensure your RSI line is starting to fall below 70, meaning it must be above RSI line 70 initially.
As soon as the RSI line is below 70, place your sell entry position there.
Exit Criteria
Place your Stop Loss position some pips above the tip of the invented V shape formed.
You can make use of RR 1:1 or RR 1:2, to know where to place your Take Profit position. For me, I will be making use of RR 1:2 to place my Take Profit position.
I hope you all found the article interesting and exciting. Do well to share your thoughts about the article in the comment section below. Thanks.
Hello @menoski
Imagining a shark fin pattern, is to panic in the market, the ideal will be to exit the position on sale and wait for the retracement to re-enter the market, I will take guidelines of the ones you share in this post, thanks for this.
Best regards, be well.
I'm glad you found the article useful @lupafilotaxia
Thanks for coming around and making such a wonderful comment @lupafilotaxia
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