Understanding Trading Sharkfin Pattern - Part 2 & Final Part

avatar

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.


Echelon-1-Day-Trading-Guide.jpg

Source


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.


6.1.jpg


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.


6.2.jpg


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.


5.1.jpg


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.


5.2.jpg


Banner.jpg

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.

HNWT6DgoBc14riaEeLCzGYopkqYBKxpGKqfNWfgr368M9Wj16sy9L2FLoMKzyyDvhGzkw7di9PwELb1KmcWjTry3LS37ofeg3FYBxijjJ5BqZCyybeD3nMxmJzA.png

⚫️⚪️⚫️

Thanks For Reading

Till Next Time, Stay Safe



0
0
0.000
3 comments
avatar

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.

0
0
0.000
avatar

Congratulations @menoski! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You published more than 400 posts.
Your next target is to reach 450 posts.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

To support your work, I also upvoted your post!

Check out the last post from @hivebuzz:

Hive Power Up Month - Feedback from Day 20
0
0
0.000