{"id":7246,"date":"2021-03-06T10:38:54","date_gmt":"2021-03-06T07:38:54","guid":{"rendered":"https:\/\/roboforex.com/blog\/?p=7246"},"modified":"2026-05-26T10:57:23","modified_gmt":"2026-05-26T07:57:23","slug":"how-to-trade-by-the-shark-pattern","status":"publish","type":"post","link":"https:\/\/roboforex.com/blog\/blog\/2021\/03\/06\/how-to-trade-by-the-shark-pattern\/","title":{"rendered":"How to Trade by the Shark Pattern?"},"content":{"rendered":"\n

Shark is a price pattern<\/strong> that consists of five impulses and promises soon trend reversal<\/a>. This pattern<\/a> is a rather recent phenomenon; it was first singled out and described in 2011 by Scott M. Carney<\/strong>. The pattern belongs to Harmonic trading designed by Harold M. Gartley<\/strong> and described in his book \"Profits in the Stock Market\".<\/p>\n\n\n\n

Shark is simular to such graphic analysis patterns<\/a> as Double Top<\/a> and Double Bottom<\/a>, but in essense, it is an updated 5-0<\/a> pattern. Detecting reversal points in the Shark pattern requires the use of Fibonacci lines that are essential for the pattetn: without them, we cannot be sure if the pattern has formed correctly.<\/p>\n\n\n\n

In this article, we will discuss the rules by which the Shark forms on the chart and the principles, by which we open positions with this pattern.<\/p>\n\n\n\n

<\/span>How does the Shark pattern form?<\/span><\/h2>\n\n\n\n

The Shark pattern consists of five points: 0, X, A, B, C<\/a> — that form on the chart one after tge other. A complete pattern looks like the shark's fin or its jaws swung open; to my mind, however, this is all very individual.<\/p>\n\n\n\n

Seeing all the five points in the chart, a trader might conclude that here goes the shark; nonetheless, without Fibonacci levels, you cannot be 100% sure.<\/p>\n\n\n\n

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<\/span>How to confirm a Shark pattern by Fibonacci levels?<\/span><\/h2>\n\n\n\n

All trading terminals feature an instrument called Fibonacci Lines<\/a> with basic settings, but they do not suit us. To check your presumable Shart pattern, delete all the default levels (except \"0\") and write in 0.866, 1.13, 1.618, 2 24. See below this settings amendments in MetaTrader 4<\/a>\/5:<\/p>\n\n\n\n

\"\"<\/a>
Fibonacci levels<\/figcaption><\/figure>\n\n\n\n
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Fibonacci levels<\/figcaption><\/figure>\n\n\n\n

In more detail, you can read about Fibo<\/a> levels in these two terminals in the following article: <\/p>\n\n\n\n

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What are Fibonacci Levels? How to Use Them on Forex?<\/a><\/blockquote>