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The Shark Harmonic pattern is a comparatively new pattern. The pattern was founded by Scott Carney in 2011 and has many similarities to the other Harmonic pattern strategies. The Shark harmonic pattern is similar to the Crab pattern. In fact, traders can easily trade Bullish Shark Harmonic pattern at all the time frames. However, it is highly recommended that you trade the Shark pattern on the one hour time frame or above.
Trading the Shark Pattern
The Shark Harmonic pattern is distinct from other Harmonic setups owing to its 5-point setup including O, X, A, B and C. In addition to this, the B leg terminates at the point above the X wave. It extends to a minimum of 1.13 as well as a maximum of 1.618 Fibonacci levels.

The Shark Harmonic pattern should fulfill the below mentioned Fibonacci ratio needs:
- AB=should retrace between 1.13-1.618 Fibonacci extension of the XA.
- BC=must extend to 113 percent Fibonacci extension of the OX.
- CD=should pose the target of 50 percent Fibonacci retracement of the BC.
In order to trade this pattern, traders must make an entry at the opening of next candle right after the Harmonic indicator spots the Shark Harmonic pattern. In other words, traders should enter the market once the Leg C has been established. Accordingly, the stop loss should be placed at 2.618 extension of the AB.

When it comes to identifying the Take Profit zones in the Shark pattern, traders must know that they can have two different Take Profit areas. While, the first Take Profit area is the 50 percent Fibonacci i.e. CD-swing leg, the second Take Profit zone is the 100 percent Fibonacci retracement. This is because the Shark Harmonic pattern essentially leads to 5-0 chart pattern and after reaching point D, there can be a reversal. Also, since the Shark Harmonic pattern could be a reverse pattern on its own we can have the second Take Profit zone at 100 percent Fibonacci level.