123 Shark Indicator
MT4123 Shark Indicator For MT4 automatically scans shark candlestick patterns and provides forex buy and sell trading signals based on the pattern
Description
The 123 shark indicator for MT4 automatically scans and plots the shark candlestick pattern on the price chart. The shark pattern consists of three candlesticks that resemble a shark. Furthermore, the indicator provides buy and sell forex trading signals based on the pattern.
New forex traders should familiarize themselves with the pattern to understand the trading rules in a much better way. However, advanced forex traders may trade them with ease. Traders can use the indicator on any chart time frame to scan the pattern. However, higher time frame chart may lead to a longer candlestick pattern while the lower charts tend to provide lower signals.
123 Shark Indicator For MT4 Trading Signals
The indicator plots a red circle for sell stop and blue one for a buy stop. Traders should note that a 123 shark pattern is formed by three consecutive candlesticks. These candlesticks are engulfing candles. The first candle engulfs the second and third candle, while the second candle may or may not engulf the third candle.
The trading strategy is to simultaneously place a buy stop on the high of the third candle and a sell stop at the low. Once an order is triggered the other one is cancelled. The indicator does not provide a stop loss or profit target, so traders should place a stop loss at the nearest swing high/low. Traders should book profits with a good risk-reward ratio.
Conclusion
In summary, the 123 shark indicator for MT4 is a candlestick pattern scanner for the shark pattern. It is beneficial for forex traders using candlestick patterns for trading.
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