Fish Hook Pattern Trading

The ross hook pattern is a breakout forex trading strategy.

Fish hook pattern trading.

Second the pattern should be composed. Since the bullish hook reversal pattern only includes two candles it is easy to spot and analyze. You can see the fish hook pattern on the right of the chart. At the end of august share prices fell in steep decline and i purchased shares after the rsi started to recover above 30.

You can see that in real life the fish hook trading pattern does take the rough shape of a fish hook but it can be a little messier looking. 2 the stock finds an area where it has a hard time breaking below. The rocket pattern is a little different than the fish hook pattern. On the other hand with the rocket pattern i m looking to play for the breakout.

To identify this tremendously trustworthy signal look for the following criteria. First a downtrend must be in progress. A short term candlestick pattern occurring in either an uptrend or a downtrend that is used to predict a reversal in the trend s direction. Now let s look at the power of the fish hook.

That said the fish hook is one of my favorite trading patterns but i don t always trade it. In other words i m looking for strong stocks here. What to look for with the fish hook pattern. You see with the fish hook pattern i m looking for beaten down names poised to reverse.

Keep reading to find out my thoughts on when the best time to take this setup and when to avoid it. If you followed hit and run candlesticks into onty you are up 21 urz up 13 and sold cdti for 20 two days ago the price action of yesterday showed a bit. This is an excellent question you pose. A lot of traders in jason bond picks and millionaire roadmap have been asking me about my fish hook pattern.

Some trading rules for ross hook pattern. I am not sure i can definitively provide all of the rules to the standard of testibility but here goes. The ross hook pattern forms after the formation of 1 2 3 trading pattern. Bullish hook reversal pattern.

Fish hook pattern explained. With the fish hook pattern there are a few things we re looking for 1 a steep drop in price. In the process of waiting for the ross hook pattern to form you can actually trade the 1 2 3 pattern breakout as well.