Fish Hook Pattern Trading

The ross hook pattern is a breakout forex trading strategy.

Fish hook pattern trading.

Now let s look at the power of the fish hook. 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. Keep reading to find out my thoughts on when the best time to take this setup and when to avoid it. First a downtrend must be in progress.

On the other hand with the rocket pattern i m looking to play for the breakout. 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. Some trading rules for ross hook pattern. Bullish hook reversal pattern.

In other words i m looking for strong stocks here. You can see the fish hook pattern on the right of the chart. With the fish hook pattern there are a few things we re looking for 1 a steep drop in price. 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. In the process of waiting for the ross hook pattern to form you can actually trade the 1 2 3 pattern breakout as well. The pattern is identified when a. At the end of august share prices fell in steep decline and i purchased shares after the rsi started to recover above 30.

I am not sure i can definitively provide all of the rules to the standard of testibility but here goes. 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. 3 the stock holds at the support level and catches a bid. The rocket pattern is a little different than the fish hook pattern.

Check mark s premium course. To identify this tremendously trustworthy signal look for the following criteria. Second the pattern should be composed. You see with the fish hook pattern i m looking for beaten down names poised to reverse.

Since the bullish hook reversal pattern only includes two candles it is easy to spot and analyze. 2 the stock finds an area where it has a hard time breaking below. That said the fish hook is one of my favorite trading patterns but i don t always trade it.