Fish Hook Pattern Trading

In the process of waiting for the ross hook pattern to form you can actually trade the 1 2 3 pattern breakout as well.

Fish hook pattern trading. What to look for with the fish hook pattern. Fish hook pattern explained. 2 the stock finds an area where it has a hard time breaking below. At the end of august share prices fell in steep decline and i purchased shares after the rsi started to recover above 30.

Bullish hook reversal pattern. That said the fish hook is one of my favorite trading patterns but i don t always trade it. 3 the stock holds at the support level and catches a bid. Second the pattern should be composed.

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

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. With the fish hook pattern there are a few things we re looking for 1 a steep drop in price. The pattern is identified when a. Some trading rules for ross hook pattern.

You can see the fish hook pattern on the right of the chart. The ross hook pattern forms after the formation of 1 2 3 trading pattern. On the other hand with the rocket pattern i m looking to play for the breakout. You see with the fish hook pattern i m looking for beaten down names poised to reverse.

This is an excellent question you pose. Since the bullish hook reversal pattern only includes two candles it is easy to spot and analyze. A lot of traders in jason bond picks and millionaire roadmap have been asking me about my fish hook pattern. The ross hook pattern is a breakout forex trading strategy.

The rocket pattern is a little different than the fish hook pattern.