If you’ve been around the forex scene for a while, you’ve probably heard of price action trading and candlestick patterns. But let me introduce you to something underrated and surprisingly powerful — the 123 Shark pattern. The great part? You don’t have to scan for it manually. The 123 Shark Forex Indicator for MT4 does all the heavy lifting and marks out the pattern for you.
I’ve used this tool on and off in my manual setups, and let me tell you, it can deliver when combined with decent risk management and a good sense of structure.
What Is the 123 Shark Pattern?
The name’s quirky, I know. But the logic becomes crystal clear once you see it on the chart.
This pattern is made up of three candlesticks, where:
- Candle 1 engulfs both Candle 2 and Candle 3,
- Candle 2 may or may not engulf Candle 3,
- All three candles together form a sort of shark fin shape — hence the name.
It’s not a random visual gimmick — this setup often signals a sharp reversal or breakout, and this indicator helps you act on that without wasting time manually spotting them.
How the 123 Shark Forex Indicator Works in MT4
The 123 Shark Indicator is designed to:
- Automatically scan your chart for the shark pattern,
- Mark blue circles where a buy stop should be placed,
- Mark red circles where a sell stop should be placed.
You’ll see these plotted right on the chart in real time.
Here’s the strategy:
- You place a buy stop just above the high of the third candle,
- And a sell stop just below the low of the same third candle,
- Once one gets triggered, cancel the other.
Knowing what you’re doing is clean, mechanical, and stress-free.
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Best Timeframes to Use
You can run this indicator on any timeframe, but here’s what I’ve found:
- Lower timeframes (M5-M15): More signals, but a lot more noise.
- Higher timeframes (H1 and up): Fewer signals, but they tend to carry more weight and follow through better.
So, if you’re a scalper, go wild on the M5 chart. But if you’re more of a swing trader like me, H1 or H4 gives cleaner setups with less chart babysitting.
Entry, Stop Loss & Take Profit (Pro Tip)
The indicator doesn’t slap SL and TP lines on your chart, so you must manage the trade.
Here’s my basic approach:
- Stop loss: Just beyond the most recent swing high/low (depending on trade direction).
- Take profit: Go for 1:2 or 1:3 risk-to-reward, or use the next key support/resistance zone.
- You can also trail your stop if you want to ride a trend.
Always remember: indicators don’t predict the future. They highlight opportunities — you still have to manage the trade.
Who’s It For?
I’d say this is a solid fit for:
- New traders who want to learn about candlestick formations without memorizing every pattern,
- Intermediate traders looking for price-action-based entries without clunky systems,
- Advanced traders who want an extra edge in filtering possible reversals.
Whether day trading EUR/USD or swing trading GBP/JPY, the 123 Shark pattern holds up across pairs and sessions.
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Final Thoughts
The 123 Shark Forex Indicator for MT4 might not be as mainstream as your Bollinger Bands or MACD, but that’s a good thing. The fewer eyes on a strategy, the better, mainly when it’s rooted in solid candlestick psychology.
What I like most is how clean it is — no clutter, just relevant buy/sell zones based on the actual price structure. Use it alongside basic support and resistance, maybe pair it with a volume indicator, and you’ve got a reliable price action tool.
Give it a test on demo, get comfortable with the pattern logic, and once you’re in tune with how it behaves, it can easily become a regular part of your toolkit.
Happy trading — stay sharp out there.
