Night_Trader
Long

Butterfly pattern completion in $AUD.JPY

FX:AUDJPY   Australian Dollar / Japanese Yen
328 4 4
Butterfly pattern completion in $AUD.JPY
I was curious as my understanding, from Scott Carney,
that a Butterfly pattern is required - or in his words -
must have a "mandatory" A to B leg of .786 otherewise
it is not a butterfly.
To me this looks like a failed Bat or maybe an extended Bat
to the 1.13 fib ext if a trader used large stops.
Of course, if it profitable, I suppose a trader can call it anything
he wants. = lol
Thanks for your thoughts !!!!!
Wishing you lots of pips in your pocket for 2014 !!!!
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alex.a dojitrader
^_^
Reply
Night_Trader dojitrader
In fact we had a kind of crab pattern after all.
Reply
Night_Trader dojitrader
Yes I am not following Scott Carney 100%. I am looking for confluence of AB=CD and previous resistance and 1.272 or 1.618 extensions.
Concerning the AB leg in this case I made a mistake in drawing the B and C point correctly. It should have matched the red extension lines.
(In the crab pattern image you can see what I mean.) However the crab completion did not match the extension of AB=CD x 1.272 very well.
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