Thanks for this post, Alex. What are your TP and SL levels for these patterns, or what are the rules to determine them? Thanks.
FullTimeTrader
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Hello, nice cypher, its on my watchlist also, but the butterfly is not clear ..........what are you rules for a butterfly?
Alexander_Nikitin
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B: min - touches 78.6%XA, max - one pip away from 100%XA. It must not close past 88.6%XA.
C: min - touches 38.2%AB, max - one pip away from 100%AB.
D: 127.2%XA.
limit order @ D. stops +/- 10 pips 161.8%XA. Target #1 - 38.2%AD (when reached - stops move to breakeven), target#2 - 61.8%AD.
FullTimeTrader
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Your rules are clear (same as mine).. I draw a chart following them, looks differente but there is a confluence with support. It could help....
Alexander_Nikitin
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think your completion point D is beyond 1.272XA. It looks like 1.414XA... I believe the support line is also a little higher.))