Andrek1876
Short

Small Butterfly????

FX:AUDUSD   Australian Dollar/U.S. Dollar
62 6 0
Any thoughts guys this is my first attempt of drawing a butterfly
Far as I know there is only 1 kind of butterfly and it requires a
fib extension from A to B of 1.272. for point D, which would make
this a good looking butterfly in my eyes and worthy of a short.
If you're interested this is a good place to study harmonic
patterns: http://harmonictrader.com/
Most all for free, including the pdf book.
Wishing you lots of pips in 2014 !!!!!
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Andrek1876 dojitrader
thanks
Reply
dojitrader dojitrader
Checked this out a little further and there is also a Bat pattern
which also lands around the .9032 into
an area of resistance and stops are only
about 20 pips so the risk reward is also pretty good.
If we get there I'll look to short myself.
Maybe we can both Bat the Butterfly
(Gezzzzz!)
Best of luck to you !!!! Toooo !!!!!
snapshot
Reply
Andrek1876 dojitrader
Nice..thanks a lot...am looking right now
Reply
Andrek1876 dojitrader
and thanks for the book its going to be a weekend read..boy a lot of pages
Reply
Andrek1876 dojitrader
I just looked at my chart again and notice i had a resistance line 90301 right at your entry..lol..wow.. nothing like extra conformation
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