alogg
Long

@structure: Bullish Butterfly + RSI bear reversal

FX:EURAUD   Euro Fx/Australian Dollar
63 2 1
A butterfly pattern on completion at previous structure, bear divergence noted on RSI .
Stop at previous structure. I'd go long for less than 50!
WHO'S IN? or why not?
dojitrader
2 years ago
Howdy alogg,
Since you asked . . .
I can see how the trade you suggest would work because of the area of support
and the possibility of a double bottom with low risk to find out if this trade set up is wrong.
But, I just don't see the the harmonics of the butterfly in that the "norm or standard" for Pt
D is and should always be at the 1.27 fib ext of A to X.
Plus, as in this case IF, the 1.618 fib ext of A to B also falls into close proximity of the 1.272,
NOW you have the harmonics needed for the greatest probability of success.. The fly in the
works on this trade is it is just below support @ 1.4358 However, there is decent support on
the daily chart in that area, too. SO, I'd can see where the market would test the break
of the support area and either continue dropping like a rock through OR cracking it and then
snapping back up. Maybe the conservative trade is to see if that happens before the trade is entered.
That's what I'll be looking for so I thank you for the chart it brought this possibility to my attention !
Wishing you a great week and lots of pips in your pocket !!!!!


snapshot
Reply
alogg dojitrader
2 years ago
right, 1.272 from X to A as per the book
thank you for your comment, very appreciated
Reply
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