Hey Traders, what do you think about this short Idea? It's not a nice Butterfly, but also we have Structure and a good currency relation for that. RSI is in overbought condition.
Since you asked and, if you don't mind my bluntness . . .
I think traders should be very careful about forcing patterns where
there aren't really any patterns to begin with. In my own words - as yet to be
nominated for any wisdom awards LOL LOL ~~~~
"It's very dangerous to force/make patterns fit the market
when all we have to do is find the markets that fit the patterns."
To me this is nothing but a Gartley and could never be considered a butterfly.
In other words: Optimizing patterns to the market is a little like putting a bench
seat in the back of a pickup and calling it a convertible. It has wheels and will get
you form place to place, but, what do you do when it rains ?
It's not really a convertible.
This trade might work as a play on structure, however, I'd be very careful
to think that a pattern confirms the trade. Especially if it is a profitable trade.
THAT would be the worst thing that could happen for a traders future ~~~~
A trade that works for reasons other than a trader thinks it worked.
Best of luck and wishing you lots of pips in your pocket !!!!!!
I think traders should be very careful about forcing patterns where
there aren't really any patterns to begin with. In my own words - as yet to be
nominated for any wisdom awards LOL LOL ~~~~
"It's very dangerous to force/make patterns fit the market
when all we have to do is find the markets that fit the patterns."
To me this is nothing but a Gartley and could never be considered a butterfly.
In other words: Optimizing patterns to the market is a little like putting a bench
seat in the back of a pickup and calling it a convertible. It has wheels and will get
you form place to place, but, what do you do when it rains ?
It's not really a convertible.
This trade might work as a play on structure, however, I'd be very careful
to think that a pattern confirms the trade. Especially if it is a profitable trade.
THAT would be the worst thing that could happen for a traders future ~~~~
A trade that works for reasons other than a trader thinks it worked.
Best of luck and wishing you lots of pips in your pocket !!!!!!