Forming after the rejection off the Daily Bearish Butterfly entry, the Bullish Butterfly on the 1H time frame manged to hit TP1 off the intial reaction.
All the Harmonic patterns I trade require a minimum of an AB=CD pattern present in their structure to be valid.
The AB=CD of this Butterfly is represented by the Purple 100% line on the chart. When price retested the entry it managed to breach the AB=CD validating the Butterfly and then finding support at the exteme 261.8% BC projection of the pattern.
This retest formed the CD leg of the 4H Bullish Gartley.
All the Harmonic patterns I trade require a minimum of an AB=CD pattern present in their structure to be valid.
The AB=CD of this Butterfly is represented by the Purple 100% line on the chart. When price retested the entry it managed to breach the AB=CD validating the Butterfly and then finding support at the exteme 261.8% BC projection of the pattern.
This retest formed the CD leg of the 4H Bullish Gartley.
Trade closed: target reached
