Nico.Muselle

GBPAUD - Potential bullish butterfly pattern @ structure

FX:GBPAUD   British Pound/Australian Dollar
372 8 9
Normally I rarely trade any butterfly patterns, but as this one should complete around previous structure I might give it a try. Stop loss is a bit tricky in this case as we have to go and check for previous structure. The risk reward ratio is not great, all depending on how you enter the trade. If for example a double bottom would form at pattern completion, we can place the stop loss a lot close to our entry, completely changing the Risk/Reward ration to our benefit.
It's not a butterfly pattern. You took 1.272AB as your D point. Butterfly's D must be 1.272XA.
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Nico.Muselle MOD Alexander_Nikitin
2 years ago
You are absolutely right, I stand corrected. Here is the updated chart ...
snapshot
+1 Reply
*UPDATE* - This pattern has been invalidated by price action in the first hours of the Monday session => erase & rewind, looking for new opportunities
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FullTimeTrader Nico.Muselle
2 years ago
Hello guys, i like your charts but i think you anticipate too much, it would save time if we analize the price action already at the PRZ.
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Nico.Muselle MOD FullTimeTrader
2 years ago
Maybe you're right ... on the other hand, one cannot be too prepared. Sometimes things move very quickly in Forex ;)
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Nico.Muselle MOD FullTimeTrader
2 years ago
Question : would you make the same comment if the pattern hadn't been invalidated by price action ?
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FullTimeTrader Nico.Muselle
2 years ago
Its not just because of this chart they are 100% accurate
I saw another one too:
USDJPY - Potential bullish cypher pattern

Just i prefer to make an analysis when the price is near the PRZ, testing all levels. Scott Carney recommended it to finally validate a pattern.
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Nico.Muselle MOD FullTimeTrader
2 years ago
OK, I respect your preference, just as I have mine. As soon as I see a reversal at C of a pattern I draw it in, putting it on my list of things to follow and I share this with the people that appreciate the same. As you can see, I also update when the pattern is invalidated.

If we were only to share the potential trades at pattern completion, 90% of what is on TV should not be published, I don't see anything wrong in sharing potential setups. Of course I validate the pattern again once it reaches the PRZ, would be stupid not to.
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