Perfect bullish butterfly

FX:GBPJPY   British Pound/Japanese Yen
190 4 0
Perfect overlap of 127.2 and 161.8 ext. Very rare!
If only markets cared about such things . . . Lately, is seems as though every
support / resistance I zero on is broken with little effort. Is it just me or are others
experiencing similar trials and tribulations more often than usual ?
Yet, I'll be there to look for a long entry.
Hope I can harvest some of those 400 pips it will take to get down there
while we 're waiting.
fximperija dojitrader
Well, I experienced same harmonic failures during late Nov. and Dec. 2013. Low liquidity and volume. Coming into mid Jan. the situation changes to better. Market respects harmonics and advanced patterns. S/R are there to be broken. Not every pattern completes but that's the truth about markets. All patterns have percentage of completion and all patterns I recognized fallowed the given percentage. In other words, market is healthy and acts as expected. Maybe you are looking at minor S/R where the price just shoots through but lands on major ones. Not every harmonic has a good structure, the weaker ones don't complete at all or get invalid upon price action. Try to look at the ones on H4 and H1. They have a very high percentage of success imho. Cheers
In reviewing trades, I must say, that this one was SWEET !!!
Didn't trust it enough to take the first opportunity, but, I did catch
the double bottom. So Sweet !!!!!!!!!!
(Now i can handle a whole new bunch of stop outs and not go crazy)
{I guess trading is like golf: it only takes one good shot and you'll be back again}
fximperija dojitrader
As i stated before, this perfect overlap of fib ext. doesn't come often, signifies a very important price level for reversing. Another good example how fib ratios are very important and that everything relies on those ratios. 1,618 is called "The Golden Ration" .
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out