fximperija
Long

Perfect bullish butterfly

FX:GBPJPY   British Pound/Japanese Yen
190 4 0
Perfect overlap of 127.2 and 161.8 ext. Very rare!
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}
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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" .
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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.
Reply
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
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