FullTimeTrader
Long

GBPUSD-bullish butterfly starting now

FX:GBPUSD   British Pound/U.S. Dollar
1866 28 29
I had no time to post this idea yesterday.
This bullish butterfly is at a key area and could start a needed correction after a strong decline.
D1 chart
snapshot

H4 chart:
snapshot
Regards.
Trade closed: target reached
you're reaching. not a valid butterfly. at least not the way you draw it on H1.
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why not? please could you attach your chart?
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isomorph FullTimeTrader
fine. 1 sec. but first to explain, look at how you drew your HP. remember that the inside of a HP is an ABCD structure. so look at where you put the D point. see what i mean?
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nouman FullTimeTrader
sir kindly reply your experience
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isomorph FullTimeTrader
here:
snapshot
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I draw this chart yesterday and then the price action is not ideal. Your chart is missing the 1.27 fib expansion which is very important. I agree my butterfly is ugly but its respecting the ratios... i saw more ugly butterflies on textbooks .mmm very controversial. i will check later. Thanks for sharing your views
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JosephHeywood PRO FullTimeTrader
I'm no master of harmonics but I would agree with you on this one, ugly but all the fibs are present.
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FullTimeTrader JosephHeywood
Thanks, most important, it worked!!!
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isomorph FullTimeTrader
coincidence. ;)
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isomorph FullTimeTrader
or perhaps something like this on H4... hypothetical D point projection into the future:

snapshot
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full time trader i think when ever you work on reasoning it will work very effeciently i think you draw it perfectly i also personally going to take that trade but i am not so sure about wave 1 you mentioned in the chart
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how u numbered that in your chart of h4 kindly explain that point
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nouman nouman
wave 5=wave 1?
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AB=CD as per chart, so a little more to go?
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FullTimeTrader BuySellBuySell
Hello, difficult to say, sometimes the AB=CD ratio is filled to the pip and sometimes not. It depends on each trader. Personally i would enter now. Regards.
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BuySellBuySell FullTimeTrader
Thanks for your ideas FTT, always good to see. I am long, so hoping you are correct.
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Trying to work out how to post a chart. See this link:
AB=CD, so a little more to go?
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FullTimeTrader BuySellBuySell
In considering that AB=CD on D1 chart also but its too far. Right now on lower TF price should make a pullback. Regards.
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Heavily oversold, a pullback seems a high probability surely ..
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like to see a break of the last swing high before entry
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I agree, many traders prefer to wait for a confirmation, thats very valid. I prefer to enter more agresive at the beginning to have a better R/R ratio.
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rlong9500 PRO FullTimeTrader
Understand. I work off HTF charts so my targets are further away so waiting for confirmation works for me. Like your work.
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waiting for confirmation...
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Love it, your posts are great. Long as well:
snapshot
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FullTimeTrader glennmercer
It seems we have to wait till friday for the NFP news. Sooner or later price should rally. Regards
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ezajaan032 FullTimeTrader
Also waiting for confirmation.. Like your work
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First target reached and I didn't see this one, too busy with commodities...
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FullTimeTrader Yahia.Awes
Yes, this is one of your prefered setups. Good idea to diversify your portfolio. Regards.
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