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Long

# GBPUSD-bullish butterfly starting now

FX:GBPUSD   British Pound/U.S. Dollar
1866 28
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

H4 chart:
Regards.

## Rebounds

you're reaching. not a valid butterfly. at least not the way you draw it on H1.
isomorph
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?
here:
isomorph
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
I'm no master of harmonics but I would agree with you on this one, ugly but all the fibs are present.
JosephHeywood
Thanks, most important, it worked!!!
coincidence. ;)
or perhaps something like this on H4... hypothetical D point projection into the future:

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
how u numbered that in your chart of h4 kindly explain that point
nouman
wave 5=wave 1?
AB=CD as per chart, so a little more to go?
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.
Thanks for your ideas FTT, always good to see. I am long, so hoping you are correct.
Trying to work out how to post a chart. See this link:
In considering that AB=CD on D1 chart also but its too far. Right now on lower TF price should make a pullback. Regards.
Heavily oversold, a pullback seems a high probability surely ..
like to see a break of the last swing high before entry
rlong9500
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.
Understand. I work off HTF charts so my targets are further away so waiting for confirmation works for me. Like your work.
waiting for confirmation...
Love it, your posts are great. Long as well:
glennmercer
It seems we have to wait till friday for the NFP news. Sooner or later price should rally. Regards
Also waiting for confirmation.. Like your work
First target reached and I didn't see this one, too busy with commodities...
Yahia.Awes
Yes, this is one of your prefered setups. Good idea to diversify your portfolio. Regards.
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