usdchf extended butterfly

FX:USDCHF   U.S. Dollar / Swiss Franc
127 10 0

I usually find this pattern when point B does not quite reach the 786 retracement
I also find a lot of patterns with B retrace to 0.70, neither near to 0.618 nor 0.786. What to call them a Gartley or Butterfly?
ForceFollower Sandeep_Gupta
I'm sorry, I can't help you with that. I haven't mastered these techniques. But I'm sure you'll find a lot of valuable information in books by Larry Pesavento or Scott M. Carney. :-)
Sandeep_Gupta ForceFollower
OK never mind, we will get the answer by community help.
JesusDiaz Sandeep_Gupta
Yes Larry Pesavento and Scott Carney have excellent books. I formed much of my trading thought process with these two authors. As to distinguishing between a gartley and a butterfly it really is up to you, I think. You have to evaluate the strength of momentum, levels of support and resistance, and what are the levels most likely to hold. Trading is about taking a risk and then managing that risk so it is in your favor. Always make sure you can explain why taking a certain trade is a good idea. The important thing is to have sound reasoning (be it through technical analysis or fundamental) behind every trade, and always have a line drawn. Expectations, goals, and exit strategy focus on that!
JesusDiaz JesusDiaz
In this case. USDCHF was a simple butterfly and I tried to get too conservative with the entry. so i missed the trade
Perhaps now?
JesusDiaz ForceFollower
what is your RR?
ForceFollower JesusDiaz
Back then, when I posted this chart here, it was 2:1 - you can read it from the chart: the SL, TP and an approximate entry level.
I'm still waiting for a good place to enter short. :-)
JesusDiaz ForceFollower
im thinking if it retrace back to 89150 it might be a good place
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