aslamhammad
Short

USD/CHF Daily Chart Bearish Buterfly

FX:USDCHF   U.S. Dollar/Swiss Franc
52 4 2
It looks like bearish butterfly pattern ...

Sell @ 0.9850
TP @ 0.9750
TP 2 @ 0.9650
SL @ 1.0000
dojitrader
a year ago
Just curious . . .
Are you using some form of proprietary butterfly ?
when pt D for a "classic" butterfly is at 1.272 fib ?
Thanks for your thoughts ~~~~
Wishing you a pocket full of pips !
Reply
aslamhammad dojitrader
a year ago
Well i know it doesn't look perfect :p....But it looks to me like a bearish butterfly or bearish bat type pattern. From a technical view, i would sell at around the D point :)....
Reply
dojitrader aslamhammad
a year ago
I'm not sure I understand your logic . . .
Why would you sell pt D of a pattern that is not even close to perfect ?
Pt D of a Butterfly is way up around 1.070.
That's a little like buying a car without a steering wheel.
It's a good looking car - not perfect - But, Where's it going to get you ?
If you're interested take a look at the FREE pdf at:
http://harmonictrader.com/blog/2013/08/02/the-harmonic-trader/
It is a great resource for harmonic patterns including the Butterfly.
I bring this up because it seems like a wasted trade to me and,
even worse, if this trade is profitable, you'll think that rules are
meaningless and then wonder why your trading is going no where.
Like that car without a steering wheel.
Pips in your pocket !!!!!!
Reply
aslamhammad dojitrader
a year ago
Ok thanks, i understand these harmonic patterns work correctly when there measured correctly. I will study and work on it :).
Reply
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