Hi, Above, some harmonic patterns that i often look for (bullish ones) These patterns, when identified, have a good risk/reward ratio. They allow traders to enter into the market with minimal risk. Obviously, you need some other confirmations before taking the trade on the pattern completion. If the point D occurs with some divergence on classic oscillators (RSI...
By LARRY PESAVENTO & LESLIE JOUFLAS HISTORY OF THE BUTTERFLY PATTERN: Bryce Gilmore Bryce has spent a lifetime studying the works of the great masters—R.N. Elliott , W.D. Gann, and many others. He developed the Wave Trader Program in 1988; it was the first computer program to use all the numbers of sacred geometry, including the Fibonacci summation series....
Here on the GBPUSD im getting closer to my short orders being filled and the butterfly pattern completing. stops for me go just above the 1.414 ext and target is the .382 retrace of the A to D-leg. Butterfly rules: 1= Atleast a .786 retrace of the X to A- leg but cannot break X. 2= Atleast a .382 retrace of the A to B-leg and can go past .382 just cannot break...
The Harmonic Pattern Butterfly is closely related to the Gartley 222 pattern with the main difference being that the Butterfly pattern’s CD extends beyond the XA leg. The Gartley Butterfly pattern is also identified by the classic ‘M’ and ‘W’ patterns. The Butterfly pattern was one of the many harmonic patterns developed by H.M Gartley which were then fine tunes...