Alexander_Nikitin

eurcad. harmonic butterfly pattern

FX:EURCAD   Fx Euro/Dolar Kanada
461 3 38
hey, mates. butterfly completed as Terminal Price Bar hit all the levels of Potential Reversal Zone (1.4955-1.4951). Whatch this area closely before entering. It will be a good sign if dodji or hammer ( inverted hammer , shooting star , hanging man ) appears. Wait for at least two red bars to have a sequence of lower lows and lower highs for confirmation. Also watch the RSI coming out from OB conditions on lower timeframes. Once the confirmations appear place your orders at market (or pending orders incase if you want better execution price). Stop loss should go above the extreme between the T-Bar and your entry (D-point). Tragets are the 38.2 and 61.8 % of AD. Have a good day. COntact me inPM if you have questions.
This pattern was found by the MPS-5 pattern recognition software: http://www.ps-software.net

Get your free pattern trading course: http://ps-software.net/learn-the-patterns/

Alex Nikitin Youtube channel: https://www.youtube.com/user/alexniquitos/
With all respect it doesn't look like a butterfly after 1.4938-1.4898 retracement IMO. But thanks for sharing.
Balas
@NikM75, there are specific rules that form the pattern. When a trader knows them he doesn't need to rely on "looks like..." or "seems to be" or "IMO..."
Balas
NikM75 Alexander_Nikitin
@Alexander_Nikitin, ok, I take my words back regarding respect, looks and IMO.
Balas
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