Well, now that I consider myself an official pattern drawing-junkie I think I spotted what could be a bullish butterfly on the AUD/JPY daily charts. I was reading on “Trade what you see” that butterflies are one of the most powerful setups once completed and considering that signals are stronger on the larger timeframes I think this could be a really good setup providing a nice risk/reward ratio. Sure this pattern could take several weeks to complete, but hey! good things come to those who wait!.
Nice trading to you all. Please, if you have any comments regarding this setup I’d be glad to hear you.
I see the 1.618 but I have a 4 PIP difference between the two Fib lines on my chart. I wonder how TMB would enter this trade? Have not traded it yet, still learning and finding the patterns! Looks like you and I are the only ones here. :eek:
Looks nice. My bias are strongly bearish, though… I don’t think is gonna reach this level. But if it does, it will meet my entry limit ready to go short ha!
Maybe you are doing something wrong. I’ve had 3 trades: two wins, one loss. And I recognize the loss was because of my mistake while plotting the right D.
I think we need someone from the early days of this thread that has much more experience with patterns. Anyway, I’ll be sharing my trades here with you and hope you do the same so we all can benefit from the mutual experience.
