100% of AB converges with 1.272 of XA only 7 pips difference. There is also a AB=CD pattern within the D leg. C retracing at .272 and D at 1.272 of A currently. Having totally forgot it was Friday I entered (practice account) a few min later trading closed for the weekend. What a noob mistake face palm. Any experienced harmonic traders have advise on this Butterfly?
Just relearning to spot patters at the moment.
Edit: Why did it add two photo’s?
pair and timeframe?
USD CAD Min30 i think
USD/CAD 30min
Nothing wrong with trading on fridays in my opinion. Although this friday was triple witching so its advisable to stay out towards the end of the session.
Butterflies gartleys, these patterns are a good basis to a trade but i say the word basis. YOu cant rely just trading these patterns on their own, even with confluence of the abcd etc. There a lot more facotrs to consider i.e. price action, and more importantly, market symmetry.
Tmoneybags has a thread on these patterns and does well with them, but there is much much more to trading these patterns than what he shares on his thread… Good Luck
You make a good point there are lots of other things that [U][I]could[/I][/U] influence your decision on trading a pattern. If one should decide to micro manage everything. For example supply and demand areas. Will price action bounce or go through? This is where IMHO the butterfly pattern comes into play. If there is a butterfly pattern landing in a support zone I would feel much better trading it.
I own a few books on harmonic trading including trade what you see by Larry Pesavento noted throughout Tmoneybags thread. For you to say these patters are unpredictable somewhat confuses me. Why try to introduce uncertainty? This could vary well have a negative affect on a newbie. I have full confidence in the formation of harmonic patterns in the market having watched quite a few patterns form to reach profit #1 shortly after. Many people question harmonics because it predicts what the market will do instead of waiting till after it’s already started which is exactly what indicators do.
To each his own… Guess there’s not many harmonic traders here at babypips.
I think you missed the point naughtypip was trying to get across. All he was saying is you cant use harmonic price patterns alone well you can but… well maybe you have better luck than me. You did however state “If there is a butterfly pattern landing in a support zone I would feel much better trading it.” that there was all he was saying watch price action. how do we know if price will bounce or go through? well is that not the million dollar question lol. If you feel confertable trading harmonics I say go with it they can be very profitable I just was never very good at it.
i agree with naughtypip.
If you read through around the 200+ page of tmoneybag thread, wrtm was trained by tmoneybag and wrtm mentioned that he looks at the entire picture as a whole rather than just the pattern itself.
confluence with different XA points, trendline and SR levels.
that brings a higher accuracy to these patterns.
another site you might find useful is google triplethreat trading.
You can sign up the newsletter and they have weekly updates for free. He uses harmonic patterns too.
Not an affilate with them, just sharing what i think is relevant, good luck!
