This Is A Beautiful Butterfly Pattern . Back Home
Like all the other patterns, these patterns also have a support and resistance line. My strategy for trading these patterns is the same as my trading strategy with the other patterns. I consider the rules, but I always wait for a breakout. This is what I have always emphasized on.
For example, although it is said that Butterfly and Bat patterns are reversal patterns, I do not go against the trend when I see that these patterns are formed at the top of an uptrend. I wait for the market to break below the support line and then I go short.
For example, although it is said that Butterfly and Bat patterns are reversal patterns, I do not go against the trend when I see that these patterns are formed at the top of an uptrend. I wait for the market to break below the support line and then I go short.
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