Fibtrader786
Long

EURUSD bullish butterfly

FX:EURUSD   Euro / US-Dollar
743 22 9
Very bullish setup. When you have two numbers coming together like this the probability of positive outcome is rising.
Buy EURUSD             at 1.0845. Use tight stop of 30 pips. Aiming for 80 pips P/T.
hi :_) the 1618 max d point for this butterfly is at 1.09616 so this one is not valid. the second pattern dont exist. Not saying it cannot bouce here, but if it does it will not be in relation with this patterns
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Well I can only say that we both read 2 different books :-).
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BLUE43 Fibtrader786
like you want buddy but there is no book in this world with an D point for a butterfly up to 1618 :-)
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BLUE43 Fibtrader786
im sorry but up to 1618 the pattern is not valid. what is the name of the other one ?
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Butterfly is the name for both. You trade either at 1.272 or 1.618 extension. It is that simple. :-).
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BLUE43 Fibtrader786
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BLUE43 BLUE43
like you see the price is over 1618 so is no more valid for the first
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BLUE43 BLUE43
for the second the price need a minimum of B point at 0.768-0.786 so its not a butterfly pattern
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I do not want to argue with you. Read the good books. That is why people loosing money in this business. They read wrong definitions. You can come up with thousands of names. This pattern works more than 70 % of the time.
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