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Reply With QuoteButterfly pattern with D point located near the Daily S2 pivot point ->
Check Confirmation Techniques for the Gartley pattern: Pivot Points to learn about the pivot points construction and use. This will not be repeated here.
Below you will find examples how it can be combined with Butterfly pattern trading.
Some say, that it's more dificult to trade the butterfly pattern, as the entry and SL is not clearly defined (at least not so clear as for the Gartley pattern). Therfore the more confirmation methods give you the D point location, the better you can fine tune your entry and the better you will be able to define your stop loss location. Remember: what makes you into the trade should also take you out!
Last edited by kor4x; 08-15-2012 at 05:59 PM.
Butterfly pattern with D point located near the Daily S2 pivot point ->
Butterfly pattern with D point located near Daily and Weekly pivots ->
Butterfly pattern with D point located near Weekly pivot ->
Butterfly bullish with reaction on Fibo confluence and Pivot S1 level ->
Butterfly bullish with daily and weekly pivot levels confirming the entry D point -->
Harmonic Trading - butterfly bearish example with Weekly and Daily Pivot points confirming the exact harmonic pattern point D ->
today's EURUSD M15 example where nice butterfly bullish pattern was confirmed by Weekly Pivot point -->
today's example, again M15 and again nice confirmation from pivot points technique. Look the geometric beauty of the butterfly pattern. Due to a bit more complex internal structure such patterns will probably won't be find by standard pattern recognition indicators like ZUP or korHarmonics.
check it out:
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