Let's start with example.
Today's butterfly bullish on NZDUSD offering around 10:1 Reward Risk ->
I did not take this trade, but it's a good example to discuss the HT entries method.
how do You guys usually enter?
1. you try to enter at the PRZ level (confluence of some Fibonacci levels or previous Sup/Dem level or whatever) without confirmation of the strenght? OR
2. you wait for a signal of strength, and only then enter already during the move up (represented by blue line) OR
3. you wait for a signal of strenght (blue line), then you wait for deep correction (like here on the screenshot represented by red line) and only then enter Long?
scenario 1 is most risky but you enter best
scenario 2 makes you not entering optimal
scenario 3 offers amazing good RR, but if there is no deep correction we would miss the trade
I personally like scenario1 and scenario 3. I never use scenario 2.
Make sure to read also about the entry techniques for the Gartley pattern thread -> Entry techniques for the Gartley pattern
For more info about Butterfly pattern and the confirmation methods see -> Butterfly pattern - table of content
Last edited by kor4x; 09-11-2013 at 07:33 AM.
can you share the .ex4 or .mq4 file