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Thread: Entry techniques for the Butterfly pattern

  1. #1
    Administrator
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    Oct 2011
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    Entry techniques for the Butterfly pattern

    Let's start with example.

    Today's butterfly bullish on NZDUSD offering around 10:1 Reward Risk -> Entry techniques for the Butterfly pattern-butterfly-bullish-pattern-entry-risk-nzdusd-2013-09-11-09-15-57.jpg
    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 08:33 AM.

  2. #2
    Wizard
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    if you are afraid of catching the exact buttoms / tops and entering on potential D price level, consider instead to enter on the retest of the D price zone -> Entry techniques for the Butterfly pattern-butterfly-bullish-pattern-eurjpy-retest-2014-01-27-17-22-06.png
    Harmonics Tube - daily trading setups based on harmonic patterns
    Forex Harmonic Trading - Harmonic trading practical tips, tricks and hints
    AMPmonitor - harmonic and price patterns recognition Scanner that I use
    TradingArsenal Quiz project - best edu material regarding the Harmonic Patterns Trading

  3. #3
    Junior Member
    Join Date
    Oct 2013
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    can you share the .ex4 or .mq4 file

    regards


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