In this thread you can find butterfly pattern examples from Forex market, see below.
For more info about Butterfly pattern and the confirmation methods see -> Butterfly pattern - table of content
does Butterfly shouldn't exceed level of 1.618XA? you have entered below this lvl, why?
i would enter on 1.27XA with stop 1.618XA and i would be stopped but have winner there..
ok, have made lame mistake in measuring, its butterfly and it is not exceeding 1.618XA, but still very nice late entry, are you entering by pending order or by hand? wasnt you affraid that price would not reach so low level?
by hand. Entry is really very good, almost the bottom (a bit higher due to the spread)its butterfly and it is not exceeding 1.618XA, but still very nice late entry, are you entering by pending order or by hand?
That is beginner question/mistake, drapi. Never enter too early. Even if you miss one trade there are lots of harmonic opportunities every day.wasnt you affraid that price would not reach so low level?
Be patient, choose the best ones. Longer you wait with your entry the better your R:R.
but dont you miss to many good patterns this way? From my observations not to many butterflys expand to 1.618 as in your case, usually they bounce from 1.27XA and 1.27ABThat is beginner question/mistake, drapi. Never enter too early. Even if you miss one trade there are lots of harmonic opportunities every day.
btw. where was your SL?
Of course i miss some good harmonics trades this way, and of course i am not always so lucky to enter so well.
I have some proprietary techniques for entry and i enter always from M1 to best tune the entry. I am the wizard of entries, not so good with exits thou. Still learning mate, always learning.
There is actually good lesson from this chart above regarding our discussion here. With my entry and exit on TP2 (if reached) it would be 870/240=3.6 reward to risk trade.
But if we would wait a bit longer and/or enter a bit better, the reward to risk ratio improves fast and becomes much better. AMP indicator shows that (ignoring the spread) maximum possible till TP2 level was reward to risk equal 5:0.
maybe the anwser can be splitting poistion in parts, enter half of position on 1.27XA and another half later near 1.618XA, this way risk is lower then entering whole position on 1.27XA and we still catch good trades which bounce quicker, RR also is good because we decrease SL and increase TP by averaging, what you think about 2 entries strategy?