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Reply With QuoteButterfly pattern & Elliott Wave Theory
Pattern fits perfectly into Elliott Wave Theory. CD swing would be labeled as Elliott's impulse wave5. Both harmonic and Elliott traders try to catch the end of the trend.
Butterfly pattern definition
Butterfly pattern was discovered by Bryce Gilmore. Together with Gartley pattern Butterfly offers high probability change in market direction. Therefore really worth to study.
Butterfly pattern & Elliott Wave Theory
Pattern fits perfectly into Elliott Wave Theory. CD swing would be labeled as Elliott's impulse wave5. Both harmonic and Elliott traders try to catch the end of the trend.
Here You have the live butterfly example, took on GBPUSD (using AMPindicator):
In my opinion point A should be the beginning of Wave 5.Not point C.
XA=Wave 4
ABCD = Wave 5
Reagards
X.
yes, it's also an option, I agree. Less common, but possible.Originally Posted by Xander
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
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