Hi traders,
Bullish Butterfly on the 1H has been completed. Wait for a double bottom (W) formation on the 15M or 1H chart for a clear sign to enter the trade. Best case scenario would be a double bottom at the low of the day or a sign of weakness at the ADR low.
An entry right as soon as the pattern fires is also possible, but further price action knowledge is required to manage a trade right at the peak. Please be careful.
For those of you who have little knowledge about harmonic patterns but wish to trade it (which is not recommended before you fully understand harmonic patterns):
.) They can extend, meaning, that the pattern appears but it might take time until price reverses.
.) They can extend and create a different pattern.
.) They can extend so far that the pattern becomes invalid.
Recommended profit targets are between 30 and 70 pips, depending on your own price action knowledge. This does not mean that more than 70 is not possible, but 30 to 70 pips is the average range.
This is not a trade recommendation and I am not responsible for your gains/losses.
Take care and trade safely.
Bullish Butterfly on the 1H has been completed. Wait for a double bottom (W) formation on the 15M or 1H chart for a clear sign to enter the trade. Best case scenario would be a double bottom at the low of the day or a sign of weakness at the ADR low.
An entry right as soon as the pattern fires is also possible, but further price action knowledge is required to manage a trade right at the peak. Please be careful.
For those of you who have little knowledge about harmonic patterns but wish to trade it (which is not recommended before you fully understand harmonic patterns):
.) They can extend, meaning, that the pattern appears but it might take time until price reverses.
.) They can extend and create a different pattern.
.) They can extend so far that the pattern becomes invalid.
Recommended profit targets are between 30 and 70 pips, depending on your own price action knowledge. This does not mean that more than 70 is not possible, but 30 to 70 pips is the average range.
This is not a trade recommendation and I am not responsible for your gains/losses.
Take care and trade safely.