Butterfly Pattern, NZD/USD, 1hr
Here we see a butterfly pattern on the New Zealand , United States charts. I have given the market some space to complete the end of the butterfly pattern before continuing in a bearish trend, because the closer to perfect the pattern is , the more secure of a pattern it will be.
I have placed all of my order actions in the usual places, with one exception. because the pattern has not completed, I have placed my stop at the previous structure above point X. I believe that the market will possibly rally to that structure and reverse from there. Following the reversal, I will trail my stop down to point X and hold there for retracement.
Please comment any idea , opinions , suggestions, changes, it helps me become a better trader. also like and follow me if you think i am on the right track.
As always thanks for checking me out, and Good Trading!
I have placed all of my order actions in the usual places, with one exception. because the pattern has not completed, I have placed my stop at the previous structure above point X. I believe that the market will possibly rally to that structure and reverse from there. Following the reversal, I will trail my stop down to point X and hold there for retracement.
Please comment any idea , opinions , suggestions, changes, it helps me become a better trader. also like and follow me if you think i am on the right track.
As always thanks for checking me out, and Good Trading!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.