Perfect C D Leg BUTTERFLY setup that I wont take... Why?
Updated
In today's video i share what looks to be a perfect setup for trading the C D leg of a BUTTERFLY pattern. Risk to reward looks great, support at entry looks strong and momentum of the market suggests a move higher. Still I wont take the trade as May's central pivot is below price and in my world I dont get long if there are missed pivots below price.
This type of setup where you have conflicting signals is really important in trading, it give you an opportunity to follow your rules and not chase money which in the long run should see you trading more consistently which is the goal, at least for me.
Interested to hear your thoughts on how you handle conflicting signals in your trading.
This type of setup where you have conflicting signals is really important in trading, it give you an opportunity to follow your rules and not chase money which in the long run should see you trading more consistently which is the goal, at least for me.
Interested to hear your thoughts on how you handle conflicting signals in your trading.
Note
The Butterfly is flying... over night price exceeded X rectraced a bit and now is moving higher. Next stop is likely to be 1.272 or 1.618 extension.As I said this pattern looked good and its proving (so far) to be a nice one.
Lets see if it gets to D
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.