samedi 9 février 2013

Best two locations for the butterfly pattern


It was clearly explained here -> Butterfly pattern and Elliot Wave theory about the 2 best locations for the harmonic butterfly pattern.
To remind.
First, is at the end of impulse swing.


Second, is at the end of corrective move, example from EURUSD below.

Check the examples on the Forum.

Consider ignoring all the other butterflies. Note that harmonic pattern recognition indicators rarely analyse the location of the pattern on the chart, they often present butterfly pattern (meeting the Fibonacci price relations) in the wrong location. Now you should not be surprised anymore why so many of them fail. :-)

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