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if it doesn't make a new high above (b) it will fall a divergence is seen on MACD but i am not sure the impact yet - ofcourse i am not just after cad but while learning and developing i feel like follow one as much as possible.
as i understand this is not valid butterfly pattern because in your chart the point c is under point a, and this is not allowed in a butterfly pattern
regards
hi
thank you matrixtrader for pointing out the problem you are right.also i should add this point ,in all patterns(not just butterflies) the point C MUST be above(or at most equal to) point A, if not it is an inavlid pattern.
@ahamd
in yout pattern the point C is below the point A so.it is an inavalid pattern,o course in term of harmonic trading rules.
kamyar
__________________ We often borrow from our tommorrows to pay our debts to our yesterdays.
As always, who knows!?!.Let see what will happen....
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hi
thank you matrixtrader for pointing out the problem you are right.also i should add this point ,in all patterns(not just butterflies) the point C MUST be above(or at most equal to) point A, if not it is an inavlid pattern.
@ahamd
in yout pattern the point C is below the point A so.it is an inavalid pattern,o course in term of harmonic trading rules.
kamyar
kamyar , matrixtrader good point there about pointC is below PointA in ahamd's post i have been studying some manual where there is a PointC could be above PointA in EW and it is rare ( if i am not mistaken )and seeing how you guys taking it with harminic patterns i am also thinking not to include or trade such EW patterns in future ... thanks guys for bringing this point out.
On the Weekly i have a sell setup missed on EURAUD i dont know what the professional EW softwares are saying like MTPredictor , ELWAVE or advanced GEt if some one can post would be help to see if there is anything there.
hi
thank you matrixtrader for pointing out the problem you are right.also i should add this point ,in all patterns(not just butterflies) the point C MUST be above(or at most equal to) point A, if not it is an inavlid pattern.
@ahamd
in yout pattern the point C is below the point A so.it is an inavalid pattern,o course in term of harmonic trading rules.
kamyar
hi
Kamyar and matrixtrader thanks for your guides. i know point C at least must be equal with point A but here shadow is under point C and Candle body is above point A and i think Candle important than shadow so i think it is not ideal pattern but it is valid now.
regards
Forexian very nice pattern on EUR/JPY indeed, though point D should be 127 or 1618 which is in the range of 147.40-147.60, Ill watch it for a reversal, thanks!
Linear Mode
