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:: bearish butterfly Pattern ::

 
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MessagePosté le: Ven 24 Juin - 19:35 (2011)    Sujet du message: bearish butterfly Pattern Répondre en citant

The bearish butterfly Pattern


What is it?
  • Contains a bearish ABCD pattern preceded by a significant high (X)
  • Convergence of Fibonacci extension ratios at point D
    • Point D = Fibonacci extension of BC and XA
  • Formed by two connecting triangles at point B, symmetry is key
  • Pattern is found only at significant tops (highs) and bottoms (lows)
Why is it important?
  • Convergence of Fibonacci extension ratios may provide higher probability for change in market direction
  • May provide lower risk with the potential for higher reward
  • Pattern failure may suggest a potentially strong bearish continuation may be in progress
Sounds good... So how do I find it?
Butterfly patterns are similar to Gartley patterns in that they resemble a “W” shape on a price chart. However, a butterfly pattern completes at the convergence of two separate Fibonacci extension levels (D is above X) whereas the Gartley completes at the convergence of a Fibonacci retracement and extension (D is below X). The symmetry between the two connecting triangles at point B is one of the keys to this pattern.

Source: GFT
The bearish butterfly Pattern Rules
  1. The swing from A to D is a 127.2% or 161.8% extension of XA
    • Note: D must be above X
  2. A valid ABCD must be observed in the extension move (AD)
  3. Additional confirmation may be attained when the times of the XAB and BCD triangles are in proportion
  4. A move beyond 161.8% negates the pattern and may suggest a potentially strong bullish continuation
Example 1: EUR/GBP, 15 min

Source: GFT

Example 2: USD/JPY, 1 hr

Source: GFT
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MessagePosté le: Ven 24 Juin - 19:35 (2011)    Sujet du message: Publicité

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