Potential bearish butterfly harmonic pattern.
The butterfly is a precise pattern with the key points being B point the 78.6% and an entry point at 127% of the XA measurement.
What is also shown on the chart at the entry point is the AB=CD measurement denoted by 100 % fib at entry.
Also we can see the 261.80% BC projection denoted by the fib line at entry.
All these measurements are broken by one bullish bar referred to as a terminal bar, this would be our validationof the pattern.
Due to the size of the stop on this pattern on this time frame it would simply be used as a narrative to look for positions on smaller time frame.
If you are further interested in harmonic patterns please refer to Scott carney's website.
The butterfly is a precise pattern with the key points being B point the 78.6% and an entry point at 127% of the XA measurement.
What is also shown on the chart at the entry point is the AB=CD measurement denoted by 100 % fib at entry.
Also we can see the 261.80% BC projection denoted by the fib line at entry.
All these measurements are broken by one bullish bar referred to as a terminal bar, this would be our validationof the pattern.
Due to the size of the stop on this pattern on this time frame it would simply be used as a narrative to look for positions on smaller time frame.
If you are further interested in harmonic patterns please refer to Scott carney's website.
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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.
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.