In my trading course (which I would highly recommend) we were talking about advanced patterns today, so I went out on the chart and tried to find and recognize some.
My first butterfly patterns I discovered on the GBPUSD hourly and 4 hr chart. I drew it in on the 4h chart because it's just less messy.
What we have here is a butterfly pattern where the 1.272 fib extension of the X to A leg, the 1.618 extension of the inverted A-B leg and the potential second leg of the harmonic move (C-D) all line up at the previous structure low (which also happens to be a nice round number)
It might of course be a coincidence, but I am keeping my eye on this for an opportunity to go long around this level.
My first butterfly patterns I discovered on the GBPUSD hourly and 4 hr chart. I drew it in on the 4h chart because it's just less messy.
What we have here is a butterfly pattern where the 1.272 fib extension of the X to A leg, the 1.618 extension of the inverted A-B leg and the potential second leg of the harmonic move (C-D) all line up at the previous structure low (which also happens to be a nice round number)
It might of course be a coincidence, but I am keeping my eye on this for an opportunity to go long around this level.
Check out my FREE indicator scripts:
► www.tradingview.com/u/Nico.Muselle/
Twitter: twitter.com/NicoMuselle
► www.tradingview.com/u/Nico.Muselle/
Twitter: twitter.com/NicoMuselle
