Understanding Gartley Pattern makes you so neer to understand and reconginze Butterfly pattern,
If we
want to define Butterfly chart pattern in simple words, we can
say Butterfly pattern starts when Gartley Pattern
fails, when we think that there is no trend as
long as the price moves behind X point, then we forget to
think about Butterfly Chart Pattern, you can wait for a trend
after the price touches the 127 or 161 point, check the image
below.
Like you see in
the chart above, we have our imbulsive wave as a start, then
there is a normal bullback, in Gartley we expect it t stop at
61 level, but here it should stop at 78.8 level, then go
in the basic trend direction and stop at 38 for XA line which
is 88 of AB line.
Then it
makes a strong move and go behind X point and touch 127 or 161
from XA line, in that point make your setup to enter the
trade, you have all the conformation you need to go in that
trade as a butterfly pattern, check the chart below from the
real life.
This pattern
started last March 23, 8:55 you can check in 5 Min
chart
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