Here we see a butterfly pattern on the New Zealand , United States charts. I have given the market some space to complete the end of the butterfly pattern before continuing in a bearish trend, because the closer to perfect the pattern is , the more secure of a pattern it will be.
I have placed all of my order actions in the usual places, with one exception. because the pattern has not completed, I have placed my stop at the previous structure above point X. I believe that the market will possibly rally to that structure and reverse from there. Following the reversal, I will trail my stop down to point X and hold there for retracement.
Please comment any idea , opinions , suggestions, changes, it helps me become a better trader. also like and follow me if you think i am on the right track.
As always thanks for checking me out, and Good Trading!
I have placed all of my order actions in the usual places, with one exception. because the pattern has not completed, I have placed my stop at the previous structure above point X. I believe that the market will possibly rally to that structure and reverse from there. Following the reversal, I will trail my stop down to point X and hold there for retracement.
Please comment any idea , opinions , suggestions, changes, it helps me become a better trader. also like and follow me if you think i am on the right track.
As always thanks for checking me out, and Good Trading!