i want to show you and suggest you this simple and proper way of trading that i have ever seen.i mean price pattern.ofcourse many of you have heard about it but i am trading with this system and it is very practical and profitable forthermore very simple.wihout any indicator just Fib. levels(0.618,0.782,1.272,1.618).
for more information you can see the link
i will post the other information soon.but at first i want to offer you two short document to make you more familiar.there is a book in the froum that newdigital offerd it about all pattern description you can find it
the most famous patterns are here.whenever you recignize these patterns,
%80 your trade will be ok.(as pesavento mentioned in his book)
Fibonacci Ratios with Pattern Recognition
here is the book.
It's really great.
I will read it.
Highly Probable Sell signal
here is the probable Bat pattern in USD/JPY(H4).according to the pattern i estimated the price reversal zone(sell entry) and stop loss.
in this case the price is in the reversal zone so we should wait for Confirmation.as pesavento or carney mentioned in their books there is two strong confirmation:
1-CandleStick Bearish Pattern(Hammer,Engulfild,Doji,...)
2-the price stock in the reversal zone(the zone is the resistance zone for the price)
!!for mor conservative trades Stochastin(8,3,3) Confirnation can be used too.
if the pattern does not fail then the first target would be 115.4(.618CD)
As far as i know??????!!!!!!!
please test it
i know that ENSIGN software has the original Pesavento Patterns study tool.
if someone can import it from ENSIGN to MetaTrader 4 it will be amazing.
here is the link to the tool description:
thanks for your suggestion.i have donr my best in this matter(Ensign) but unfortunatley i found nothing.if you find please share with us
thanks for your sharing....
It's interesting topic.....maybe someone in this forum can help us to make MT4 custom indicators for this butterfly pattern....
I have this buterfly indicator for MT3. It does not draw the lines it just marks the potential points that can be used for the pattern.