Pattern Rocognition Indicator (s) - page 3
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Just triggered a Bullish Butterfly on 15-min chart with close of 14:15 candle period. If enter next candle open = 1.3379
Note: very wide spread on this pair. Just for study purposes here.
Since this is a Euro cross pair, it is very volatile now with some panic in Euro Bond market due to European debt. If live, this pair's spread alone would nix any trade, but conditions are dangerous on Euro longs.
GBP/USD just triggered Bullish Butterfly on 4-Hour chart and the 12:00 candle just closed. It may repaint again.
As we know, on days like this, there is some panic and therefore "flight to safety".
One currency to watch is the Swiss Franc (CHF). Let's look at EUR/CHF. When applying the ZUP v86, we can see it trigger on:
1) 1-Hour after 22:00 candle closed = Bearish Gartley
- next candle open price = 1.3321
- dropped to 1.3223 during 01:00 candle, pivoted up to 1.3288
- currently 1.3108
2) Daily chart triggered an opposite BUY signal with Bullish Gartley. Wait for end of day. Note this is with chart based on GMT+2.
Just triggered a Bullish Butterfly on 15-min chart with close of 14:15 candle period. If enter next candle open = 1.3379Note: very wide spread on this pair. Just for study purposes here.Since this is a Euro cross pair, it is very volatile now with some panic in Euro Bond market due to European debt. If live, this pair's spread alone would nix any trade, but conditions are dangerous on Euro longs.
OK, at 20:00 now, we see that the ZUP has repainted the Point D wing on right side of Bullish Butterfly. Price for first pattern formation went from 1.3379 to a high of 1.3414, which was still profitable.
As usual, we depended on the fib retracement to guide us on where pair is likely to stall or reverse. Taking 12:30 high 1.3436 and 14:15 low 1.3374, produced the 61.8% fib where it reversed.
Now we have a BUY signal at open of 20:00 (15-min) price of 1.3367.
Just triggered a Bullish Butterfly on 15-min chart with close of 14:15 candle period. If enter next candle open = 1.3379Note: very wide spread on this pair. Just for study purposes here.Since this is a Euro cross pair, it is very volatile now with some panic in Euro Bond market due to European debt. If live, this pair's spread alone would nix any trade, but conditions are dangerous on Euro longs.
The previous signal had distance between lower corners of the wings at 1.414, which is recognized. Now the closing of the 23:45 candle, we have that distance at 1.618 which is a conforming ratio. You need to check the other distances against the perfect Bullish Butterfly.
The Gartley pattern is a very nice one but it takes some time to really develop but once it is on the chart and you can see it.. it is almost a direct him... thanks for posting.
thanks for the powerful indicator, it is much confident to add MACD or RSI indicator together. Since We are trading the reversal of the trend, these two indicator must give divergence.
Yes, using additional confirmation of a reversal is always wise.
The ZUP thread had notification of EUR/CHF Bullish Butterfly on the DAILY chart, with the last leg Dec 21st.
As we are in the early Asian session Dec 22nd 04:45 GMT, we have a rise in price from open of 1.2542 to current 1.2580.
Not all distances are conforming to the perfect Bullish Butterfly, but not many are, so it's up to the individual on which patterns are acceptable.
great work fxbaja!!
your the only one to have actually systematically reviewed the ZUP indicator. I will be learning alot from your posts. Please continue your work. I am keen to see your progress. I will also post my screenshots and profitability aswell. I use the 30M timeframe for my signals.
Thank you.
Thanks, just trying to get better with this like everyone else. Spread kind of thin lately with the research part of things, so excuse if posts are not made on a regular basis.
Recap:
The Dec 22nd post pointing to Bullish Butterfly: Pattern and day closed and upon open of Dec 23rd price of 1.2477, an entry BUY went on to gain 222 max pips.
The ZUP adjusted itself and submitted another Bullish Butterfly at end of day Dec 30th, per attached chart. This one saw open to max price of 1.2433 to 1.2727, a total of 344 pips before major retrace.
EUR/USD had a 70-pip 1-Hour Bearish Butterfly on Jan 12th 10:00 GMT open price for entry.
Want to remind everyone that saving the ZUP (with QTA) as a template makes it much easier. That way the colors you prefer are saved.
Cheers