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Harmonic Patterns
- 07 Sep, 2014
USDCAD 4 Hour Bullish Butterfly
Seen here is a pattern on the 4 hour that showed up as an alert in our Harmonic Alerts module:
You can see that initialy the price triggered the alert and the pattern but took us into the next 4 hour candle before we got any kind of a bullish reaction.
As always when you trade the Forex marketĀ with harmonic patterns you must not just use the formation of a pattern to enter off. You must use the price action to give you a guide to what is happening as most harmonic patterns are alerting us to either a price retracement or a trend reversal.