Don’t waste your time – keep track of how NFP affects the US dollar!
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Butterfly is another form of a Gartley pattern. It was discovered by Bryce Gilmore and Larry Pesavento. This pattern usually forms near the extreme lows and highs of the market and foretells a reversal.
The main Butterfly pattern feature is that CD extends beyond XA.
Here are the key parameters of a Butterfly pattern:
Point B is at the 78.6% retracement of XA. Point C is at the 76.8% retracement of AB. Point D is at the 127.2%-161.8% extension of XA.
