Introducing the Butterfly pattern Forex Trading Indicator. This is a very easy indicator system, it works exactly the same with fractals. The butterfly pattern indicator has been coded to spot price reversals on the chart and helps you trade accordingly. There are many ways in which you can use this indicator depending on what sort of forex trader you are. However, the most important fact to consider is that it can be very difficult to find success using this indicator alone, you need to combine it with other indicators to get the best results out of it.
Install Butterfly pattern indicator, your charting platform should look like this;
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The Butterfly pattern indicator consists of green and red arrows that appear in the main chart window. The green arrow indicates buying and the red arrow indicates the selling signal. The first thing you need is seeing the direction of the market and you should trade only in the direction of the market. By doing so, you will have higher chances of winning.
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Conditions for buying Using Butterfly Pattern Indicator.
· The market should be up trending.
· You should see a green arrow below the market.
· Place your long position as soon as the above conditions are met.
· Place your stop loss just below the recent swing low.
· Take your profit when you see a red arrow above the market.
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Conditions for selling Using Butterfly Pattern indicator.
· The market should be down trending.
· You should see a red arrow above the market.
· Place your short position as soon as the above conditions are met.
· Place your stop loss just above the recent swing high.
· Take your profit when you see a green arrow below the market.
Download Free Forex Butterfly Pattern Indicator
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