The Butterfly Pattern



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About this Butterfly Quiz


Intermediate level quiz about the harmonic Butterfly pattern. This is an innovative online quiz so you can quickly learn and/or verify your trading skills.

Butterfly allows to spot the exact end of the swings or trends. Butterfly D point is the best place to enter the market. This quiz covers the practical aspects of this pattern and the entry.

Before you Start ...






It takes in average 9 minutes to complete this Quiz.


Answer at least 23 questions (or 75%) correctly to pass.


Let's start

QUESTION 1/30

Trading Butterfly pattern, we should take only these harmonics, which meet very strict Fibonacci criteria:



QUESTION 2/30

The gentleman who defined Fibonacci ratios for the Butterfly pattern was:





QUESTION 3/30

When trading the Butterfly pattern, it is better when price approaches point D:





QUESTION 4/30

It is advisable to combine the Butterfly pattern with Elliot Wave analysis:



QUESTION 5/30

The classical approach with the Butterfly pattern allows us to trade the failed harmonic:




QUESTION 6/30

With the so called 'Fibo cluster', the place where different Fibonacci retracements, extensions, expansions and projections overlap, it is recommended that one should:




QUESTION 7/30

It is practical and necessary to use all of the different price extensions/expansions/projections etc. :



QUESTION 8/30

Which of the extreme Butterfly patterns resembles the letter “M”:




QUESTION 9/30

The Butterfly pattern can be treated as a leading indicator that helps to determine where and when to enter a position.



QUESTION 10/30

The Butterfly pattern may help to identify potentially high-probability trading opportunities, in nearly every market and timeframe.



QUESTION 11/30

The Gartley pattern is an the internal pattern, whilst the Butterfly is an external pattern.



QUESTION 12/30

Bryce Gilmore defined, in his book, the strict trade management rules for trading the Butterfly pattern.



QUESTION 13/30

The bullish Butterfly pattern is such a reliable price pattern, when trading Forex, that there is no need to place a Stop Loss when entering a trade. The Stop Loss can be set a bit later, preferable around the 200% external retracement of the XA swing:



QUESTION 14/30

Waiting for a clear reversal candlestick setup/pattern improves the success ratio and R:R ratio when trading the Butterfly pattern:




QUESTION 15/30

Trading small Butterfly patterns works better than trading bigger ones (in terms of swing pip size):



QUESTION 16/30

The internal structure of the Butterfly CD swing is not important for professional harmonic traders if/until the pattern meets all Fibonacci relations:



QUESTION 17/30

A failed Butterfly pattern can be traded in the same way as a normal Butterfly and offers the same probability of success and R:R:




QUESTION 18/30

There are two types of Butterfly patterns -continuation and reversal:



QUESTION 19/30

The Butterfly pattern can be drawn as a mirror image, of the Gartley pattern:



QUESTION 20/30

Which point of the Butterfly pattern allows us to spot the pattern in advance, differentiating it from other harmonic patterns:





QUESTION 21/30

A Potential Reversal Zone (PRZ) is not used for trading the Butterfly pattern:.



QUESTION 22/30

The PRZ concept applies to price, not time:



QUESTION 23/30

The external retracement tool should be used to locate which of the following Butterfly points:





QUESTION 24/30

A failed Butterfly pattern might still form a tradable Bat pattern:



QUESTION 25/30

Which trading session is the best for trading the Butterfly pattern:





QUESTION 26/30

Which timeframe is the best for trading the Butterfly pattern:





QUESTION 27/30

The points of the Butterfly pattern are:





QUESTION 28/30

The minimum target price of the bullish Reversal Butterfly pattern is higher than:




QUESTION 29/30

The bullish Continuation Butterfly pattern belongs to the XABCD family of patterns:



QUESTION 30/30

Observing the structure of CD swing in the Butterfly pattern we can split Butterfly patterns into Slow and Aggressive versions. Aggressive versions are more common on Forex market.



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Beginner, Intermediate and Advanced

  • This Butterfly pattern related quiz is one part of a three-part series. Check out the harmonic Butterfly pattern Intermediate and Advanced level quizes. Direct links to be provided to people who successfully complete this Beginner level Quiz.

    You may also like to check the Gartley quizes, the available beginner, intermediate and advanced levels.

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