The Butterfly Pattern



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About this Butterfly Quiz


Advanced level quiz about the harmonic Butterfly pattern.

Before you Start ...






It takes in average 8 minutes to complete this Quiz.


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


Let's start

QUESTION 1/30

To achieve almost 100% success when trading the Butterfly pattern, it’s enough to set your take profit level to 5 pips and stop loss level to 500 pips:



QUESTION 2/30

One should wait for the entire Butterfly pattern to complete before taking a trade:



QUESTION 3/30

If we trade ten Butterfly patterns in a row, it is not possible to know in advance which ones are going to be successful; it is possible that all ten will fail:



QUESTION 4/30

Tradable Butterfly patterns are not always as perfect and well shaped, as presented in the trading materials.




QUESTION 5/30

www.TradingArsenal.com is the best collection and knowledge base of the Butterfly pattern information.



QUESTION 6/30

Butterfly pattern trading gives an edge, as it allows smart traders to enter before the others:



QUESTION 7/30

For which Forex trading style is a Butterfly pattern most suitable:





QUESTION 8/30

If a gap takes place in the Butterfly CD swing, it:





QUESTION 9/30

Seeing long-ranged bars in a Butterfly CD swing is a good or bad sign for our potential trade:




QUESTION 10/30

Imagine that you trade Butterfly patterns on the weekly timeframes. Entering from a lower timeframe and using a confirmation method will help to reduce the stop loss:



QUESTION 11/30

Harmonic Butterfly patterns can be treated as a market fractal – the same as structures in Elliott Wave theory:



QUESTION 12/30

Harmonic trading is about thinking in terms of probabilities:



QUESTION 13/30

As a reversal signal, the Butterfly is:




QUESTION 14/30

It is smart to trade a Butterfly pattern only when point D lies on a higher timeframe support/resistance level:



QUESTION 15/30

Which swing in the butterfly pattern is the longest and the strongest:





QUESTION 16/30

In bullish Butterfly pattern, the most logical stop loss position is below the X point:



QUESTION 17/30

Elliott Wave theory brings order to market chaos, so is also very useful for locating harmonic price patterns:



QUESTION 18/30

In an ideal Butterfly pattern, point D can be at 127% or 161.8% of the XA swing retracement. Other technical analysis methods should be used to choose the proper retracement:



QUESTION 19/30

If you ‘cherry pick’ your harmonic patterns and trades, you will completely avoid losses:



QUESTION 20/30

It is best when the final swing of a Butterfly pattern subdivides into 5 smaller waves:




QUESTION 21/30

In the final swing of Butterfly pattern, it is best when we observe an oscillator divergence (e.g. when price makes a new high but the oscillator is making lower high):




QUESTION 22/30

It is more difficult for harmonic traders to define the proper stop loss location for a Butterfly pattern than for the Gartley pattern:



QUESTION 23/30

The bullish Butterfly pattern is likely to appear in oversold market conditions:



QUESTION 24/30

If trader does not have the discipline to use stop losses, it is better to not trade the Butterfly pattern:



QUESTION 25/30

When nice-looking harmonic patterns fail, they usually fail dramatically:



QUESTION 26/30

The Butterfly pattern provides a high probability of a reversal, at the end of a trend:



QUESTION 27/30

There is no better way to enter the very beginning of new trend than with a Butterfly pattern:



QUESTION 28/30

When trading the Butterfly pattern, you can enter a new trend much earlier than other traders:



QUESTION 29/30

Butterfly pattern trading is not for ‘trend followers’:



QUESTION 30/30

Harmonic trading requires the consideration of both price and time. If only the price relationships are considered, we end up seeing ‘creatures’ rather than beautiful harmonic patterns:



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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 beginner and intermediate level quizes.

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

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