Hi poppajon,
You will get a lot of working orders that don’t get filled. Just go onto the next trade. It is better to not get in than to get in and lose. I easily took 26 trades yesterday on one currency pair. The trades are there, you just have to be a little patient and wait for the right setup.
Here is what I posted in the pit this afternoon when discussing this very thing. But it really helps to have an idea of what you are looking for and be ready for those…
First trade of the day
Found a strike three ticks away from the market and in the direction of the trend catcher. A bonus was that it was outside the high/low box. The market was moving really slow and the candles were taking a lot of time to form…good sign. Found my bottom leg six ticks away. I normally wouldn’t take a strike that was sitting on the edge of the close to close but because the market was moving so slow I felt this strike was safe.
2nd Trade
This trade ended up being a directional trade because the market didn’t move enough to trigger the low leg strike that I wanted.
Found a good upper strike in the direction of the trend catcher.
The market died for an easy directional trade
THIS IS AWESOME! LOVE IT! …Apparently the auto text monitor did not like my simple statement and gave me an error of "body is invalid, please be more descriptive’ LOL
Well, I really like this post. I find it highly inspirational and motivating. I do butterflies all the time and I am kicking myself for not thinking of this a long time ago on the 5 min binaries. 26 trades in on evening! holy cow! Thank you for sharing your great work! 
Great thread, appreciate all the work and information you all put in here! This should be a great help and guide for another evening strategy to test and demo. I kept thinking there must be some way to take advantage of those flat evening binaries, and this might just be the golden ticket. 
A few people in the chat room were complaining about the market turning on them as soon as they enter into the tc leg. I added the trend confirmation today and tested it out 10-0. I noticed that it did keep me out of a few bad trades. However, today was the first day using it. Below is the account history for the day and the chart setup with the steps I use when selecting a trade. I didn’t spend too much time today actually trading. However, there were a ton of trade setups.
My chart setup
Congratulations to those who are having success with this!
Gregorius, Thanks for sharing your set up! I wonder, what are your thoughts about looking for butterflies when the TC and the TC confirmation contradict each other? Its probably just safer to follow the current rules and make sure they line up. However, I am noticing several butterflies that would have been good butterflies and would have filled the opposing leg with mild volume only to expire on the close to close or within the 6 tick range with a contradicting TC and TC confirmation… I will have to test this out.
Hey Ronin50,
There are soooo many setups it isn’t even funny! By using TC and TC confirmation you are missing a lot of winners. However, it does keep you out of some of the annoying losers. Yesterday was my first day using TC confirmation due to some people complaining about the sudden flips. I have not back tested yet to see if there are enough winners without using TC confirmation to justify the losing trades. I have a feeling though there are.
Well I have been testing the 5 minute tc butterfly for the last two weeks. Below are the results. So does it work? You be the judge! 
FYI: Some of the losing trades were testing new setups, so I wasn’t following all of the current rules. Also, days where there were fewer trades was due to my schedule and not an inability to find setups. None of the trading days was I glued to the computer scanning for setups. I took the trades at a leisurely rate while doing other things. There are a TON of setups. Enjoy and be encouraged!
145 trades, and you lost 11… Better than 90% win rate. Looks like your average take is 15? and your average loss is 85. You win on average a little better than 9 out of ten times. So this is a very profitable strategy over time. Beautiful Stats you got there!
hey yoshi…actually the $85 losing trade will be a lot less. I wasn’t using the exit strategy which will bring the amount down considerably. I was more focused the last two weeks on the accuracy of the trade.
Greg, you have done an awesome job with these. I love butterflies, but honestly trying to do them on 5 minute binaries scared me. Since I have started following your strategy I feel more confident doing them. Great Job! Keep up the great work!
Greg, that would be awesome if you could keep the winning percentage, and bring the losses down to 30 or so. Even as is, it seems a winning system. Thanks for keeping all of us updated as to your progress with these. If you plan to continue with these, could you keep us updated? Well done Greg!!
So on your 2 week, you had no trades that you closed because they hit your “Exit Strategy” ? I think you have to include those as well.
Larry, The losses shown are the losses. So, if you would have applied the exit strategy it would have been to them. I was mainly focused on finding trades and seeing how accurate everything was with different setups. If I would have applied the exit strategy the only thing it would have changed would have been decreasing the amount of money lost, not the win/loss percentage.
Hi Gregorious,
I see above a pic of some of your chart settings. I am new to Ninja Trader so please forgive me if this is a silly question.
Your chart, as you know, is different from the setup taught in the 5 minute binaries tutorials by Darrell.
Do you start with a template and adjust some things? Or do manually add all the indicators?
Will you please provide details on how to set up a chart exactly like yours?
Thank you!
