I found it easier to get naked when I thought about patterns as a "heads up" instead of something to act on, kind of like a "caution" sign. Meanwhile, I focus on the task at hand (the behavior of the 5min as it tests previous levels/patterns or how energetic it is throughout the move). It's important to focus on the 5min because you need to be in the "now". If you think about the future or the past too much, you will be sitting at the desk paralyzed until you see what YOU want to see instead of what the market is telling you.
What's more important than the pattern is how the price on the 5min behaves as it forms the pattern. It is within the formation of that pattern that gives "hints" to what may happen.
However, you should be able to see basic chart patterns (head and shoulders, dbl top/dbl bottom, falling/rising wedges).
Constantly trying to probe is ok. In fact it is necessary to watch things as they form. But don't probe the legs/patterns, probe the movement of the price in the 5min (how is it reacting compared to the last time it reached this price? Is it moving sluggish? Does it feel too quiet? Does it feel too fast? Are we losing momentum in the bar? Is the bar being hyper & jumping up and down like it's scrambling to go somewhere? Is price moving up and then being hammered down hard?)
Also it might help to understand how institutions move prices. Did the price sweep out a level for easier movement in a direction? Do institutions seem to be buying heavily (usually at large support areas or extreme lows/highs). Do they seem to be pushing price to a certain level to better price to load up? *I am still trying to learn this*
These are the questions that I constantly ask myself. I am not as experienced as others here, but the key is to be trained to the level where it become second nature.
If I'm wrong please correct me
What's more important than the pattern is how the price on the 5min behaves as it forms the pattern. It is within the formation of that pattern that gives "hints" to what may happen.
However, you should be able to see basic chart patterns (head and shoulders, dbl top/dbl bottom, falling/rising wedges).
Constantly trying to probe is ok. In fact it is necessary to watch things as they form. But don't probe the legs/patterns, probe the movement of the price in the 5min (how is it reacting compared to the last time it reached this price? Is it moving sluggish? Does it feel too quiet? Does it feel too fast? Are we losing momentum in the bar? Is the bar being hyper & jumping up and down like it's scrambling to go somewhere? Is price moving up and then being hammered down hard?)
Also it might help to understand how institutions move prices. Did the price sweep out a level for easier movement in a direction? Do institutions seem to be buying heavily (usually at large support areas or extreme lows/highs). Do they seem to be pushing price to a certain level to better price to load up? *I am still trying to learn this*
These are the questions that I constantly ask myself. I am not as experienced as others here, but the key is to be trained to the level where it become second nature.
If I'm wrong please correct me