Disliked{quote} It's possible to reduce both the sell and buy pattern into an arrow alert indicator. This makes it more precise and consistent in application minus any arbitrary subjective analysis. {image}Ignored
Tape reading is an ART
What would you do if you were a profitable trader? 4 replies
If you have a profitable system, will brokers sabotage you? 61 replies
Profitable traders only: who do you trade with? 25 replies
Do you continue your search after you have found a profitable strategy? 11 replies
How long do you hold a trade and are you profitable? 22 replies
Disliked{quote} It's possible to reduce both the sell and buy pattern into an arrow alert indicator. This makes it more precise and consistent in application minus any arbitrary subjective analysis. {image}Ignored
Disliked{quote} I clearly did not see 1234 sell pattern but a buy 123 pattern Ironically I call them 123 pattern , they tend to form around potential support areas. I was looking for a context where I could trade this pattern and variations of it with a success rate of 60% and above. The only way I realized where I could achieve that, was to find a "context" And your 2nd chance strategy along with breakout - I had my "aha" moment. God knows if that will be something that I could rely on in the long run.. {image} {image}Ignored
Disliked{quote} Yes, that’s what I meant by “2nd-chance” ... same direction after the first pullback if the pattern isn’t flipped ...Ignored
DislikedSure you can. Just that you won't have many trades. Market won't allow high probability patterns to occur frequently. Otherwise a lot of traders will notice those patterns and trade them and by doing so will kill the effectiveness of those patterns. Patterns like double tops/bottoms, head and shoulders appear all the time and you know they don't work so well. I trade patterns too. I trade M5 chart on 5 major pairs. One of my patterns occur no more than twice a month on 5 pairs combined. The pattern I trade that occurs the most often does not show...Ignored
DislikedTrading only one pattern is the essence of successful FX trading. However, you must have the patience of a crocodile to trade that way......forget about bulls and bears.....you have to do what the croc does.....wait for it!!!Ignored
DislikedCan you trade only one pattern and be profitable? All patterns are coincidence. The same patterns you see in charts are also evident in random data, births and death data, animal migrations, weather and temperature, and commuter traffic to name just a few. So to answer the question, no. Pattern trading is a complete waste of time.Ignored