Absolute Newbies trying to learn the chart patterns

I am a total newbie who has only been demoing a few months, currently learning Wicker's Trendfollower system. http://www.forexfactory.com/showthread.php?t=40325

Seems like a really great system for a newbie like myself.
However, with the help of Pilatus's informative posts, I realized that, one can not just simply follow blindly a beep or a message on your computer telling you to push the order button.
That is simply a conditioned response, which may work out for you but it may also get you into a lot of trouble through ones own lack of knowledge and indeed this kind of response may forestall anyone from learning how to confirm the signals with knowledge one has learned for oneself.
Indeed Wicker himself states that the following.
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Trend Follower is a trend following system. If you ever heard the saying Trend is your friend, this system will show you the mechanics behind these words. Its unique approach to the market will give you a great understanding of market movements and allow you to see that what happens is not random but an underlying order behind price movement. Through practicing these exact rules with which the system was designed, you will get a more clear picture of the market and begin to reap the financial rewards.
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How true this rings to me and also this system opens up a can of worms in my mind which have to be answered by myself and by learning simple things like Chart Patters. Actually, Pilatus stuck this spike in my brain with one of his posts about why he made the trade that Wicker's system gives him signals for.

Found a great thread for someone like myself who is a COMPLETE newbie on chart patters that is easy to grasp with little or no former knowledge of trading.
http://www.babypips.com/school/pattern_schmatterns.html

The Head & Shoulders patterns and trend reversal.

Note how you can get a fairly good grasp of movement direction before the LONG or SHORT signal arrives. This can get you into a good trade and more importantly keep you out of a bad one, when it goes "Head Shoulders, Knees & Toes".

http://img159.imageshack.us/img159/1...ouldersrw7.jpg

Well, I will keep this short as I don't want to bore anyone with my personal experience but if this post points just one Newbie like MYSELF who may find themselves lost on this board, in the right direction, it will have been worth it.

This will be my first entry into any forexfactory forum, or any forex forum for that matter. I've been trading for less than 2 months, but have 2 amazing mentors whos identities shall not be mentioned herein, (niether of which is employed by any brokerage firm or or house, nor belonging to any organization that has any affiliations there in). I have been demoing 2 different sites and trying to find my own trading style and what setups I like and dislike, and, using educational sites that I may share upon consideration.

I opened a demo micro account with FXCM Micro about 2 weeks ago, and, using charting system from another site not mentioned, on a second monitor, and whatching its movements coinciding pip for pip with the aforementioned, I have come to understand many things. By the way, my demo account, trading at a maximum of 10 micro lots at max for the first week, and until today, was profitable before 9 a.m. at over $5200 and is now (because I now understand that I have the knowledge and information and have defeated self impulse) at over $5650 because it took losing two $25 live trade accounts to pull my head out of an orafice that shall not be mentioned here-in and see that I don't have to make a trade, I should take a trade. In other words, If all my charts and indicators aren't saying the same thing, I'm going on a hunch and gonna lose a bunch.

That being said, I have no idea what trading system I am using, but I can prove that it works and, coming from an idiot like me, (for all to descide on their own whenever they actually have the opportunity to meet me, but its good to be self aware) IF I CAN DO IT, WHY ISN'T EVERYONE?

I have been trading a few different pairs to find a my favorites, and this may seem strange to some, but I am leaning toward a couple strong pairs for an upcoming competition, so will only discuss the one I have rescently heard referred to as "the honey hole". That is the EUR/JPY. I also rescently heard that the winner of last years competion used this pair to win. Guess he knew something about something, so I'll follow the trend.

So, all that crap aside, does any one have any insite into this pair, or, does anyone have any advice that they would like to share... I use the Fibunacci on any pullback that I am willing to trade and, personally, because as I said earlier, I am trading it like a real cash account, I am setting my limits 5 to 10 pips below the %.38 line just to make sure I am reading my info correctly and taking my gains. I am also setting stop limits at no more than 16 pips below my tradeline to protect myself at those "self defeating" impulse moments.

Guess that's all for now

Chubs.

Rasta, here are links to some of the best free TA material available that I've been able to find: indicators, chart and candle patterns, etc.

Hope you find some of them helpful.

David

Has anyone come across any material that gives more definitive ways to notice patterns? I understand different time frames can show different patterns, but sometimes I seem to finding contradicting patterns within a single time frame/

Not yet!!

For every pattern there is a contradicting pattern. If you were able to find a system to identify past patterns, that system might not be good at predicting future patterns. Everything is subject to unanticipated changes.