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Is it all mostly about chart patterns
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Is it all mostly about chart patterns

  #1 (permalink)
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Is it all mostly about chart patterns

Hello,

I'm very new at trading. In fact so new that I'm about to join a trading company but I have to give a contribution. The reason being is because I feel like I need someone to hold my hands in the learning curve.


Anyway, I been doing simulation and realize is it all about chart patterns when it comes to picking. I read about volume and open interest but it's all about charting . Wondering if people just rely on chart patterns ? And I think that the only way to really understand chart patterns is to look at it for hours and hours.

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  #2 (permalink)
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  #3 (permalink)
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  #4 (permalink)
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kwak76 View Post
Is it all mostly about chart patterns

No (in my opinion). Tradition chart patterns are an out of date method to trade the markets. I encourage you to read the book "Evidence Based Technical Analysis" by David Aronson, it will clearly demonstrate the point.

In simple terms, forget traditional patterns like "head and shoulders" and instead focus simply on price action, support/resistance (often called PASR) and auction theory (why the market trades at certain levels).

https://futures.io/elite-circle/3506-elusive-price-action-how-trade.html

https://futures.io/elite-circle/20727-volume-profile-footprint-discussion.html

Also there is something like 250 hours of webinars in the futures.io (formerly BMT) webinar section. I would start watching them.

Last, as a beginner, highly recommend you read this thread front-to-back:
https://futures.io/elite-circle/11125-ask-any-trading-question.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

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  #5 (permalink)
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kwak76 View Post
Hello,

I'm very new at trading. In fact so new that I'm about to join a trading company but I have to give a contribution. The reason being is because I feel like I need someone to hold my hands in the learning curve.


Anyway, I been doing simulation and realize is it all about chart patterns when it comes to picking. I read about volume and open interest but it's all about charting . Wondering if people just rely on chart patterns ? And I think that the only way to really understand chart patterns is to look at it for hours and hours.

My take on your question is different than Mike. I do believe it's all about pattern recognition otherwise the markets would be similar to a game of roulette, total chaos or purely random.

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  #6 (permalink)
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trendisyourfriend View Post
My take on your question is different than Mike. I do believe it's all about pattern recognition otherwise the markets would be similar to a game of roulette, total chaos or purely random.

When I hear people say "chart patterns", I envision they are talking about things like H&S, Flags, Pennants, etc.

I don't think those things are reliable at all, and recommend reading the book I mentioned.

If you are talking about trend lines, channels, double top's, etc -- then I agree, it is important. I classify this as price action + support/resistance.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

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  #7 (permalink)
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kwak76 View Post
Hello,

I'm very new at trading. In fact so new that I'm about to join a trading company but I have to give a contribution. The reason being is because I feel like I need someone to hold my hands in the learning curve.


Anyway, I been doing simulation and realize is it all about chart patterns when it comes to picking. I read about volume and open interest but it's all about charting . Wondering if people just rely on chart patterns ? And I think that the only way to really understand chart patterns is to look at it for hours and hours.

my 2cents of advice---

M
W
abcd

above patterns do occur but all in context around other key areas, u have to trade all your tools together to trade patterns,. Do not trade patterns alone or u will pay

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  #8 (permalink)
Site Administrator
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In either case, if you love chart patterns, then Suri Duddella is your guy. He's done a few webinars on futures.io (formerly BMT), check them out. He also has another one coming up March 11th.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
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  #9 (permalink)
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Big Mike View Post
When I hear people say "chart patterns", I envision they are talking about things like H&S, Flags, Pennants, etc.

I don't think those things are reliable at all, and recommend reading the book I mentioned.

If you are talking about trend lines, channels, double top's, etc -- then I agree, it is important. I classify this as price action + support/resistance.

This is basically my approach. I don't use any moving averages or technical analysis. I use basic retracements, support/resistance, and directional volatility. Breakouts (both downward/upward) are also a recurring pattern.

I personally don't use trend lines or even bother trying to figure out whether a market is trending. Well, all I trade is crude oil which is maybe a "lesser" candidate for "trending." But anyway, my approach is to optimize strategy whether the market trends or is ranging, because obviously I don't want to be blindsided on a method that only works in one or the other.

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  #10 (permalink)
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BTW, I should clarify --- pretty much every "indicator" in trading is a 50/50 shot. Whether it is MACD, CCI, double top, head and shoulders, whatever.

What improves those odds is context. What is happening around the area. Price action. Support/Resistance. Value. It's your interpretation of all these things that will make/break you as a trader.

Suri Duddella has written the bible on chart patterns and he trades them like a mad man. But he'll also tell you "context is king" which is why he visually looks at his charts after he gets alerts on patterns, instead of blindly taking them. I think he said he'll look at 100 charts to take 2-3 trades.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
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