Hi, I am not an active member although occasionally I pop in here and there, but recently - after an incredible amount of trial and error and system hopping - I decided to focus on the head & shoulders pattern (it’s nothing new but yet it came to me in a dream!) and what I’ve found is amazing. This simple pattern has about 70% winrate (just research it online), not to mention it is listed nr. ONE out of 21 patterns on Bulkowski website (Head-and-Shoulders Tops) What does this mean? It means that you just have to fish for this pattern and you will be profitable. (Although it is a no brainer that trend head & shoulders are safer than countertrend. However, always be on the lookout for very big pattern as this can indicate a real trend reversal.)
Now, you may ask, why is this pattern so powerful? Well, just take a look at the elliott wave cycle below and you will see it looks exactly like a head & shoulders:
Now take an even harder look at the picture above and not only does the big cycle end with a head & shoulders, but every small reversal (trend as well as countertrend) you can find a smaller head & shoulders pattern. (In real time the pattern isn’t always clear with a reversal, but just ignore the trade then.) Also check the following video, which I found very enlightening. In there he explains how many successful double tops/bottoms are actually some head & shoulders variation (if you go to a lower timeframe it becomes more clear):
How to Trade Head and Shoulders Patterns | Emini-Watch.com