It has been interesting to read all of the responses. Some have very good points. It is probably my own fault for using the word pattern as I never would have thought of dropping to lower and lower time frames to see a pattern more often as even an option. Lower time frames are just filled with too much noise for me to consider that.
It was good to read about the potential for patterns to be different depending on the location and hours of brokers. Although most traders I personally have spoken with tend to agree on using 5 o’clock new york close charts for price action trading but it remains a valid point nonetheless.
I think the big players tend to look at new york close charts on the whole and those are the dynamic traders who actually move the market. We as retail traders even 100% united make very little impact.
For me my “Pattern” if you will has been identifying Important levels that price has reacted to in the past and then looking to see how it reacts once it returns.
There can be many successful strategies if you have the psychology to back it up and manage your risk. I mean we can be “right” less than 50% of the time and still make some money in trading. The only thing that matters is how much we lose when we are wrong and how much we make when we are right.
if you consistently lost $1,000 a month for 11 months and then made $30,000 the 12th month you would be profitable, but how many would have the pyschology to take all those losses? I feel a large majority would just quit. (Yes that is an exaggerated example I know.)
