If so, what are they?
A classic is the London Opening Range Breakout on GBP/USD. Popular but not easy to trade consistently, as often price makes a false breakout and then retraces back into a range. It can even rocket up and down triggering both entry orders and both stop-losses for a double loss in one day. Frustrating.
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Nope. Those “patterns” are shapes in the clouds. No edge, zero predictability, only used for hindsight to sell products (courses, EAs, indicators).
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High or Low of the day breakouts are reliable if strategically traded. I prefer break outs in the direction of the prevailing trend.
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They’re no more reliable than random entry.
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All of this is exactly right.
There have been loads of objective, independent studies attesting to this.
Nobody ever sees them.
What everyone sees, of course, is all the promotional stuff placed all over the web by people selling products, services, courses, EAs and indicators. So (as so often, with trading) what most people wrongly believe is actually the opposite of the reality.
Also, in forums, there’s a disincentive (to the minority who have long experience and understand the realities of the situation) to explain this, because it’s widely regarded as “unpopular minority opinion” and instinctively rejected by most people for that “reason”.
Such attitudes are - understandably - pretty high on the list of reasons why so many people find it so difficult to achieve any steady success with trading. Most of what they’re incentivized to believe in, one way and another, is actually misguided.
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Yes, typical daily patterns like session breakouts can occur in cryptocurrency markets due to trading activity influenced by various factors such as news events
There are many patterns in the market, apart from all sorts of breakouts sessions. Look at higher timeframes and see, for example, how well trend line breakouts, candlestick patterns, trend continuation patterns and reversal patterns work there.