When trading triangle, wedge, etc price breakout patterns, are there certain candlestick patterns that you like to see and where? Perhaps a pattern on the bounce before a breakout, or maybe a pattern as its breaking out? Anything that signalizes that it’ll be a very favorable opportunity.
I don’t trust the specifics of chart patterns. The most profitable chart feature to be in is a trend, with your position in the same direction as the trend. Its far more important to be in the trend than to find the best pattern through which to enter it. Its far more important to find the best trend than to find the best triangle etc.
For me, any formation which gets me in as a pull-back is ending and the trend is resuming will do just fine and I am sure several chart patterns could be found which fit these simple requirements.
Quite right. I use this profitable technique on the Daily chart, then head right down to the 15 minute chart and maybe below to see if it is in the same trend line - then head to H4 for final confirmation and entry.
Downside is that trend markets are not as prolific as ranging markets, but when it’s identified it can be a great platform to trade.
Hi,
As per the other two respondents far more experienced than I, when you have completed hundreds of trades based on chart patterns, and analyzed your results that show chart patterns alone do not give you a trading edge, you start to look for less complicated indicators that can show you a way to continuous improvement and (eventually) a positive edge. Question is - how long can that edge remain positive?
If you’re interested in candle and chart patterns, I find this channel on YouTube to be quite good.
Hope that helps!